Kyrgyzstan represents promising market for Binance - regional head

Commentary Materials 14 May 2024 08:41 (UTC +04:00)
Kyrgyzstan represents promising market for Binance - regional head
Kirill Khomyakov
Kirill Khomyakov
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BAKU, Azerbaijan, May 14. Binance finds Kyrgyzstan a promising market for the company's activities and the development of the cryptocurrency industry as a whole, Kirill Khomyakov, Binance's Regional Head for Central/Eastern Europe and Central Asia told Trend in an exclusive interview.

“Kyrgyzstan presents a compelling and promising market for Binance, the leading platform in the CIS region. With cryptocurrencies gradually integrating into the daily lives of Kyrgyz citizens, the momentum of this adoption is undeniable and poised for continued growth,” he emphasized.

He notes that the Kyrgyz community exhibits considerable interest in cryptocurrencies and the broader cryptocurrency sector. Kyrgyzstan is a receptive ground for innovation, boasting numerous projects involving technologically progressive firms, among them crypto exchanges.

“The fundamental groundwork for this endeavor is established, yet I believe there's a pressing need for greater collaboration between regulatory and legislative entities. It's imperative for them to engage with industry representatives, fostering an environment where market insights are heard and regulations can be adapted to incentivize investment,” said Khomyakov.

He emphasized that Binance's primary focus in Kyrgyzstan is the advancement of their global products and ensuring user accessibility.

"Educational initiatives take precedence. Recently, we unveiled the launch of 'Crypto School', a comprehensive online educational venture," shared Khomyakov.

He highlighted that through this initiative, millions of users in Kyrgyzstan will have access to fundamental knowledge about blockchain and cryptocurrencies at no cost.

"For our community, we regularly host various activities, such as trading contests and marketing campaigns. Additionally, we are considering another visit to Kyrgyzstan to host another community meeting. The first Binance Community Meetup in 2022 was a tremendous success, with over 600 attendees," he stated.

Furthermore, the regional head stressed the importance of dialogue between the government and the crypto industry to refine existing legislation and attract investment to the country.

"The involvement of technologically advanced players, particularly Binance, fosters technological development and job opportunities. We are always open to dialogue with regulators and financial institution representatives," he affirmed.

In response to inquiries about Binance's efforts to bolster the advancement of blockchain technology in Kyrgyzstan, the regional head acknowledged the absence of concrete examples thus far.

However, we have a noteworthy case that we've executed in the neighboring nation - Kazakhstan. Last November, Binance, in collaboration with the National Bank of Kazakhstan and the National Payment Corporation of Kazakhstan, announced the launch of a pilot stablecoin backed by digital tenge. This marked the world's inaugural issuance of a stablecoin supported by a national digital currency on the BNB Smart Chain (BSC) test network," he explained.

Nonetheless, the Binance regional head underscored the country's aspirations for digitalization and cryptocurrency development, with the mining sector showing promising growth. In response, Binance embraces such endeavors and stands ready to extend support.

"We possess extensive experience in implementing blockchain technologies both at the governmental level and within the business sphere. We are eager to share our expertise and assist local enterprises with integration," Khomyakov emphasized.

He also shared insights from a user survey that Binance conducted last year among CIS countries, including Kyrgyzstan. The survey revealed that the predominant demographic within Binance's audience is male (89.2 percent), with 90.8 percent falling between the ages of 18 and 45.

"The largest demographic among respondents consists of individuals aged 26 to 35, comprising 38.2 percent of the total. Additionally, the financial sector ranks second with 13.4 percent of respondents, followed by IT professionals at 11.9 percent. Notably, over 88 percent of surveyed Binance users expressed intentions to continue investing in cryptocurrencies in 2023, with only 3.3 percent indicating no plans for digital asset investment," he added.

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