Latest news with #TimurSuleimenov
Arabian Post
15 hours ago
- Business
- Arabian Post
Kazakhstan Moves to Create Sovereign Crypto Reserve
Kazakhstan's National Bank, under its chairman Timur Suleimenov, is taking steps to build a state-held cryptocurrency reserve managed by a subsidiary entity, following international sovereign fund practices. The proposal outlines funding sources that include confiscated crypto-assets and coins mined through ventures with state participation—measures aimed at enhancing governance and stability within the digital asset ecosystem. The National Bank is developing a comprehensive framework for the reserve's formation and administration, emphasising transparency and institutional safeguards. It plans to enshrine in law both the status of the reserve and the protocols for deposit and use, with draft legislation to be submitted to parliament for approval. Suleimenov highlighted that the envisioned affiliate would follow global norms for sovereign funds, ensuring robust accounting, secure storage, and resilient governance structures. The legal amendments under discussion would affirm the reserve's legal standing and empower authorities to handle crypto-assets seized under law as well as profits generated from state-linked mining operations. ADVERTISEMENT The banking chief stressed the importance of centralised institutional oversight, noting the high volatility and vulnerability of crypto-assets. Centralisation, he said, is key to mitigating risks such as market fluctuations or cyber threats. This effort is part of a wider regulatory overhaul targeting cryptocurrency flows. Under proposals by the Ministry of Digital Development, draft laws would impose criminal and administrative liability on grey‑market trades, require licences for investment advisers, and curb unlicensed exchanges and misleading crypto promoters—many of whom target younger investors. Parliamentary deputies have endorsed the overarching concept. One lawmaker, Kuspekov, recommended creating a 'national digital reserve' at the central bank to anchor confiscated digital assets and tighten financial controls. He also urged strengthened due diligence by banks, prohibition of unlicensed crypto platforms, and mandates for licensed investment coaches. These developments follow a surge in legislative activity since May. The National Bank has proposed amendments defining legal status for digital assets, licensing for crypto exchanges outside the Astana International Financial Centre, and a regulatory sandbox for testing digital services. The objective is to restore confidence in Kazakhstan's crypto sector after capital flight estimated at US$15 billion last year. Timur Suleimenov, appointed as National Bank chair in September 2023 and former minister of national economy, has emphasised institutional integrity and macroeconomic resilience. He recently noted that international reserves reached US$104.7 billion at end-2024, bolstered by gains in gold and foreign-exchange holdings. The crypto reserve initiative appears aligned with broader state efforts. Issuance of AIFC‑backed crypto payment cards was piloted in early June by major banks including Halyk Bank, Forte and Altyn Bank—allowing consumers to instantly convert digital assets into fiat currency for everyday purchases. The Ministry of Digital Development has proposed the creation of a crypto reserve as a digital asset repository to support the national digital economy. This official endorsement underscores the government's increasing interest in integrating digital assets within its fiscal infrastructure. Central to this initiative are practical mechanisms that remain under review. The National Bank is working with law-enforcement agencies and other government bodies to outline operational procedures, compliance norms and asset custody arrangements.
Hi Dubai
09-04-2025
- Business
- Hi Dubai
UAE and Kazakhstan Strengthen Financial Ties with Strategic MoU
The Central Bank of the UAE (CBUAE) and key financial authorities in Kazakhstan have signed a landmark Memorandum of Understanding (MoU) to enhance cooperation in financial regulation, innovation, and market development. The MoU, signed by Khaled Mohamed Balama, Governor of the CBUAE, Timur Suleimenov, Governor of the National Bank of Kazakhstan, and Madina Abylkassymova, Chair of the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, aims to facilitate deeper collaboration across several critical areas. Under the agreement, the institutions will exchange expertise and supervisory information related to local financial markets, FinTech, and central bank digital currencies (CBDCs), particularly their use in cross-border transactions. The cooperation also extends to Islamic finance, cybersecurity, and broader technical development. Balama highlighted the MoU as a testament to the growing UAE–Kazakhstan economic partnership. 'This agreement opens new avenues for cooperation in the financial sector, supporting the UAE's broader economic and investment objectives,' he said. Suleimenov echoed this sentiment, emphasizing shared ambitions for sustainable development and financial innovation. 'Together, we aim to drive forward initiatives in CBDCs, payments, and banking to foster regional prosperity,' he stated. Abylkassymova noted the significance of this framework in enhancing regulatory practices. 'This partnership reflects our mutual commitment to building robust financial services and promoting trade and economic cooperation,' she added. The MoU marks a strategic step in unifying efforts to develop resilient financial systems, with both nations leveraging their strengths to navigate the evolving global financial landscape. News Source: Emirates News Agency
Al Etihad
09-04-2025
- Business
- Al Etihad
CBUAE signs MoU with National Bank of Kazakhstan, Agency of Kazakhstan for Regulation and Development of Financial Market
9 Apr 2025 13:28 ABU DHABI (WAM) Governor of the Central Bank of the UAE (CBUAE), Khaled Mohamed Balama, Governor of the National Bank of Kazakhstan, Timur Suleimenov, and Chair of The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, Madina Abylkassymova, signed a Memorandum of Understanding aimed at strengthening cooperation and information exchange in areas of mutual part of the MoU, the three parties will exchange information and expertise on best practices and regulations for developing local financial markets, FinTech, and promoting central bank digital currencies (CBDCs) and enabling their use in cross-border transactions among the participating MoU includes the sharing of supervisory information, facilitating cooperation in the areas of Islamic banking and finance, cybersecurity, and technical said that this MoU embodies the depth and strength of the economic partnership between the UAE and Kazakhstan, and opens broad prospects for the institutions to further develop this partnership in the commercial, investment, and financial sectors. The Central Bank's proactive approach expands cooperation with regional and international partners, deepening joint business opportunities in the financial and banking sectors to support the UAE's economic, trade, and investment goals."We look forward to close collaboration with our partners in Kazakhstan to enhance financial stability, develop the financial system, and achieve our mutual interests,' he in turn, stated, 'The collaboration between the Central Bank of the UAE and the National Bank of Kazakhstan aims to deepen economic partnerships and advance cooperation in finance, banking and CBDCs, driving sustainable development. We will use our expertise in financial technology and payment systems to achieve shared objectives and foster economic prosperity.' Abylkassymova said, 'We are pleased to sign this MoU with the Central Bank of the UAE, creating a framework for cooperation to enhance financial stability and regulatory practices in both jurisdictions. We commend the UAE's financial sector regulations and look forward to exchanging expertise to develop world-class financial services and strengthen market regulation, fostering economic and trade cooperation.'
Zawya
09-04-2025
- Business
- Zawya
CBUAE signs MoU with National Bank of Kazakhstan and The Agency of the Republic of Kazakhstan
Abu Dhabi: His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), His Excellency Timur Suleimenov, Governor of the National Bank of Kazakhstan, and Her Excellency Madina Abylkassymova, Chair of The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation and information exchange in areas of mutual interest. As part of the MoU, the three parties will exchange information and expertise on best practices and regulations for developing local financial markets, FinTech, and promoting central bank digital currencies (CBDCs) and enabling their use in cross-border transactions among the participating parties. The MoU includes the sharing of supervisory information, facilitating cooperation in the areas of Islamic banking and finance, cybersecurity, and technical cooperation. H.E. Khaled Mohamed Balama, Governor of the CBUAE, said: 'This MoU embodies the depth and strength of the economic partnership between the UAE and the Republic of Kazakhstan, and opens broad prospects for our institutions to further develop this partnership in the commercial, investment, and financial sectors. The Central Bank's proactive approach expands cooperation with regional and international partners, deepening joint business opportunities in the financial and banking sectors to support the UAE's economic, trade, and investment goals. We look forward to close collaboration with our partners in Kazakhstan to enhance financial stability, develop the financial system, and achieve our mutual interests.' H.E. Timur Suleimenov, Governor of the National Bank of Kazakhstan, said: 'The collaboration between the Central Bank of the UAE and the National Bank of Kazakhstan aims to deepen economic partnerships and advance cooperation in finance, banking and CBDCs, driving sustainable development. We will use our expertise in financial technology and payment systems to achieve shared objectives and foster economic prosperity.' H.E. Madina Abylkassymova, Chair of The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, said: 'We are pleased to sign this MoU with the Central Bank of the UAE, creating a framework for cooperation to enhance financial stability and regulatory practices in both jurisdictions. We commend the UAE's financial sector regulations and look forward to exchanging expertise to develop world-class financial services and strengthen market regulation, fostering economic and trade cooperation.'
