Kazakh central bank to put up to $350M in crypto-linked assets

Kazakhstan’s central bank has created an investment portfolio of up to $350 million from its gold and foreign exchange reserves to gain exposure to cryptocurrency-related assets. Initial allocations could begin as early as April or May, bank officials noted at a briefing in Almaty. The plan favors publicly traded shares and funds connected to digital assets rather than direct purchases of coins.

Governor Timur Suleimenov, speaking at the briefing, stated: “We are currently developing a list of instruments in which we will invest.” He indicated the list will extend beyond tokens, including shares of high-tech firms linked to cryptocurrencies and digital financial assets, index funds, and other instruments that mirror crypto price dynamics.

Deputy Chair Aliya Moldabekova said the program could launch in April or May and stressed that the bank does not plan a sizable direct investment in cryptocurrencies. She noted they are not preparing any large allocation to digital coins. For now, the focus is on companies that provide digital-asset infrastructure and related services.

As of Feb. 1, the central bank reported $69.4 billion in gold and foreign exchange reserves. Kazakhstan’s National Fund, a separate sovereign wealth vehicle, held $65.2 billion in assets on the same date.

The portfolio announcement follows broader work on Kazakhstan’s digital-asset policy. In June, the government outlined plans to set up a national cryptocurrency reserve financed by seized digital assets and coins mined through state-backed operations. In November, officials discussed creating a separate crypto reserve fund worth $500 million to $1 billion that would invest in exchange-traded funds and companies focused on the sector, using proceeds from assets seized or repatriated from abroad as seed capital.

Officials have not disclosed target weights by asset type for the new portfolio or named specific companies or funds under review. Suleimenov said the instrument list is being drawn up to secure exposure to assets associated with cryptocurrencies and digital finance without relying on direct token holdings. Moldabekova noted a preference for public-market and index products that support sector infrastructure. Governance, benchmarks, and risk limits were not detailed.

In November 2025, Kazakh President Tokaev signed a law on AI and digital assets that brought the circulation of unsecured cryptocurrencies under nationwide regulation, shifting activity beyond the AIFC’s confines. The country had already enacted a digital-assets law in 2023 with licensing and mining rules. Enforcement followed: in late 2024, the Agency for Financial Monitoring closed 130 unlicensed crypto exchanges for AML and registration breaches, with officials reporting tens of millions of dollars in suspicious turnover.