Financial authorities in Kazakhstan have earmarked a portion of the nation’s gold and foreign currency reserves for cryptocurrency investment, the country’s central bank unveiled.
The money will be controlled by an entity under the monetary authority and used for indirect investments at this stage, according to a representative of the regulator’s management.
Kazakhstan to convert gold and fiat currency into crypto assets
The National Investment Corporation (NIC), a subsidiary of the National Bank of Kazakhstan (NBK), has received $350 million from the Central Asian nation’s gold and foreign exchange reserves to invest in crypto.
NBK Deputy Governor Aliya Moldabekova made the announcement at the Annual Business Review forum, the Kazakhstan Association of Minority Shareholders (QAMS) informed in a post on its Telegram channel. A special account has been opened at the Central Depository for the cryptocurrency reserve that the country is now creating, she said, also quoted by the Russian crypto news outlet Bits.media.
Initially, the NIC will refrain from direct investment in crypto assets, but will rather use hedge funds, the central bank executive emphasized. Five such funds have been shortlisted already, Moldabekova revealed, adding that further investments will be made through participation in venture capital funds.
Speaking at the same event, her superior, Chairman of the NBK Timur Suleimenov, said that the NIC will also take control of digital assets seized by law enforcement agencies. Kazakhstan’s National Fund, which collects revenues from the sale of oil and natural gas, will serve as a source of funding for these investments as well.
The cryptocurrency reserve will be part of Kazakhstan’s overall sovereign reserves managed by the National Bank, Suleimenov pointed out.
Astana starts building Kazakhstan’s national crypto reserve
Officials in Astana announced the country was going to create a digital-asset reserve last fall. In November, the central bank unveiled that it will hold up to $1 billion. Part of the funds in it will be government-seized coins, and some will be in the form of repatriated assets, Suleimenov detailed in an interview for Bloomberg.
The fund will invest in crypto-based exchange-traded funds (ETFs) and shares of companies involved in the crypto industry, he further noted. Later that month, the chairman of the NBK told the local press that the bank was prepared to spend up to $300 million on such investments in the short term.
His statement came after another of his deputies, Berik Sholpankulov, broke the news that the monetary authority was considering investing some of the nation’s gold and forex reserves in crypto. Meanwhile, the Ministry of Artificial Intelligence and Digital Development announced the launch of a fund backed by the local branch of Binance, the world’s largest coin trading platform.
The Alem Crypto Fund, which is managed by the state-linked Qazaqstan Venture Group, made its first investment by purchasing BNB tokens, as reported by Cryptopolitan. In September 2025, Kazakhstan launched a stablecoin pegged to its fiat currency, the tenge. It’s based on the Solana blockchain and issued through the Intebix crypto exchange.
Kazakhstan aims to become a crypto hub in Eurasia
Kazakhstan has been trying to establish itself as a crypto hub in Central Asia and the wider Eurasian region since it became a mining hotspot a few years ago.
Its government is taking steps to regulate and even liberalize its cryptocurrency market by permitting the circulation of digital assets outside the current special legal regime of the Astana International Financial Center (AIFC), lifting some restrictions on mining, and legalizing crypto investments.
At the same time, Kazakhstani authorities have been cracking down on unauthorized and illegal activities in the crypto space. This week, President Kassym-Jomart Tokayev made it clear the state is now focusing on the fight against capital flight through digital-asset transactions.
Government agencies have already shut down over 130 unlicensed exchange offices with a combined turnover of $123 million, he highlighted. Earlier in January, the country’s watchdog said it had restricted access to more than 1,100 websites providing crypto services without permission.
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