Kazakhstan To Create Crypto Fund For Digital Assets Seized From Convicts

Kazakhstan plans to transfer digital assets seized from convicted citizens to a special crypto fund, Orda.kz reports.

National Bank Chairman Timur Suleimenov said convicted Kazakhstanis still hold significant amounts of digital assets, while law enforcement agencies do not have the expertise to manage them.

Various convicted citizens have many digital assets. They are stored in cold wallets abroad and are not technically protected. Law enforcement agencies do not have the competence to manage such assets. Therefore, it was decided that these assets would later be transferred to the crypto fund,Suleimenov said.

According to him, the infrastructure for the fund is already ready. The National Investment Corporation and the Central Securities Depository will be involved in its creation.

In terms of infrastructure, we have already prepared everything. It will be based on the National Investment Corporation and the Central Securities Depository. Most importantly, such assets will be under our jurisdiction and protected from claims by third countries,Suleimenov said.

He added that the fund would ensure the storage and management of digital assets within Kazakhstan’s jurisdiction.

Original author: Alina Elgeldina

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