The National Bank of Kazakhstan has announced plans to create a state crypto reserve, positioning the country among those actively embracing cryptocurrency.
Reasons for Creating the Crypto Reserve
On June 28, Timur Suleimenov, Chairman of the National Bank of Kazakhstan, confirmed the development of a framework for managing and storing a national crypto reserve. He emphasized the need for adopting international best practices and ensuring full transparency and security in accounting and asset storage.
> "We believe it is necessary to form a state crypto reserve based on international sovereign fund models, ensuring transparency and safety in storage and management," Suleimenov stated.
Contents of the Crypto Reserve
Kazakhstan is reportedly planning to stock the reserve with:
* Confiscated crypto assets * Cryptocurrencies mined by state-backed operations
A new legal regime is being drafted to clarify the ownership rights of the state, define usage protocols, and outline how the reserve will be replenished and deployed.
Developing AI to Combat Crypto Crimes
In a parallel move, Kazakhstan is developing an AI framework to detect criminal activity in the crypto market. The AI will help identify suspicious transactions on unregulated crypto exchanges, thereby tightening the regulatory grip on illicit activities.
The National Bank is also considering stricter regulations on digital asset advertisements to curb the spread of misinformation. These regulations aim to bring greater transparency to crypto promotions and educate the public on legitimate crypto projects.
Kazakhstan’s national crypto reserve could become a milestone in crypto governance. With plans for AI monitoring, crypto reserve legislation, and ad restrictions, the country is setting a new precedent in crypto regulation and adoption.
