Kazakhstan’s National Bank is examining the possibility of reallocating part of its foreign exchange reserves to crypto assets, considering international practices.
Investment Strategies for Crypto Assets
The head of the National Bank Timur Suleimenov stated that the central bank is looking into strategies related to cryptocurrencies. This includes the exploration of crypto funds as alternative investment opportunities. He pointed out that in some countries, such as the U.S., successful implementations of crypto ETFs and treasury firms are already evident. Suleimenov emphasized that the bank does not rule out adding crypto funds to its alternative investment portfolio.
Creation of a State Crypto Treasury
The National Bank plans to establish a state crypto treasury for storing digital assets seized by law enforcement. This will require developing the necessary infrastructure for securely holding these assets, potentially including cold wallet storage. Additionally, the government is considering launching state-run mining operations, with a portion of the mined cryptocurrency being allocated to its crypto reserves.
Regulation and Crime in the Crypto Industry
Despite the efforts to integrate cryptocurrencies, Kazakhstan is expected to enforce strict regulations in this sector. Previous reports indicated plans to introduce criminal liability for individuals and businesses using cryptocurrencies in gray market transactions, which are not subject to governmental oversight. This initiative underscores the need for legality and transparency within the crypto industry.
Kazakhstan continues to explore ways to integrate cryptocurrency into its financial system, while emphasizing the importance of regulation and establishing the necessary structures for storing digital assets.
