Kazakhstan central bank chairman approves the creation of a crypto reserve from confiscated and mined assets

What’s new? The National Bank of Kazakhstan has supported the idea of creating a state reserve of cryptocurrencies, proposed by deputies. In an official response to the request, the head of the regulator Timur Suleimenov noted that the reserve could be formed from confiscated cryptocurrencies, as well as coins mined by a miner with state participation.

The response of the chairman of the National Bank

What else is known? According to the letter, the central bank has begun to work on the concept of formation and management of the crypto reserve. The option of its creation on the basis of the branch of the National Bank for work with alternative investments is being considered.

It is emphasized that the National Bank advocates an institutionally sound approach to the formation of the reserve with reliance on the best international practices of fund management and control over compliance with the principles of transparency of accounting and storage of crypto assets.

Specific mechanisms for the formation of the state crypto reserve will be developed jointly with law enforcement and other interested government agencies. Also, the National Bank is ready to participate in the development of amendments to the legislation.

Kazakhstan’s Vice Minister suggests that crypto regulation should be relaxed to develop the country as a regional crypto hub

The official also noted that mining companies can play a key role in modernizing the country’s energy infrastructure

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Earlier this year, Kazakh President Kassym-Jomart Tokayev called for the urgent expansion of crypto infrastructure and the formation of an appropriate legislative framework to maintain the country’s competitiveness.

In late May, he announced the launch of a pilot zone called CryptoCity for payment of goods and services with cryptocurrency and stated the country’s aspirations to become a Eurasian IT hub.

Also in May, Yerlan Ashykbekov, director of the Department of Payment Systems at the National Bank, announced plans to legalize crypto exchanges.

At the same time, the Kazakh authorities blocked more than 3500 illegal exchanges as part of the fight against illegal cryptocurrency activity. Thus, 36 such platforms with a turnover of 60 billion tenge were liquidated in 2024. Also, 4,8 million USDT were frozen, and 545 000 USDT were returned to the victims of crypto pyramids.