Kazakhstan weighs crypto reserve from mining assets

• Kazakhstan is considering adding confiscated cryptocurrency and state-mined digital assets to a national crypto reserve.
• The proposal would place the reserve under centralised state management.
• Officials said the plan aims to strengthen oversight of government-held digital assets.

Kazakhstan is considering creating a national cryptocurrency reserve using confiscated digital assets and cryptocurrency mined through state-backed operations.

The proposal follows Kazakhstan's efforts to tighten regulation of the crypto mining sector while increasing government oversight of digital assets.

National Bank Chairman Timur Suleimenov said the reserve could be managed by a specialised state institution using assets seized through law enforcement or generated by government mining activities.

Kazakhstan became one of the world's largest Bitcoin (CRYPTO:BTC) mining centres after miners relocated following China's 2021 mining ban.

The government has since introduced stricter licensing rules, higher electricity tariffs and stronger oversight to regulate the country's digital asset mining industry.

At the time of reporting, Bitcoin price was $65,047.55.