Kyrgyzstan has unveiled Bereket Bank, the country’s first private institution focused on digital assets, promising custody, stablecoin operations, and blockchain-powered remittances.
Kyrgyzstan Launches First Crypto Bank as CZ Denial Fuels Confusion
3 November 2025 - 13:00 CET
By Matt Neill
The fanfare was quickly clouded by confusion over Binance founder Changpeng Zhao’s role after President Sadyr Japarov credited him with inspiring the project.
CZ publicly denied any involvement and later deleted his post, leaving questions about how closely the bank’s blueprint aligns with earlier advisory talks in Bishkek.
CZ denial and fresh political backdrop
Shortly after the launch announcement, CZ posted on X.com that he never suggested starting a bank, has no interest in running one, and does not know the people involved.
The post was later removed, though he continues to advise Kyrgyz authorities on digital-asset policy and infrastructure.
The flap lands just days after CZ received a presidential pardon in the U.S., sharpening global attention on his ongoing informal influence in emerging crypto hubs despite his prior legal issues.
Bishkek’s crypto push from bank to stablecoin
Bereket Bank, founded by Nurdoolot Nurgozhoyev and former parliament speaker Marat Sultanov, will operate under Kyrgyzstan’s virtual assets regime, offering traditional services alongside crypto custody and payments.
The institution is positioned as a compliant bridge for foreign investment and cross-border flows. It follows a string of state-backed initiatives, including a national stablecoin launch and pilots for a digital som.
Sanctions pressure tests the model
Kyrgyzstan’s rapid adoption of digital finance is facing mounting external scrutiny. The UK has sanctioned two Kyrgyz crypto exchanges for alleged ties to a rouble-linked stablecoin used to circumvent Russia sanctions, and Western authorities have targeted local banks they claim facilitated restricted payments.
Japarov has denounced the measures as politicised and evidence-free, but the actions highlight the risk that new rails, whether bank-run or blockchain-based, could become entangled in wider sanctions enforcement.
For Bereket Bank, that means proving it can attract capital and enable compliant crypto services without becoming a conduit for flows that draw further penalties.
The near-term test is whether Kyrgyzstan can thread the needle between innovation and credible supervision, all while global markets watch to see if CZ’s deleted denial marks the end or raises more questions.
