ASTANA – The National Bank of Kazakhstan is preparing a comprehensive legislative framework to regulate the circulation of digital assets, following the withdrawal of approximately $15 billion in crypto assets from the country due to insufficient regulatory oversight. This was announced by Deputy Chairman of the National Bank Berik Sholpankulov during a May 22 press briefing.
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Sholpankulov noted that the absence of a well-structured legal and administrative environment had led to significant capital outflows, undermining the safety and transparency of citizens’ digital asset transactions. In response, the National Bank, in collaboration with relevant state bodies, has developed legislative amendments to strengthen oversight and introduce criminal and administrative liability for the illegal movement of funds, reported Kazinform.
The proposed regulatory framework comprises two main components. The first defines the legal status and procedures for issuing and using digital financial assets. The second introduces a licensing regime for service providers involved in the exchange of unsecured cryptocurrencies. In parallel, a regulatory sandbox is being established to allow market participants to pilot innovative services and technologies in a controlled environment.
In response to a proposal to establish a digital reserve under the National Bank for confiscated crypto assets, Sholpankulov clarified that crypto assets are treated as property in accordance with legal provisions. As such, any confiscated assets are subject to existing procedures managed by the Ministry of Finance and its State Property Committee, which is responsible for their valuation, sale, and allocation to the state budget. He concluded that there is no justification for the creation of a separate digital reserve under the National Bank.