A parliamentary proposal to create a national crypto-asset reserve has received backing from the National Bank of Kazakhstan, and development work is already underway to decide on the reserve’s management and structure.
In answer to a parliamentary inquiry, National Bank Chairman Timur Suleimenov acknowledged the initiative, saying that one possible approach is to house the reserve in a National Bank subsidiary that specialises in alternative investments.
“International practice shows that the sources for such a reserve may include confiscated crypto-assets, as well as cryptocurrencies mined by a crypto miner partially owned by the government,” Suleimenov explained.
The implementation of the crypto reserve would require changes to existing legislation to formally define its legal status and to regulate the procedures for its deposit and utilization. As per the local reports, Suleimenov emphasized the National Bank’s readiness to collaborate with lawmakers to develop the necessary legal framework.
In parallel, the National Bank is working on a draft law concerning the use of artificial intelligence. According to Suleimenov, the law will introduce both administrative and criminal liabilities for conducting crypto-related transactions outside the regulated environment.
Only approved platforms based in the Astana International Financial Centre (AIFC) are officially allowed to trade cryptocurrencies in Kazakhstan. Transactions involving Bitcoin (BTC) and other cryptocurrencies would be handled by the cards.
Suleimenov also emphasised the risk of “pseudo-business coaches,” who deceive the public, particularly youngsters, by promising them rapid returns on cryptocurrency investments.
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