Kazakhstan’s National Bank is exploring the possibility of diversifying its sovereign wealth fund and reserve portfolios by allocating a portion of its holdings to Bitcoin and other digital assets, a move that signals a cautious yet progressive embrace of crypto investment at the state level.

According to National Bank Chairman Timur Suleimenov, the concept of forming and managing the crypto-reserve is currently under comprehensive review. The reserve would be developed under the supervision of an affiliate of the National Bank, ensuring that it aligns with global standards for sovereign asset management.

The proposed framework emphasizes institutional rigor, transparency in accounting and storage of crypto-assets, and sustainable long-term management practices. Kazakhstan aims to model its crypto-reserve strategy on the best international practices employed by sovereign wealth funds, including those that are now exploring or holding digital assets.

Kazakhstan is Building a National Crypto Reserve.

Beyond direct investment, Kazakhstan also aims to establish a national crypto reserve initially conceived in June to hold confiscated crypto assets seized by law enforcement. The infrastructure for secure custody and management is already under development.

Contributions from state‑raised crypto mining could also supplement the reserve. If state-owned or state-backed firms mine Bitcoin or other assets, a portion of the proceeds could go into the national reserve through taxation or mandatory transfers.

Additionally, Deputy Governor of the National Bank Berik Sholpankulov said in May that they had drafted legislative amendments to regulate digital assets in the Country. The move follows a directive from the President and involves coordination with other state agencies.

They also plan to launch a Digital Asset Regulatory Sandbox, which will enable crypto and fintech firms to test new technologies and services under regulatory oversight, similar to frameworks in the UK, Singapore, and the UAE.

In parallel, the government is developing a draft law on the use of artificial intelligence, which includes provisions for administrative and criminal penalties for unauthorized crypto transactions.

Tightening Regulatory Oversight.

Kazakhstan is tightening its regulatory framework. Crypto trading will be limited to licensed exchanges operating within the Astana International Financial Centre (AIFC).

Unregulated trading may soon attract administrative or criminal penalties, as well as restrictions on cryptocurrency advertising.

Also, the country approach marks one of the earliest attempts by a sovereign wealth fund to explore crypto exposure at the reserve level. This initiative aligns with the country’s broader ambitions to position itself as a digital asset hub in Central Asia.