The National Bank of Kazakhstan has expressed support for the initiative to create a national crypto reserve. Work on its structuring has already begun.
Support for the Initiative and Possible Funding Sources
A reserve should be created within a state agency, and one possible structure for its management might be a subsidiary of the National Bank specializing in alternative investments. National Bank Chairman Timur Suleimenov noted that sources for such funds could include confiscated crypto-assets and cryptocurrencies mined by a state-owned crypto-miner.
Need for Legislative Changes
Implementing the crypto reserve would require changes to existing legislation to formally define its legal status and regulate the processes of its deposit and utilization. Suleimenov emphasized the National Bank's readiness to work with lawmakers to develop the necessary legal framework.
Restrictions and Risks in Crypto Investments
The National Bank is also working on a draft law regarding the use of artificial intelligence, which will introduce administrative and criminal liabilities for conducting crypto-related transactions outside the regulated environment. In Kazakhstan, trading cryptocurrencies is only permitted on approved platforms within the Astana International Financial Centre. Suleimenov warned of the risks associated with 'pseudo-business coaches' who deceive the public, especially young people, by promising them rapid returns on cryptocurrency investments.
The initiative to create a national crypto reserve demonstrates Kazakhstan's active intent to develop and regulate the cryptocurrency sector, though potential risks must be acknowledged and appropriate legislative measures implemented.
