Kazakhstan’s National Bank has officially welcomed a parliamentary proposal to establish a state crypto-asset reserve, signaling a significant step in the nation’s digital asset strategy. According to Timur Suleimenov, the bank’s chairman, active development is underway to define the reserve’s formation and management concept. This proactive stance positions Kazakhstan among a growing number of countries exploring official cryptocurrency holdings as part of their national financial framework, aiming for enhanced oversight and stability in the volatile crypto market.
National Bank Embraces Crypto Reserve Proposal
Kazakhstan’s National Bank has given its full support to a parliamentary proposal advocating for the establishment of a state crypto-asset reserve. Chairman Timur Suleimenov confirmed that work is actively progressing on the conceptualization of its formation and management. This endorsement highlights a clear intent to integrate digital assets into the nation’s financial strategy, reflecting a forward-thinking approach to national reserves.
Funding Sources: Seized Assets and State Mining
Chairman Suleimenov detailed potential funding sources for the proposed crypto reserve, drawing insights from international practices. He indicated that such reserves could be financed through a combination of confiscated crypto-assets and cryptocurrencies mined by state-partially owned crypto mining operations. This dual approach offers a pragmatic method for accumulating digital reserves, leveraging both enforcement actions and strategic industrial participation.
Legislative Amendments for Crypto Integration
To effectively manage the new crypto reserve, significant legislative amendments are deemed necessary. These changes will aim to clearly define its legal status and establish precise procedures for its deposit and utilization. Chairman Suleimenov expressed the National Bank’s readiness to collaborate with Members of Parliament on these crucial amendments, ensuring a robust and legally sound framework for the reserve.
Parallel Regulatory Efforts: AI and Crypto Enforcement
In parallel with the crypto reserve initiative, the National Bank is also developing a draft law concerning the use of artificial intelligence. This upcoming legislation will introduce administrative and criminal liabilities for conducting crypto asset transactions outside the regulated environment. Currently, cryptocurrency trading is permitted only on licensed exchanges within the Astana International Financial Centre (AIFC), reinforcing the push for a strictly regulated digital market.
Curbing Illicit Activities and Misinformation
Chairman Suleimenov emphasized the importance of identifying and curbing the activities of “pseudo-business coaches” who spread misinformation about instant crypto profits. To address this, the National Bank proposes additional legal measures aimed at protecting citizens, especially young people, from deceptive schemes. This move underscores a commitment to promoting greater transparency and integrity within Kazakhstan’s burgeoning crypto market.
Strict Enforcement Against Unlicensed Providers
Kazakhstan has already implemented strict measures against unlicensed crypto service providers. Since 2024, a ban on conducting transactions on behalf of clients in favor of crypto providers without an AIFC license has been in effect. To enforce this, the Agency for Regulation and Development of the Financial Market (ARDFM) and the AIFC Committee regularly distribute a list of unlicensed crypto services to banks, leading to the blocking of thousands of illicit transactions.
Banks’ Role in Combating Gray Market Transactions
Banks in Kazakhstan play a crucial role in enforcing crypto regulations by blocking accounts suspected of conducting gray P2P transactions. They also monitor transaction limits with AIFC crypto exchanges, reject transfers to unlicensed platforms, and conduct enhanced checks for transactions exceeding $1,000. These measures are designed to prevent money laundering and ensure that all crypto activities occur within the regulated environment, protecting the financial system’s integrity.
Broader Crypto Strategy and Investor Warnings
The National Bank’s plans align with broader government efforts to establish a crypto reserve asset, potentially for state asset storage and digital economy support. However, Chairman Suleimenov has also issued warnings to citizens against buying cryptocurrencies, stressing that crypto is intended for experienced investors and should not be treated like a bank deposit. This balanced approach seeks to foster controlled growth while mitigating risks for the general public.
