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Hey Fellas, between April 12 and May 11, 2025, Ulaanbaatar to host the "World Circus in Mongolia-2025," featuring top circus artists from 15 countries. While the local circus scene in Mongolia is facing a decline, there's still a chance to enjoy a world-class circus performance right in the heart of Ulaanbaatar. A little sad, but hey, the show must go on, right? 🤡🤹🏻‍♂️

Today’s highlights in 3 sentences…

• 🤾 $XAC’s Buyback Program

• 🪙 Mongolia’s Crypto Update

• 💸 GOV’s Domestic Bonds

Ready to Dive in?

MARKET

GOV: Z. Dashdavaa is reappointed as the head of the Anti-Corruption Agency.

ХAC: XacBank to buy back up to 4 million shares over a 6-month period, with each share priced at up to ₮888, for a total value of up to ₮3.5 billion.

YAK.V: Mongolia Growth Group renews its NCIB program to repurchase up to 1.7 million shares, representing 6.64% of issued shares and 9.92% of the public float, from April 1, 2025, to March 31, 2026.

🫠 The Spiritual Existence of Mongolian Coins

Just 4 years ago, Mongolia experiences a crypto boom. However, this surge quickly subsides, leaving only a lingering spark. But last year, that spark reignites. Let’s explore the current state of the quiet world of coins.

🙃 More Foreign Than Domestic

A total of 645 virtual assets trade across 12 officially registered crypto exchanges in Mongolia. Of these, 42 are domestic, while 603 or 93% are foreign. Despite the overwhelming foreign presence, the trading volume in 2024 rises by 60.5% from the previous year, reaching ₮2 trillion. Sadly, only 3% of this total volume comes from domestic virtual asset trading.

• 🏎️ Key Drivers: The approval of a Bitcoin ETF by the SEC and the return of Donald Trump as President influence the trajectory of Mongolian crypto trading. For closer look, in 2024, domestic virtual asset trading falls by 55%, while foreign trading surges by 75%.

• 📌 On Which Exchange? 51.4% of domestic crypto product trading occurs on Idax, 31.9% on CoinHub, with the remainder traded on various other platforms. For foreign virtual assets, 33% of trading takes place on Altex Investment and 28.2% on X-Meta. Notably, in 2023, X-Meta dominates foreign trading, but in 2024, Altex takes the lead.

Growth: 9 Out of 42

Despite the overall increase in trading volumes, domestic coins remain less attractive. As of the end of 2024, only 9 out of the 42 domestic coins see price increases from their initial value. This 9% increase contributes to a 6.8% rise in the total market capitalization of the 42 assets, reaching ₮258.3 billion.

🐾 Trading Activity 

A total of 932,000 people register on 12 crypto exchanges, with 460,000 verified users. However, only 14,000 people actively trade. Despite this small number, these traders average ₮168.6 million in daily trading volume of domestic crypto assets.

The Current State

The initial crypto fever cools, but foreign virtual asset trading gains momentum, largely driven by international developments such as U.S. policy changes. Consequently, crypto exchanges see a 121% increase in revenue and a 28% decrease in expenses. After operating at a net loss of ₮11 billion in 2023, the exchanges turn profitable, with a net gain of ₮1.2 billion in 2024. 

⭐ Selected for you

ECONOMY & BUSINESS

• The U.S. Embassy Mongolia is Seeking Applications for the Academy for Women Entrepreneurs (AWE) Program. (FundsforNGOs)

• Aus-British miner's plight in Mongolia has 'chilling effect' on investment. (MiningMagazine)

• Mongolia-EU Business and Investment Forum. (GlobalGateway)

• DW Akademie is Searching Experts to Guide Project Activities in Mongolia. (DWAkademie)

• Mongolian Grill to Open at Former Hardee’s Site in Loves Park. (MyStateline)

• Embraer delivers three E195-E2s to Azul and Mongolia’s Hunnu Air. (AirDataNews)

POLITICS

• Why Donald Trump Should Meet Kim Jong-Un Again – in Mongolia. (TheInterpreter)

• Former Mongolian President Ts. Elbegdorj Joins Hoover Institution, a think tank at Stanford University, As Distinguished Visiting Fellow. (HooverInstitution)

• Ulaanbaatar Introduces Advanced AI Software to Support Police Investigation. (Montsame)

• Kyrgyzstan, Mongolia Forge Path Toward Closer Trade and Economic Co-op. (TrendNewsAgency)

• Online Auction Sale. (U.S.Embassy)

• Only a Day Left Until the “Toilet Week” Begins! (WorldVisionMongolia)

CULTURE & LIFESTYLE

• Dunhuang Culture Event Kicks Off in Ulan Bator, Mongolia. (XinhuaNews)

• Mongolia now has an extreme sports arena. (Ulaanbaatar)

💥 Coming Soon: GOV’s Domestic Bonds 

Last week, the Mongolian Stock Exchange (MSE) announces the resumption of government domestic securities trading. Here's how it works…

🧾 A Brief History

Initially in 2012, the government securities trade through the Bank of Mongolia. In 2015, some securities start trading on the MSE. By March of that year, the MSE trades ₮80 billion in government securities. Daily trading volumes grow from ₮10-₮20 million to ₮1.5 billion. However, open trading stops in 2017.

📝 8 Years Later: ₮60 Billion Quarterly

This time, the MSE resumes trading government securities from April 16. The goal is to provide a high-liquidity financial instrument and establish a benchmark interest rate for the market. 4 trading sessions take place each month between April and June, with ₮5 billion traded per session, totaling ₮60 billion for the quarter.

📌 Key Features

• Timing: 2 sessions take place mid-month and two at the end.

• Securities Types: Discount and coupon securities are offered, with discount TCOs maturing in 26 to 52 days.

• Market Impact: This activates the securities market, attracts more companies to issue securities, and allows investors to compare returns and assess risk.

🫠 Changes in Buyers

Previously, commercial banks mainly buy government securities. Now, individuals and investment funds can also participate, with the process being more transparent. 10 years ago, banks hold ₮2.2 trillion in government securities.

Taken together… The resumption of domestic government securities trading is a step forward. It is interesting to see how participation, returns, and impact develop.

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.