Kazakhstan is in the process of developing a concept for establishing a state crypto reserve, informed National Bank Chairman Timur Suleimenov.
Concept of Crypto Reserve Creation
The National Bank of Kazakhstan is working on a detailed concept for forming and managing the crypto reserve. As Chairman Timur Suleimenov noted in response to a parliamentary inquiry, the reserve may be created within a bank-affiliated entity focused on alternative investments.
CITE_NA: "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."
Need for Legislative Changes
Before the plan can move forward, changes to Kazakhstan’s legislation will be required to define its legal status and set out how the assets can be deposited and used. Suleimenov added that the National Bank is open to working with members of parliament to develop the necessary legal framework.
Consumer Protection Measures
In addition to announcing the formation of the crypto reserve, Suleimenov stated that the National Bank also plans to tighten restrictions on digital asset advertising, especially to protect vulnerable groups from misleading promotions. He raised particular concern about the influence of pseudo-business coaches promoting unrealistic returns from crypto investments.
Kazakhstan is actively working on establishing a legal framework for the cryptocurrency sector while also taking measures to protect consumers and prevent fraudulent activities in this field.
