The idea of a state-run crypto reserve has sparked interest among industry stakeholders
During a plenary session of the Mazhilis (lower house of Parliament), Deputy Olzhas KUSPEKOV proposed the establishment of a state cryptocurrency reserve under the National Bank of Kazakhstan. According to the lawmaker, such a measure could address regulatory gaps in the digital asset space and strengthen the financial system’s stability and the security of citizens, DKnews.kz reports.
In his parliamentary inquiry, Kuspekov pointed out that oversight activities had revealed systemic risks and deficiencies in the regulation of digital assets that pose a threat to the integrity of the national financial system, public security, and the credibility of state institutions.
“First, the issue of storing crypto assets confiscated during criminal investigations remains unresolved. The lack of a proper legal and technical mechanism creates the risk of loss, theft, or laundering of such assets via third parties. Second, experts have observed a growing trend of young people engaging in the grey crypto market, largely due to the influence of social media bloggers and so-called 'crypto coaches',” said the MP.
He explained that these individuals promote unlicensed platforms without proper authorization, promising guaranteed returns to Kazakhstani citizens in violation of the law. Kuspekov also highlighted that several second-tier banks are facilitating crypto-related operations beyond the legal framework.
Referring to data from the Financial Monitoring Agency, he reported that over KZT 4.2 billion (approx. $9.5 million) worth of transactions were processed through the accounts of ten second-tier banks.
“Internal control mechanisms are often neglected. Despite existing legal bans, unlicensed crypto exchanges continue to operate freely. They are accessible via App Store and Play Market, widely advertised, and actively participate in public events and social media. In 2023, 86.2% of Kazakhstan’s crypto turnover — amounting to $3.5 billion — flowed through the illegal segment,” the deputy added.
In response, Kuspekov proposed creating a dedicated national digital reserve under the Central Bank to store confiscated crypto assets. He also outlined a number of complementary regulatory measures:
- Introduce the concept of "investment coaching" into legislation, making licensing mandatory;
- Develop mechanisms to block violators’ accounts;
- Audit money transfers and strengthen internal controls within banks;
- Block websites and mobile apps of unlicensed crypto exchanges;
- Publish an official list of authorized crypto platforms.
It is worth noting that the National Bank previously rejected a proposal from the "Ak Zhol" parliamentary faction to establish a separate Crypto Bank. That initiative aimed to legalize the circulation of cryptocurrencies in Kazakhstan and introduce the crypto-tenge — a digital version of the national currency.
The idea of a state-run crypto reserve has sparked interest among industry stakeholders. Nurkhat Kushimov, General Manager of Binance Kazakhstan, offered the following comment:
“It is encouraging to see cryptocurrency becoming a frequent topic of discussion in both global and Kazakhstani digital asset markets. It is especially notable that policymakers and key industry leaders are taking clear stances, recognizing the value of cryptocurrency in the financial system, and prioritizing it in their agendas.
We support Kazakhstan’s intent to create a strategic crypto reserve. The creation of such a reserve will require substantial legislative changes, which means the process won’t be quick. However, the initiative is likely to bring more regulatory clarity to Kazakhstan’s crypto ecosystem, as it will necessitate the development of a comprehensive legal framework.”
Photo by: nationalbank.kz.
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