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Tuesday, April 16, 2024

Building a Crypto-Civilization: The Vision of Biatex CEO Abdumalik Mukhamedov

We interviewed Abdumalik Mukhamedov, the CEO of BIATEX, a licensed virtual asset crypto exchange and blockchain ecosystem provider based in Kyrgyzstan. With years of experience in the crypto industry, Mukhamedov has a deep understanding of the market and has played an instrumental role in developing cutting-edge projects to promote the adoption of digital assets. Through his leadership, Biatex continues to innovate and deliver high-quality services to its clients.Learn more through our interview below.

What is the idea behind the creation of your company?


The crypto industry in Kyrgyzstan needs to be developed. This has prompted us to create new cutting-edge projects to implement the blockchain ecosystem, including a licensed virtual asset crypto exchange, tools for mining and storing virtual assets, as well as tools for interacting with classical financial assets.

How did you get started on your career path? Do you have any advice for beginners?

I have been a crypto enthusiast for the past five years. I started getting interested in the development of cryptocurrencies during the wave of their popularity. Over the years, I have studied the field thoroughly, conducting many different transactions and experimenting with cryptocurrencies. I worked as a manager at ITEGROUP, which specializes in cloud mining rental services, and later became the manager of this project. Later, in cooperation with some financial and IT partners, we formed Biatex CJSC, where I took the position of General Director.

My advice for beginners is, “Only do what you enjoy! Experiment and try new things!”

What is the goal of your company?

We aim to create a crypto-civilization. To achieve this goal, we are creating projects for the virtual asset market, such as BIAT Crypto Exchange and Mining Pool, which legalize mining activities for citizens and implement a secure infrastructure with control tools. We are also continuing to develop new projects for the cryptocurrency market.

How important is your employees’ energy level to your company’s success?

Success is not possible without a team with a common goal, a strong desire to progress and develop, and a willingness to invest their resources.

How do you plan to motivate your team to do more?

In addition to monetary remuneration, we motivate the team by organizing team-building activities. We also have a transparent career development system for each key position, and we always take into account that each employee’s ambitions are satisfied.

What keeps your company moving forward even in times of difficulties?

A young, ambitious team with global goals, determined to succeed.

How do you see technology driving business change? Do you believe it helps your company grow?

I believe technology is one of the major drivers of change in the business environment. In recent decades, technological innovation has led to significant changes in the way companies interact with customers, produce and distribute products and services, manage their business processes, and make decisions.

How is your company adapting to digital technology?

Our company not only adapts well to digital technologies, but our products are also the result of their development. We are a clear example that the development of digital technologies for money, goods, and services is not just the future but already the present that our colleagues and we are building for users.

Do you use innovative ideas to be unique?

Yes, because it ensures the development and promotion of our company.

Tell us something about your future products or services.

We have licenses in Kyrgyzstan and the UAE and work closely with the government to comply with all recommendations and safety standards. It is no secret that there are problems in the market, such as a lack of legislative regulation and the development of illegal circulation of virtual assets and fraud associated with it. These problems in a still young and unregulated market are only possible if no credible operator, supported by the community and government, can accumulate key information, assets, and services and provide them to all citizens and organizations.

We are engaged in regulation at the legislative level, creating the Kyrgyz Association of

Blockchain Innovation (KABI) and legalizing cryptocurrency transactions for citizens and companies.

Future products:

A next-generation NeoBank with full integration of Biat crypto-exchange services, allowing for on-the-fly interaction of fiat and crypto assets.

A crypto-literacy academy with a hybrid format that will help all residents learn what virtual assets are and, how to work with them legally, how to store and distinguish quality products from fraudulent schemes. The academy will also provide training for exchange specialists, tokenization and investment attraction specialists for local businesses, and specialists in cryptocurrency trading security.

Is there anything else you would like to say to our readers?

It’s safe to say that digitalization is inevitable right now. Gradually, digital technology will penetrate all sectors of production and services.

Connect with Abdumalik Mukhamedov on LinkedIn.

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