Kazakhstan to set up state crypto-reserve

The concept for the state crypto-reserve formation and management, including the development of the crypto-reserve at the grounds of the National Bank affiliate, is being studied in depth. The National Bank stands for an institutionally sound approach to the formation of the state crypto-reserve, following the best international practice of sovereign funds management (including sovereign crypto-reserves), the principles of transparency of accounting and storage of crypto-assets, transparency of crypto-reserve management and ensuring the sustainability (safety) of the state crypto-reserve. The international practice indicates that expropriated crypto-assets and cryptocurrencies mined by a crypto miner with state participation can become sources of such a reserve.

He added that given the crypto-assets storage volatility and threats (risks), the approach of centralized institutionalization of such management to ensure the safety of crypto-assets becomes the main guarantee for ensuring the structuring of the management of state crypto-assets.

Specific mechanisms for building the state crypto-reserve will be further developed with law enforcement and/or concerned state bodies.

Earlier Kazinform reported, the National Bank to start regulating cryptocurrency in Kazakhstan.