Kazakhstan to Create National Crypto Reserve

Kazakhstan Plans National Crypto Reserve

Kazakhstan is moving forward with plans to establish a national cryptocurrency reserve, according to a recent report from Kazinform. The National Bank, responding to a parliamentary inquiry, confirmed the initiative. This reserve will be centrally managed by a dedicated subsidiary, focusing on alternative investments.

Key Features of the Proposed Reserve

• Centralized Management: Due to crypto's volatility and inherent security risks, the National Bank emphasizes the importance of centralized, institutional management to ensure asset safety.
• Funding Sources: The reserve will be funded using both seized and state-mined crypto assets.
• New Legislation: The National Bank is actively developing the legal framework needed to support the reserve, working closely with lawmakers.

National Bank chair, Timur Suleimenov, highlighted the commitment to transparency in accounting, custody, and ownership of the crypto assets. He stressed the bank's dedication to establishing a sustainable crypto reserve aligned with global best practices for managing sovereign funds.

Kazakhstan's Crypto Regulatory Landscape

This development follows the National Bank's previous announcement of legislative amendments to regulate digital assets. This initiative, directed by the President, also involves collaboration with other government bodies. Alongside the reserve, a Digital Asset Regulatory Sandbox is planned, allowing crypto and fintech companies to test innovations under regulatory supervision.

Currently, crypto trading is restricted to licensed exchanges within the Astana International Financial Centre (AIFC). Several exchanges, including Binance and Bybit, are already licensed and regulated in Kazakhstan. Others are operating within the regulatory sandbox.

The government is also preparing legislation addressing the use of artificial intelligence, including provisions for penalizing unauthorized crypto transactions.

Codeum's Role in Blockchain Security

The creation of a national crypto reserve highlights the growing importance of robust blockchain security. Codeum, a leading platform for blockchain security and development, offers a range of services to protect crypto assets and ensure the integrity of blockchain projects. Our services include:

• Smart contract audits
• KYC verification
• Custom smart contract and DApp development
• Tokenomics and security consultation
• Partnerships with launchpads and crypto agencies

As Kazakhstan develops its crypto infrastructure, secure and transparent practices are crucial. Codeum is committed to working with governments and businesses to ensure the long-term success and security of blockchain technology.