Ulaanbaatar, September 16, 2025 – Mongolia has made history by officially transitioning its over-the-counter (OTC) securities market to blockchain technology, becoming the first country in the world to execute regulated securities trading using blockchain infrastructure and opening a new chapter in the global financial industry.
The blockchain trading system offers continuous trading capabilities 24 hours a day, 5 days a week, with automated settlement completing transactions directly within less than a minute. This technology makes securities trading more reliable and secure while significantly improving market efficiency.
This transition was officially announced on September 12, during the Mongolia’s Capital Market Connectivity 2025 international conference held in Ulaanbaatar by Dulguun Battulga, Director General of the Securities Market Department of the Financial Regulatory Commission (FRC). The event was distinguished by the participation of over 100 representatives from more than 20 Asian countries.
Following successful testing in the Financial Regulatory Commission’s sandbox environment for 18 months, the blockchain technology has now officially entered the market. The Mongolian Association of Securities Dealers (MASD) oversees the trading operations, while the blockchain OTC system was developed by AND Global Group‘s subsidiary, AND Denode, a regulated Virtual Asset Service Provider specializing in the tokenization of real-world assets. Payment settlement automation has been achieved in collaboration with the Central Securities Depository Center.
The Mongolian Association of Securities Dealers (MASD) is a self-regulatory organization established in 1995 with a mission to protect the interests of its members in the Mongolian securities industry. MASD’s main functions include creating rules and regulations, enforcing those regulations, accrediting professional securities dealers, and resolving disputes between members. The organization ensures market integrity, protects investors, and promotes efficient and transparent trading practices through inspections, investigations, and disciplinary proceedings. MASD has been operating the professional investor-only OTC market since 2021, having been appointed to manage the OTC market as a self-regulatory organization. For more information, please visit https://www.masd.mn/
AND Global Group is a leading fintech company founded in 2017 that has created multiple cutting-edge companies focused on innovation. AND Global’s mission is to promote financial inclusion and advance technological capabilities across Southeast Asia. The company provides innovative solutions for financial institutions seeking to improve both efficiency and processing time. With 13 subsidiaries and 250 employees across offices in Mongolia, Japan, Singapore, the Philippines, and Thailand, AND Global operates in 11 countries. AND Global recently secured a $21.4 million Series B funding round led by International Financial Corporation and AEON Financial Service, underscoring its role as a fintech innovator. For more information, please visit https://and.global/
The Mongolian Central Securities Depository played a crucial role in payment settlement automation by integrating with blockchain technology. The center manages securities custody, registration, and ownership records systems, and by coordinating with blockchain technology, has created conditions for fully automating trading processes.
By implementing blockchain technology in the securities market, Mongolia is not only making its domestic capital market more efficient and secure but also establishing itself as one of the countries leading global financial innovation.
