The Financial Market Regulatory and Supervisory Service informs that MCN Coin virtual asset has not passed state registration and is not included in the register of authorised virtual assets in the Kyrgyz Republic.

Since March 2024, Birik Turan LLC has repeatedly applied to the Financial Supervisory Authority to register the issue of MCN Coin in the amount of KGS 12 million. The registration was refused due to non-compliance with the requirements of the legislation of the Kyrgyz Republic.

MCN Coin is not registered in the Unified State Register of Virtual Asset Issues, is not listed in the licensed crypto exchanges in Kyrgyzstan, and does not have permission to conduct lotteries or other incentive activities.

FinNadzor warns citizens about the risks of investing in this asset, as its legal status is not defined, and promises of high returns have no proven economic basis.

FinNadzor has taken the following actions:

• On 28 October 2024, sent an appeal to the Ministry of Internal Affairs of the Kyrgyz Republic with a request to conduct a legal assessment of MCN Coin.
   
• On 11 November, the Ministry of Internal Affairs registered this fact and started an investigation.
   
• On 9 December, FinNadzor sent clarifications to the MIA on the legislative norms in the area of virtual assets.
   
• On 23 December, the MIA requested clarification from FinNadzor regarding the legality of the incentive lottery associated with MCN Coin.
   
• On 26 December, Finnadzor confirmed the absence of permits for the lottery and requested law enforcement authorities to take action against the organisers.
   
• On 15 January 2025, the Ministry of Internal Affairs notified FinNadzor that the investigation was ongoing.

On 20 January, FinNadzor forwarded all available information on MCN Coin to the SCNB KR for further legal assessment.

FinNadzor reminds that before investing in any financial instruments, citizens should check their legal legitimacy. If a virtual asset is not registered and is not on the official lists, its purchase may lead to financial losses. It is recommended to be cautious and not to trust promises of quick and easy earnings without transparent regulation and official status.