Kazakhstan plans to establish national crypto reserve using seized and state-mined assets

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The government is ramping up efforts to lay the groundwork to formally recognize and define digital assets.

Kazakhstan’s National Bank is actively developing a framework to establish a crypto-asset reserve, following a proposal from members of parliament, according to a Monday report by Kazinform, one of the country’s leading news agencies.

The reserve could be managed by a specialized subsidiary focused on alternative investments, bank chair Timur Suleimenov said in response to a parliamentary inquiry.

“The National Bank supports a prudent and institutionally sound approach to forming a state crypto reserve in accordance with the best international practices in managing sovereign funds (including sovereign crypto reserves), ensuring transparency in the accounting and custody of crypto assets, transparency in the ownership of the crypto reserve, and the sustainability of the state crypto reserve,” noted Suleimenov.

Suleimenov noted that the crypto reserve may be formed using seized and state-mined assets. Due to crypto’s high volatility and security risks, the Bank stresses that the reserve must be managed centrally and institutionally to ensure proper safekeeping.

“Given the risks and volatility associated with storing crypto assets, a key factor in effectively structuring the management of a state crypto reserve is the centralized institutionalization of such management to ensure the safekeeping of crypto assets,” Suleimenov stated, adding that the central bank is willing to work with lawmakers to craft a crypto reserve legal framework.

Deputy Governor of the National Bank Berik Sholpankulov said in May that the National Bank had drafted legislative amendments to formally regulate digital assets in Kazakhstan. The move follows a directive from the President and involves coordination with other state agencies.

The National Bank also plans to launch a Digital Asset Regulatory Sandbox, enabling crypto and fintech firms to test new technologies and services under regulatory oversight, similar to frameworks in the UK, Singapore, and the UAE.

In parallel, the government is developing a draft law on the use of artificial intelligence, which includes provisions for administrative and criminal penalties for unauthorized crypto transactions.

Currently, crypto trading is permitted only on licensed exchanges operating within the Astana International Financial Centre (AIFC).

A number of crypto exchanges are licensed and fully regulated in Kazakhstan, including Binance and Bybit. Other platforms, such as ATAIX Eurasia, CaspianEx, and Delta DA, operate within a regulatory sandbox framework.