Kazakhstan Moves to Create Sovereign Crypto Reserve
The National Bank is developing a comprehensive framework for the reserve's formation and administration, emphasising transparency and institutional safeguards. It plans to enshrine in law both the status of the reserve and the protocols for deposit and use, with draft legislation to be submitted to parliament for approval.
Suleimenov highlighted that the envisioned affiliate would follow global norms for sovereign funds, ensuring robust accounting, secure storage, and resilient governance structures. The legal amendments under discussion would affirm the reserve's legal standing and empower authorities to handle crypto-assets seized under law as well as profits generated from state-linked mining operations.
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The banking chief stressed the importance of centralised institutional oversight, noting the high volatility and vulnerability of crypto-assets. Centralisation, he said, is key to mitigating risks such as market fluctuations or cyber threats.
This effort is part of a wider regulatory overhaul targeting cryptocurrency flows. Under proposals by the Ministry of Digital Development, draft laws would impose criminal and administrative liability on grey‑market trades, require licences for investment advisers, and curb unlicensed exchanges and misleading crypto promoters—many of whom target younger investors.
Parliamentary deputies have endorsed the overarching concept. One lawmaker, Kuspekov, recommended creating a 'national digital reserve' at the central bank to anchor confiscated digital assets and tighten financial controls. He also urged strengthened due diligence by banks, prohibition of unlicensed crypto platforms, and mandates for licensed investment coaches.
These developments follow a surge in legislative activity since May. The National Bank has proposed amendments defining legal status for digital assets, licensing for crypto exchanges outside the Astana International Financial Centre, and a regulatory sandbox for testing digital services. The objective is to restore confidence in Kazakhstan's crypto sector after capital flight estimated at US$15 billion last year.
Timur Suleimenov, appointed as National Bank chair in September 2023 and former minister of national economy, has emphasised institutional integrity and macroeconomic resilience. He recently noted that international reserves reached US$104.7 billion at end-2024, bolstered by gains in gold and foreign-exchange holdings.
The crypto reserve initiative appears aligned with broader state efforts. Issuance of AIFC‑backed crypto payment cards was piloted in early June by major banks including Halyk Bank, Forte and Altyn Bank—allowing consumers to instantly convert digital assets into fiat currency for everyday purchases.
The Ministry of Digital Development has proposed the creation of a crypto reserve as a digital asset repository to support the national digital economy. This official endorsement underscores the government's increasing interest in integrating digital assets within its fiscal infrastructure.
Central to this initiative are practical mechanisms that remain under review. The National Bank is working with law-enforcement agencies and other government bodies to outline operational procedures, compliance norms and asset custody arrangements.
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