Changpeng Zhao has been appointed by the Kyrgyz Republic to lead blockchain and crypto innovation. This strategic partnership includes initiatives for local business support and education. In parallel, a proposal for a national crypto bank in Kazakhstan aims to regulate digital assets and combat illegal activities in the sector.
The Kyrgyz Republic has appointed Changpeng Zhao (CZ), co-founder of Binance, to serve as an official advisor that will spearhead blockchain development, crypto regulation, and Web3 innovation. President Sadyr Zhaparov announced a strategic Memorandum of Understanding (MoU) signed by the National Investment Agency of Kyrgyzstan, establishing a collaborative effort to enhance the country’s digital economy.
Under this MoU, CZ’s role includes advising on critical blockchain growth initiatives and shaping regulatory frameworks for cryptocurrency in Kyrgyzstan. The President’s Office has indicated that advancing blockchain technology and virtual finance is a priority, welcoming experienced specialists to establish a secure digital environment.
The agreement also features initiatives for educational programs, job training, and the exchange of blockchain expertise with other nations, which aim to bolster local entrepreneurship and align with global standards in digital currency management.
In Kazakhstan, MP Asat Peruashev is advocating for the establishment of a national crypto bank to oversee digital asset regulation and mitigate illegal cryptocurrency activities. He noted that the absence of regulatory clarity has resulted in rampant unregulated trading, necessitating government intervention.
Peruashev argues that creating a regulation-based platform could curb tax evasion and fraud while preventing unauthorized fund transfers. He also suggests involving the National Bank and licensed financial institutions in this initiative to effectively monitor the misuse of digital assets, given that approximately 90% of crypto trading in Kazakhstan currently operates under the radar, leading to unchecked capital outflows.
