Kazakhstan Moves Towards Establishing a State Cryptocurrency Reserve from Confiscated Bitcoins

The National Bank of Kazakhstan is set to establish a state cryptocurrency reserve. This was announced by the chair of the regulator, Timur Suleimenov, in response to a parliamentary inquiry.

Currently, the concept of this initiative is under development, taking into account international practices, and options for transferring management functions to a subsidiary organization specializing in alternative investments are being explored.

According to Suleimenov, placing the reserve under the oversight of a centralized institution will ensure proper supervision and risk management.

«The sources for this reserve could include confiscated crypto assets and cryptocurrencies mined by state-affiliated miners,» the document states.

The establishment of a state crypto reserve will necessitate amendments to the legislation, along with consultations with law enforcement and other relevant authorities.

The National Bank has invited MPs to participate in discussions on this matter.

Earlier in June, the National Bank of Kazakhstan approved the issuance of payment cryptocurrency cards linked to wallets on exchanges licensed in the Astana International Financial Centre (AIFC).