Kazakhstan is actively working towards integrating digital assets into its financial system by initiating the creation of a state cryptocurrency reserve. This measure addresses regulatory aspects and investor protection.
Creation of State Crypto Reserve
Kazakhstan aims to establish a state crypto reserve in a new subsidiary of the National Bank. According to Timur Suleimenov, the working group is already developing a strategy to create and amend the rules for managing such a reserve. 'International practice shows that the sources for such a reserve may include confiscated crypto-assets, as well as cryptocurrencies mined by a government-owned miner,' Suleimenov noted in an official response to a parliamentary inquiry.
Crackdown on Crypto Gray Market
With the growth of the cryptocurrency industry in Kazakhstan, the government has been enhancing measures to combat illegal transactions. A new bill is being prepared to regulate the use of artificial intelligence in digital asset trading. This legislation is likely to impose administrative and criminal liability for cryptocurrency operations outside prescribed formats. Additionally, work is underway to create a register of unauthorized cryptocurrency firms to facilitate control over illegal transactions.
Restrictions and Risks for Investors
As Kazakhstan prepares to legalize cryptocurrencies, authorities are warning citizens to be cautious about investing in digital assets. Suleimenov emphasized that cryptocurrencies are highly volatile and can pose risks to ordinary investors. In response to a rising tide of scams and false advertising, the National Bank and other state agencies are developing new consumer protections aimed at curbing misleading advertising and safeguarding vulnerable populations.
Kazakhstan continues to work on creating a regulatory framework for cryptocurrencies while emphasizing the need for investor protection and combating illegal transactions. These measures could impact the formation of a sustainable digital asset market in the country.
