Étienne Girard
Kazakhstan’s National Bank is moving forward with a comprehensive strategy to create a state-backed crypto reserve, according to a new report from Kazinform, the country’s top news agency.
The initiative, sparked by recent proposals from members of parliament, would see a dedicated alternative investment subsidiary overseeing the management of the digital asset reserve, said bank chairman Timur Suleimenov.
Government-Backed Reserve Could Use Seized and Mined Crypto
Suleimenov emphasized that the proposed reserve may be funded using confiscated or state-mined cryptocurrency, but only under strict institutional oversight. “A centralized and professionally governed approach is essential to manage crypto reserves effectively,” he stated, citing the inherent volatility and security concerns associated with digital assets.
He added that the central bank supports a framework built on international best practices for sovereign wealth management, stressing the importance of transparent asset accounting, custody, and ownership disclosures.
Legal Framework in the Works
The bank is working closely with lawmakers to establish a legal foundation for the crypto reserve. Deputy Governor Berik Sholpankulov confirmed earlier in May that draft amendments are already in progress to regulate digital assets, aligning with a presidential directive and involving cross-agency cooperation.
In a bid to foster innovation, the National Bank also plans to launch a Digital Asset Regulatory Sandbox, providing crypto and fintech firms the chance to test their products and services in a supervised environment—an approach modeled after successful programs in Singapore, the UAE, and the UK.
Tightening Oversight and Promoting Compliance
At the same time, the Kazakh government is drafting a new AI regulation bill, which includes provisions for civil and criminal penalties targeting unauthorized crypto activities.
Currently, only regulated exchanges operating under the Astana International Financial Centre (AIFC) are allowed to offer crypto trading services. Binance and Bybit are among the notable platforms that have received full regulatory approval in Kazakhstan. Others, such as CaspianEx, ATAIX Eurasia, and Delta DA, are actively operating under the country’s sandbox framework.
