Kazakhstan Plans to Use Asset Forfeiture for Expanding National Crypto Reserve

BlockBeats News, January 30th, according to DLNews, the National Investment Corporation (NIC) of the investment department of the Kazakhstan central bank plans to use confiscated cryptocurrency from law enforcement agencies to enhance the country's crypto reserves. NIC head Timur Suleimenov stated on January 28th that the central bank has allocated $350 million in foreign currency and gold for this fund.

Initially, NIC does not intend to directly purchase or hold cryptocurrency but will do so through five pre-selected hedge funds and expand the investment scope to crypto-specific venture funds. According to Kazakhstan President Kassym-Jomart Tokayev, law enforcement has shut down 130 illegal crypto exchanges with total revenue of around $124 million and seized assets worth over $5 million.