Kazakhstan announces plans to establish a state crypto reserve
2025-06-30 11:33:04
Main Idea
Kazakhstan’s National Bank is developing a concept for alternative investments and working on legislative changes to regulate digital assets, while also blocking unlicensed crypto transactions.
Key Points
1. Kazakhstan’s National Bank is working on a detailed concept for alternative investments, requiring legislative changes before implementation.
2. The government is regulating digital assets, with a ban on unlicensed crypto services; banks blocked 15,800 transactions worth $3.07 million in Q1 2025.
3. Kazakhstan is facilitating the conversion of digital assets into fiat and collaborating with the Solana Foundation to develop capital markets.
4. The Agency for Regulation and Development of the Financial Market (ARDFM) and the AIFC Committee issue quarterly lists of unlicensed crypto services to banks.
Description
Kazakhstan plans to establish a state crypto reserve, contingent on the creation of a legal framework to govern its formation and management. Kazakhstan’s National Bank is currently working on a detailed concept for forming and managing the reserve, potentially within a bank-affiliated entity focused on alternative investments, National Bank Chairman Timur Suleimenov said in response to a parliamentary inquiry. Following international practices, Suleimenov implied the reserve will be funded thro...
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