Binance co-founder Changpeng Zhao (CZ) urged cryptocurrency companies to consider Kyrgyzstan as a country with high potential for digital innovation. Zhao spent two days visiting the Central Asian country, meeting with government officials, touring the country’s landmarks and discussing expanding the country’s digital economy.
During his stay, Mr. Zhao held an informal meeting with Kyrgyzstan President Sadyr Japarov to discuss opportunities to strengthen cooperation in blockchain technology and attract international investment.
Mr. Zhao spoke positively about his visit on social media platform X, saying that he had “spent a wonderful time in Kyrgyzstan” over the past two days.
“I encourage more crypto companies to explore this country as well,” said former Binance CEO. I wrote Early Saturday morning at X. Premier Zhao and President Japarov also visited Ala Archa National Park, an excursion that Presidential Spokesperson Askat Alagozov shared on Facebook.
Kyrgyzstan opens the door to virtual currencies and works to clarify regulations
According to Farkhat Iminov, Secretary-General of the Presidential State Council for the Development of Virtual Assets and Blockchain Technology, Kyrgyzstan is actively developing a national strategy on digital assets, introducing concepts such as a “national cryptocurrency reserve” and “national mining.”
According to local news outlet Cabal, during a meeting of the National Council on Virtual Assets, Iminov spoke to the policymakers in attendance about developments since the council’s first meeting on May 3. reported. He reiterated that the Secretariat is focused on improving the legal and institutional environment for blockchain and virtual asset development in Kyrgyzstan with innovation-friendly policies.
According to reports, the secretariat is in talks with the Ministry of Economy and Commerce to draft an amendment to the Kyrgyz Republic’s virtual assets law. This change includes the legal definition of stablecoins and asset-backed tokens, commonly referred to as RWA tokens.
Additionally, the amendments envision a “regulatory sandbox” that would allow testing of innovative financial solutions in a controlled environment.
as covered by Cryptopolitan In early September, Kyrgyzstan’s parliament passed a “Law on Virtual Assets” that regulates the cryptocurrency market by clarifying the responsibilities of regulators. The law specifies that one agency will issue licenses to virtual asset service providers and another agency will monitor compliance with anti-money laundering and counter-terrorist financing standards.
Additionally, the law will govern the registration of miners, setting requirements for mining equipment, and licensing procedures for virtual asset service providers (VASPs).
CZ joins the Kyrgyz National Council
The Secretariat confirmed to reporters late Friday that as part of the protocol decision, CZ was added to the Council of State along with Binance’s regional representative Kirill Khomyakov and presidential advisor.
Farhat Iminov added that their participation will significantly increase the expertise of the Council, and that their participation will help legislators take practical decisions in parallel with the needs of the digital economy.
“The participation of the world’s leading figures in blockchain will significantly strengthen the professional potential of the Council and ensure a practical focus in the decision-making process,” Iminov said.
CZ is meeting with multiple international leaders to expand his influence and help Binance form more partnerships in multiple jurisdictions. After being released from U.S. proceedings in September 2024, he resumed important meetings with government leaders and advisory committees around the world.
This year alone, Chao met with Malaysian Prime Minister Anwar Ibrahim, served on Pakistan’s blockchain advisory board, and advocated for crypto adoption in Dubai and Islamabad.
as reported According to Cryptopolitan on Friday, he was pardoned by US President Donald Trump, nearly two years after pleading guilty to failing to prevent money laundering and resigning as CEO of Binance.
Mr. Zhao wrote the following message of gratitude to X on the flight to Kyrgyzstan.
“We are deeply grateful to President Trump for today’s pardon and for supporting America’s commitment to equity, innovation, and justice. We are committed to making America the crypto capital and advancing web3 around the world.”
His net worth is estimated at $58 billion, according to the Bloomberg Billionaires Index, amassed through his ownership in Binance and investments through his family office, YZi Labs. Although CZ has lost his position at the top of the exchange, he still has significant influence over Binance’s blockchain ecosystem, with approximately $8.7 billion in assets.
