Kazakhstan’s National Bank is preparing new legislation to regulate digital asset transactions after an estimated $15 billion in cryptocurrency exited the country due to lax oversight, according to Deputy Chairman Berik Sholpankulov during a May 22 press briefing.
Sholpankulov emphasized that the lack of a clear legal and administrative framework has compromised transparency and security for digital asset users. In response, the bank, alongside government agencies, is introducing laws that include penalties—both criminal and administrative—for illegal crypto transactions.
The framework has two main pillars: establishing the legal status and usage rules for digital financial assets, and implementing a licensing system for crypto service providers dealing in unbacked digital currencies. A regulatory sandbox will also be launched to test innovative financial technologies in a controlled setting.
Addressing a proposal to form a digital reserve for seized crypto assets under the National Bank, Sholpankulov clarified that such assets are considered property and fall under the jurisdiction of the Ministry of Finance, which manages their appraisal, sale, and allocation to the state budget. Thus, he said, a separate reserve is unnecessary.
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