ASTANA – The National Bank of Kazakhstan has begun forming a portfolio of crypto-related investments and plans to allocate up to $350 million from its gold and foreign exchange reserves into the national crypto reserve, said National Bank Governor Timur Suleimenov at a March 6 press briefing. He described the move as part of a broader effort to adapt the country’s reserves strategy to the growing role of digital assets in global finance.
From L to R: Deputy Governor Akylzhan Baimagambetov; Timur Suleimenov and Deputy Governor Aliya Moldabekova. Photo credit: Nargiz Raimbekova/ The Astana Times
Responding to a question about the progress of Kazakhstan’s proposed crypto reserve, Suleimenov said the initiative stems from instructions outlined by President Kassym-Jomart Tokayev in his September state-of-the-nation address and reflects a shift in how digital assets are viewed internationally.
“Crypto reserves and digital assets are no longer seen as something marginal or limited to high-risk investors,” Suleimenov said in a comment to The Astana Times during a March 6 press briefing.
“We see that the largest investment houses, many sovereign funds and even governments are beginning to invest in crypto assets. We should not remain on the sidelines,” he added.
The National Investment Corporation, a subsidiary of the National Bank, will manage the crypto fund.
According to Suleimenov, the National Bank’s board approved the relevant decision in November last year, and work is now underway to structure the portfolio from gold and foreign exchange reserves, the National Fund and other state assets, including crypto assets confiscated in favor of the state under government decisions.
“We have already formed a portfolio from gold and foreign exchange reserves of up to $350 million,” he said. Preliminary plans also envision allocating up to $350 million from the National Fund, the country’s sovereign wealth fund.
The central bank is now compiling the list of financial instruments in which the funds will be invested. “It is not the case that we simply took $350 million and invested it in bitcoin,” Suleimenov said.
Deputy Governor Aliya Moldabekova added that the strategy does not involve large direct purchases of cryptocurrencies such as bitcoin, emphasizing that the focus will instead be on companies operating within the digital asset ecosystem. The portfolio will include shares of high-technology companies linked to the cryptocurrency and digital financial assets sector, as well as indexes, funds and other financial instruments whose market dynamics are closely tied to crypto assets.
“We are currently selecting companies that work with digital assets, including those building cryptocurrency infrastructure,” she said.
The selection process is ongoing, and the first investments are expected to begin in April or May this year, she added.
