Kazakhstan is moving forward with plans to establish a national cryptocurrency reserve, signaling a significant step towards integrating digital assets into the country's financial infrastructure. Timur Suleimenov, Chairman of the National Bank of Kazakhstan, announced that the concept for the state crypto-reserve formation and management is currently under in-depth study. This includes the development of the crypto-reserve at the grounds of a National Bank affiliate.

The National Bank is advocating for an institutionally sound approach, drawing from international best practices in sovereign wealth fund management, including those involving sovereign crypto-reserves. Key principles include transparency in accounting and storage of crypto-assets, transparent management of the crypto-reserve, and ensuring its sustainability and safety.

Potential sources for the crypto reserve include expropriated crypto-assets and cryptocurrencies mined by entities with state participation. Suleimenov emphasized that the volatility and risks associated with crypto-assets necessitate a centralized, institutionalized management approach to ensure their safety and proper structuring. Specific mechanisms for building the state crypto-reserve will be further developed in collaboration with law enforcement and other relevant state bodies.

This initiative follows earlier reports of the National Bank beginning to regulate cryptocurrency in Kazakhstan. The bank has welcomed proposals from Members of Parliament to establish a crypto-asset reserve and is working on developing a concept for its formation and management. One option under consideration is creating the reserve within a National Bank subsidiary focused on alternative investments. To effectively manage the crypto reserve, legislative amendments may be necessary to define its legal status and establish procedures for its deposit and use. The National Bank has expressed its readiness to discuss these amendments with MPs.

In late May 2025, Kazakhstan's Ministry of Digital Development, Innovations and Aerospace Industry announced that it was working on establishing a crypto reserve asset, which could be used to store state assets in cryptocurrency and support the digital economy. However, there have been differing views on the management of confiscated crypto assets. While a proposal was made to establish a digital reserve under the National Bank for these assets, Deputy Chairman of the National Bank Berik Sholpankulov clarified that crypto assets are treated as property under existing legal provisions. As such, confiscated assets are subject to procedures managed by the Ministry of Finance and its State Property Committee, which handles their valuation, sale, and allocation to the state budget. He stated that there was no justification for creating a separate digital reserve under the National Bank.

Furthermore, the National Bank intends to limit digital asset advertising and address the activities of pseudo-business coaches who spread misinformation about instant profits from crypto-assets. To protect citizens, especially young people, additional legal measures have been proposed to promote greater transparency in Kazakhstan's crypto market. A ban on conducting transactions on behalf of clients in favor of crypto providers without a license from the Astana International Financial Centre (AIFC) has been in effect since 2024. The Agency for Regulation and Development of the Financial Market (ARDFM) and the AIFC Committee have created a list of unlicensed crypto services, which is distributed quarterly to banks to enforce this ban.

These developments occur against a backdrop of tightening cryptocurrency regulation in Kazakhstan, following a significant outflow of approximately $15 billion in crypto assets due to insufficient regulatory oversight. The National Bank is preparing a comprehensive legislative framework to regulate the circulation of digital assets, aiming to strengthen oversight and introduce criminal and administrative liability for the illegal movement of funds. This framework includes defining the legal status and procedures for issuing and using digital financial assets, as well as introducing a licensing regime for service providers involved in the exchange of unsecured cryptocurrencies. A regulatory sandbox is also being established to allow market participants to pilot innovative services and technologies in a controlled environment.