Former Binance CEO advising Kyrgyzstan on blockchain & crypto
Binance co-founder and former CEO, Changpeng Zhao (CZ), has partnered with the authorities in the Central Asian republic of Kyrgyzstan to provide advice on crypto regulation and the development and adoption of blockchain technology.
It’s understood that CZ has signed a memorandum of understanding (MOU) to this effect with the National Investments Authority (NIA), a state authority that falls under the direction of the President of the Kyrgyz Republic. The NIA promotes foreign direct investment, assisting foreign companies in developing business opportunities within Kyrgyzstan.
Crypto & blockchain ecosystem development
In a statement published on X on April 3 by the President of the Kyrgyz Republic, Sadyr Zhaparov, the president outlined that in accordance with the MOU, the parties will cooperate on the development of the crypto and blockchain ecosystem.
Breaking that down further, the president said that this cooperation will involve the provision of technical, infrastructural and technological support and expertise. Additionally, it will involve collaboration towards the implementation of related educational initiatives. Zhaparov added:
“This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity. In light of the rapid global evolution of digital technologies, such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.”
‘Crypto adoption one country at a time’
CZ reacted to this X post by the President of the Kyrgyz Republic, stating:
“Kyrgyzstan. Crypto adoption, one country at a time.”
He also remarked that this event had brought Zhaparov to X, given that this was his first post on the platform, with an account registered last month.
Steve Milton, co-founder and CEO of Web3 wallet project Fintopio and a former Binance marketing executive, commented on the development. Milton stated that Kyrgyzstan is a forward-thinking country, while interpreting CZ's involvement as a step that will help move adoption forward.
Additional advisory activity
In another X post, CZ provided details on his advisory activity. He stated:
“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading. I find this work extremely meaningful.”
Reports emerged in January that Malaysian Prime Minister Datuk Seri Anwar Ibrahim had discussed digital finance policy matters with CZ. The Binance co-founder said that those discussions revolved around digital asset regulation and risks related to such assets. Furthermore, cross-border collaborations and collaborations between industries were discussed.
In December CZ met with the King of Bhutan. Prior to that visit, he posted a link to an article on X that outlined that the Kingdom of Bhutan has accumulated in excess of $1 billion in Bitcoin. At that time, the Binance co-founder said that many nation states will use Bitcoin and other cryptocurrencies as reserve assets.
In the past, commentators have identified Kyrgyzstan as having considerable potential for crypto mining, given ample hydroelectric generation within the mountainous country. However, crypto mining tax receipts as of the end of last year suggest that crypto mining still remains a niche activity in the Kyrgyz Republic.
