Kazakhstan to Establish National Reserve Fund with Cryptocurrency Acquired from Crime Seizures and State Mining

According to Kazinform, on the 30th, Timur Suleimenov, the governor of the National Bank of Kazakhstan, announced the establishment of a national cryptocurrency reserve fund through affiliated institutions of the state bank. The fund will be financed using assets seized in criminal cases and cryptocurrencies mined through state-run mining operations. Regulatory authorities are advancing the establishment of rules in line with best practices for sovereign funds, which include a unified management system, transparent bookkeeping, and audited secure storage. Governor Suleimenov argued that management by a single administrator would protect public assets from market fluctuations and hacking.