National Bank Shuts Down Proposal for Special Crypto Asset Fund

Majilis deputy Olzhas Kuspekov recently proposed establishing a separate fund under the National Bank to manage confiscated crypto assets. However, the idea received little support from the bank, Orda.kz reports.

Speaking at a briefing in Astana, Berik Sholpankulov, Deputy Chair of the National Bank, said such a fund is unnecessary.

According to current legislation, crypto assets are treated as property. Secondly, everything that is confiscated is considered income to the state budget. Accordingly, there is the Ministry of Finance, and its structure has a State Property Committee that must receive the confiscated funds, handle their sale, and credit the proceeds to the national budget. So, I think, creating a separate fund is unnecessary,Sholpankulov explained. 

Deputy Kuspekov had earlier raised concerns about the lack of clear procedures for storing crypto assets seized in criminal cases, highlighting a potential gap in Kazakhstan’s legal and regulatory framework.

Original Author: Ilya Astakhov