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Digital assets

Kyrgyzstan Advances Digital Asset Strategy with Support from Binance

The second meeting of Kyrgyzstan’s National Council for the Development of Virtual Assets and Blockchain Technologies was held in Bishkek on October 24, with the participation of President Sadyr Japarov and Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange. Following the meeting, Zhao, who serves as a public adviser to Japarov on digital asset development and is a member of the Council, announced on X that Kyrgyzstan’s national stablecoin, the KGST, has officially launched on @BNBChain. The KGST is pegged to the Kyrgyz som. Zhao also confirmed the creation of a National Cryptocurrency Reserve and the full localization of the Binance app for Kyrgyz-speaking users. Japarov and Zhao previously met in May to discuss the digital future of Kyrgyzstan. Their agenda included developing a national digital asset ecosystem, integrating blockchain into public administration, and strengthening cybersecurity. Zhao pledged Binance’s support through training and expertise for specialists working on the country’s digital currency initiative. As part of this collaboration, the National Council and Binance are preparing to launch an online educational platform in the Kyrgyz language, aimed at providing basic knowledge about virtual assets. The platform will be accessible to the general public. During the Council meeting, Japarov underscored Kyrgyzstan’s pioneering role in the region, highlighting that the country has enacted legislation to regulate virtual assets and is actively pursuing a coherent government policy in the sector. He noted the national market is expanding, with an increasing number of licensed participants, a stronger regulatory framework, and new infrastructure projects emerging. Japarov pointed to several national advantages, including a flexible institutional environment, a motivated and tech-savvy youth population, and the ongoing digitalization of public services, as key factors driving Kyrgyzstan’s ambition to become a regional hub for digital finance. “The combination of these factors makes the goal of transforming the country into a regional hub for virtual assets realistic and achievable,” he stated. Melis Turgunbaev, Chairman of the National Bank of Kyrgyzstan, announced that the digital som project has entered its practical implementation phase. The initiative aims to create a fully regulated blockchain-based payment system under the control of the National Bank, which will oversee the issuance and circulation of the digital currency.

digital economy

Kyrgyzstan and Binance Strengthen Partnership in Digital Economy Development

Kyrgyzstan and Binance, the world’s largest cryptocurrency exchange, have reaffirmed their commitment to deepening cooperation in the development of a secure and innovative digital economy. On October 6, Kyrgyz President Sadyr Japarov met in Bishkek with Binance Chief Marketing Officer Rachel Conlan to discuss ongoing and future collaboration. Japarov emphasized the country’s strategic priorities, noting that the National Council for the Development of Virtual Assets and Blockchain Technologies is currently working on a new digital asset, the KGST, which will be pegged to the national currency, the som. Concurrently, the National Bank of Kyrgyzstan is developing the digital som, a national digital currency, with plans to integrate it with the KGST to expand both domestic and cross-border applications. Conlan highlighted Binance’s global reach and extensive partner network as key assets in accelerating Kyrgyzstan’s digital transformation. She underscored the company's long-term commitment to supporting digital projects and educational initiatives in the country. The recent visit by Binance founder Changpeng Zhao to Kyrgyzstan brought international attention to the growing partnership. On May 3, Japarov and Zhao met to discuss the future of digital assets and blockchain in Kyrgyzstan. The agenda included the development of a national digital asset ecosystem, the integration of blockchain into public administration, and the strengthening of cybersecurity frameworks. During the meeting, Zhao agreed to support Kyrgyzstan’s digital transition by providing consultation and training for specialists working on the digital som project. He was also appointed public adviser to the President on digital asset development. The following day, Japarov chaired the first session of the National Council for the Development of Virtual Assets and Blockchain Technologies, where Zhao was officially confirmed as a Council member. The Council was established to shape unified state policies on virtual assets and advance their integration into governance and key economic sectors. In parallel, the National Investment Agency of Kyrgyzstan signed a Memorandum of Cooperation with Zhao. Under the agreement, Binance will support the development of blockchain infrastructure, the creation of a national cryptocurrency reserve, and training programs focused on blockchain technology, digital asset management, and cybersecurity. This growing partnership positions Kyrgyzstan as a regional leader in digital economy innovation, leveraging blockchain and virtual asset technologies to enhance public administration, economic governance, and global competitiveness.

Crypto market

Binance Founder to Advise Kyrgyzstan President on Digital Assets

On May 3 in Cholpon-Ata, President Sadyr Japarov met with Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange, to discuss the future of digital assets and blockchain technologies in Kyrgyzstan. The meeting focused on the development of the country’s digital asset ecosystem, the introduction of blockchain technology into public administration, and measures to bolster cybersecurity. Japarov emphasized that Kyrgyzstan is actively promoting digital assets, particularly through the planned introduction of a national digital currency, the digital som. Changpeng Zhao expressed his readiness to support Kyrgyzstan’s digital transition by consulting and training local specialists involved in developing and implementing the digital som. During the meeting, Japarov presented Zhao with a certificate appointing him as a public adviser to the President of Kyrgyzstan on the development of digital assets. The following day, May 4, Japarov chaired the inaugural session of the National Council for the Development of Virtual Assets and Blockchain Technologies in Cholpon-Ata. Zhao was officially accepted as a member of the Council, which was established to formulate a unified state policy on virtual assets and promote their use in governance and key economic sectors. Japarov outlined the Council's main areas of focus: Enhancing financial literacy and supporting educational programs Strengthening cybersecurity and protecting users from digital fraud Integrating blockchain technologies into public administration systems “Interest in cryptocurrency is growing every year in Kyrgyzstan, and blockchain technologies and digital assets are becoming the basis of a new financial system,” Japarov stated. Earlier, the National Investment Agency of Kyrgyzstan signed a Memorandum of Cooperation with Zhao. Under the agreement, Binance will assist in developing blockchain infrastructure, creating a national cryptocurrency reserve, and training professionals in blockchain technology, virtual asset management, and cybersecurity.

Finance

Binance to Assist Kyrgyzstan in Developing Blockchain Infrastructure and Crypto Assets

Kyrgyzstan’s National Investment Agency has signed a Memorandum of Cooperation with Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange by trading volume. According to the agency, Binance will assist Kyrgyzstan in several key areas, including the development of blockchain infrastructure and the creation of a national cryptocurrency reserve. The partnership will also focus on training young professionals, government employees, and specialists in blockchain technologies, virtual asset management, and cybersecurity. In addition, Binance will provide support in establishing a management system for virtual assets and blockchain technology in Kyrgyzstan source. While public interest in cryptocurrencies continues to grow in Kyrgyzstan, the market remains poorly regulated. Earlier this year, the Ministry of Economy and Commerce proposed legislation to create licensed crypto banks that would offer regulated banking services related to digital assets. The ministry stressed the need to integrate crypto assets into the national financial system, citing the rapid advancement of digital technology and the economic potential of legalizing cryptocurrency transactions. The introduction of crypto banks is expected to increase transaction volumes, boost tax revenues, and create new jobs in the fintech sector, positioning Kyrgyzstan as a regional hub for financial innovation. In a separate move to stabilize the sector, Kyrgyzstan’s Cabinet of Ministers significantly raised the minimum authorized capital required for crypto exchanges, from 100 million KGS to 10 billion KGS, a hundredfold increase. The Ministry of Economy and Commerce, which initiated the reform, stated that the measure is designed to ensure the financial stability of crypto platforms, safeguard user interests, and foster a transparent and secure virtual assets market. Existing exchanges have until January 1, 2026, to comply with the new capital requirements.