ASTANA – The National Bank of Kazakhstan is preparing a comprehensive legislative framework to regulate the circulation of digital assets, following the withdrawal of approximately $15 billion in crypto assets from the country due to insufficient regulatory oversight. This was announced by Deputy Chairman of the National Bank Berik Sholpankulov during a May 22 press briefing.

Sholpankulov noted that the absence of a well-structured legal and administrative environment had led to significant capital outflows, undermining the safety and transparency of citizens’ digital asset transactions. In response, the National Bank, in collaboration with relevant state bodies, has developed legislative amendments to strengthen oversight and introduce criminal and administrative liability for the illegal movement of funds, reported Kazinform.

The proposed regulatory framework comprises two main components. The first defines the legal status and procedures for issuing and using digital financial assets. The second introduces a licensing regime for service providers involved in the exchange of unsecured cryptocurrencies. In parallel, a regulatory sandbox is being established to allow market participants to pilot innovative services and technologies in a controlled environment.

In response to a proposal to establish a digital reserve under the National Bank for confiscated crypto assets, Sholpankulov clarified that crypto assets are treated as property in accordance with legal provisions. As such, any confiscated assets are subject to existing procedures managed by the Ministry of Finance and its State Property Committee, which is responsible for their valuation, sale, and allocation to the state budget. He concluded that there is no justification for the creation of a separate digital reserve under the National Bank.

Monday, May 12 

Incident: Traffic Hazard 

A semi got caught on a stop sign on the corner of Wheaton Way and Royal Street W while trying to make a right hand turn. The stop sign was damaged as a result.

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Tuesday, May 13

Incident: Drugs

Deputies stopped a vehicle after a registration check revealed that the vehicle was not insured. During the stop, it was discovered that the male driver had four active statewide warrants for his arrest. The male was taken into custody and his vehicle was state tax impounded. During an inventory of the vehicle, a user amount of marijuana was located, as well as drug paraphernalia. The arrested male was ultimately booked into the Summit County Jail for drug related charges and his outstanding warrants.

Wednesday, May 14

Incident: Warrant 

Deputies observed a vehicle that had a broken headlight traveling southbound on SR 224. Deputies conducted a traffic stop and during the stop noticed that the driver of the vehicle had a State-Wide Warrant out for their arrest. Deputies arrested and transported the driver to the Summit County Jail without incident. The vehicle was later picked up by a licensed driver.

Friday, May 16

Incident: Wildlife Crossing

A large herd of elk tried to cross SR 224 near Meadows Drive. 

Saturday, May 17

Incident: Scam

Deputies contacted a complainant regarding a report of a financial scam involving cryptocurrency. The complainant reports being defrauded of approximately $15,000 USD through a fraudulent investment scheme facilitated via cryptocurrency platforms.  This case will be referred to investigations for further follow-up.

Incident: Domestic Violence

Deputies responded to an assault incident at the given location. After an investigation it was determined that domestic violence assault had occurred. The suspect was arrested and booked into the Summit County Jail.

Incident: DUI

Deputies initiated a traffic stop at N Silver Springs Dr and Little Lake Dr. Deputies smelled a strong odor of alcoholic beverage coming from the vehicle and the driver. After an investigation, the driver was transported to the jail and then released on a citation for DUI. 

Sunday, May 18

Incident: Vandalism

Deputies responded to High Valley Transit Center for reports of a broken glass door. The victim was able to provide a screenshot of a possible suspect. Deputies later found and identified the vandal and he was taken in for questioning. 

Read our full article on this police story.

Incident: Drugs

Deputies initiated a traffic stop. During the records check, a deputy’s dog alerted on the vehicle. During a search of the occupants and vehicle, controlled substances and drug paraphernalia were discovered. Both subjects were arrested and booked into Summit County Jail.

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Bitcoin reportedly hit an all-time high of $109,730 Wednesday (May 21), driven in part by the Monday (May 19) news that a stablecoin bill advanced in the U.S. Senate.

The cryptocurrency reached its previous record high around the Jan. 20 inauguration of President Donald Trump, which heightened the market’s hopes for regulatory clarity around crypto, Bloomberg reported Wednesday.

Bitcoin has also benefited from some investors’ belief that it offers a haven from financial market turmoil, from some companies stockpiling the token, and from the greater variety of bitcoin exposure available to investors, according to the report.

The crypto industry-backed bill in the Senate is set for debate and could pass as soon as this week, per the report.

“It’s the shift of approach from [former Securities and Exchange Commission Chair Gary Gensler and the SEC] to this Trump administration, which has embraced our industry,” Michael Novogratz, founder and CEO of Galaxy Digital, told Bloomberg TV Wednesday. “That freed up the animal spirits both here and abroad.”

The Senate voted to advance the country’s first stablecoin legislation, the GENIUS Act, an acronym for Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act, on Monday after weeks of political back-and-forth, PYMNTS reported Tuesday (May 20).

“Tonight’s vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets,” Senate Banking Committee Chairman Sen. Tim Scott, R-S.C., said in a press release. “After playing politics, I’m glad many of my Democratic colleagues have returned to the table and are supporting a bipartisan product they helped shape. By moving forward on the GENIUS Act, we are one step closer to delivering a regulatory framework that keeps innovation in America, protects consumers, and safeguards our national security.”

After hitting its previous record high in January upon Trump’s inauguration, the price of bitcoin fell by as much as 30% when new tariffs led to a market downturn.

However, it rose back above the $100,000 mark for the first time in three months on May 8 amid anticipation for a relaxation of global tariff-related tensions following a new trade deal.

“It just speaks to the large amount of demand for digital assets in the industry, and especially bitcoin,” Cosmo Jiang of Pantera Capital told Bloomberg at the time.