- The Kyrgyz Republic has appointed the co-founder of Binance, Changpeng Zhao (CZ), as an official advisor to lead blockchain development, crypto regulation, and Web3 innovation in the country.
- A lawmaker in Kazakhstan is proposing a national crypto bank that would help regulate digital assets and reduce illegal crypto activities.
The President of the Kyrgyz Republic, Sadyr Zhaparov, announced that the National Investment Agency of Kyrgyzstan has signed a strategic Memorandum of Understanding with Changpeng Zhao (CZ), the co-founder of Binance.
Based on this agreement, CZ acts as an official advisor on matters regarding the country’s blockchain growth, crypto regulation, and all-around Web3 innovation. The MoU marks the start of the collaboration between the Kyrgyz government and CZ to drive the growth of blockchain and digital currency in the country.
According to the statement from the President’s Office, building up blockchain and virtual finance is a top goal for the country. President Sadyr Zhaparov said they are happy to welcome well-experienced global figures who can help create a strong and secure digital space.
The agreement also includes plans for learning programs, job training, and sharing blockchain knowledge with other countries. These actions are meant to support local business growth and follow global standards in managing digital currency.
Central Asia Embraces Crypto for National Growth
A lawmaker in Kazakhstan, MP Asat Peruashev, recently suggested the creation of a national crypto bank to help the government manage and protect all digital assets. He said the lack of clear rules has led to illegal crypto use, with most trading happening outside government control. He believes that if the government set the rules and created a platform, it could help stop tax evasion, fraud, and the illegal transmission of money through unapproved exchanges.
Peruashev also recommended that the National Bank and other licensed financial bodies in the country be part of the plan, saying it’s necessary to help prevent digital asset misuse. He highlighted reports that nearly 90% of crypto trading in Kazakhstan happens secretly, leading to large amounts of money leaving without regulation.
Related Reading | Will Pi Network Avoid OM’s Fate? Expert Issues Urgent Mainnet Warning
