I quickly share an interesting piece of news related to Kazakhstan and crypto, showing you the story of 'the state entering crypto' happening in a very practical way.
The Central Bank of Kazakhstan, through its investment company (NIC), is planning to establish a national crypto reserve fund, with an initial scale of about 350 million USD. The source of assets will come not only from confiscated crypto but also from a combination of gold and foreign currencies, and will be allocated through 5 hedge funds for professional management. This shows that they see crypto as a strategic asset, not just something for 'quick gains'.
On the flip side, the Kazakh government is also tightening control over the informal sector. President Tokayev stated that the police have shut down 130 illegal crypto exchanges, generating about 124 million USD in investigative revenue, while also confiscating more than 5 million USD in related assets.
From my point of view, this is a very noteworthy model: it both suppresses illegal activities and legalizes and accumulates crypto at the national level. Crypto is not banned but is being brought under regulatory frameworks and becoming part of the reserves. Such steps show that crypto is increasingly difficult to view as a 'fringe activity,' but is gradually entering the arena of nations in a subtle yet pragmatic way.