Changpeng Zhao will help Kyrgyzstan in crypto development
By The National Investment Agency of Kyrgyzstan and Changpeng Zhao, the former CEO of Binance, have entered into a partnership agreement. Under this agreement, Changpeng Zhao will assist in the development of Kyrgyzstan’s cryptocurrency ecosystem.
President Sadyr Japarov emphasized that the agency would benefit from infrastructural and technological support, as well as consulting services. Additionally, educational programs on cryptocurrencies and blockchain technologies are being planned.
Japarov highlighted that cooperation with Changpeng Zhao could boost the economy, enhance competitiveness, and create new business opportunities for Kyrgyzstan. According to him, it is a significant step towards fortifying technological infrastructure, implementing innovative solutions, and nurturing highly qualified professionals in blockchain technology, virtual asset management, and cybersecurity.
Changpeng Zhao confirmed his readiness to provide assistance in developing a regulatory framework for cryptocurrencies and advising on the use of blockchain in various government agencies. He added that he has provided such services to several countries before.
Interestingly, in March, the Kyrgyz government decided to increase the requirements for the minimum authorized capital of cryptocurrency exchanges by 100 times. Consequently, launching such a site now requires a capital of 10 billion som ($115 million).
