The National Bank of Kazakhstan has announced plans to create a dedicated cryptocurrency reserve among its gold and foreign currency assets. The investment may reach up to USD 300 million, and the first allocations are expected to start in 2026.
Up to $300 million in alternative portfolio
Central Bank Governor Timur Suleimenov presented details of the initiative during a briefing on November 28. The funds will come from the institution’s alternative investment portfolio, which includes instruments with higher profitability. As part of this portfolio, a separate structure for digital assets has already been created, which will focus on investments in shares of technology companies and financial instruments related to cryptocurrencies.
Suleimenov emphasized the regulator’s cautious approach to the new asset class. The actual investment value could range from $50 million to $250 million, depending on market conditions. The bank does not intend to make hasty decisions, especially in the face of the recent declines in the cryptocurrency market, where Bitcoin lost 17 percent of its value in November, falling to USD 81,000.
Separation of financing sources
The separation of financing sources is crucial for Kazakhstan’s strategy. The investment of up to $300 million will come from the central bank’s foreign exchange reserves, rather than the National Fund, which has about $60 billion coming mainly from oil revenues. This solution is intended to protect funds allocated to social programs and economic stability.
However, Kazakhstan is not limited to this one initiative. In September 2025, the Alem Crypto Fund was launched with the support of the Ministry of Artificial Intelligence and Digital Development, which has already made the first investment in the BNB token. Additionally, the country plans to create a separate cryptocurrency fund worth USD 1 billion by early 2026, which will focus on ETF funds and shares of companies in the industry.
A pioneer of regulation in Central Asia
The move by the Kazakh central bank is part of a broader trend of institutional adoption of digital assets. Already in April 2023, Kazakhstan adopted a comprehensive law on digital assets, creating a clear legal framework for cryptocurrency operations. The Astana Financial Center operates as a special economic zone with regulated cryptocurrency trading, and transaction volume on licensed exchanges increased from $324 million in 2023 to $1.4 billion in 2024.
In September 2025, Kazakhstan became the first country in Central Asia to enable regulated companies to pay government dues using stablecoins such as USDT and USDC. At the same time, authorities maintain tight control over the market, closing 36 unlicensed cryptocurrency exchanges in 2024 and requiring miners to sell 75 percent of mined assets through licensed platforms.
The initiative supports President Kasym-Jomart Tokayev’s economic reforms aimed at reducing dependence on oil and developing the technology sector. Kazakhstan is positioning itself as a pioneer in state adoption of digital assets, combining immediate investment opportunities with a comprehensive regulatory framework.
