Kazakhstan’s National Bank is considering allocating a part of its reserves to crypto assets.
More countries are taking steps to accumulate crypto as treasury assets. According to local media, Kazakhstan’s National Bank is considering converting a portion of its gold and foreign exchange reserves into crypto assets.
According to Timur Suleimenov, head of the National Bank, the central bank is looking into crypto-related strategies. He referenced examples from other countries, including the U.S., which have seen crypto ETFs and crypto treasury firms gain prominence. Suleimenov noted that the bank has not ruled out adding crypto funds to its alternative investment portfolio.
“This is a difficult question, so there is no need to rush here. Yes, such assets can bring high returns, but at the same time, they are highly volatile,” Suleimenov added.
Kazakhstan considers state mining operations
The National Bank also plans to establish a state crypto treasury to store digital assets seized by law enforcement. The country will build the necessary infrastructure to securely hold these assets, potentially including cold wallet storage.
Officials also revealed that the government is considering launching state-run mining operations. A portion of the crypto mined on behalf of the state would be allocated to its crypto reserves, either as mandatory payments or in the form of taxes. These developments indicate Kazakhstan is moving toward a more crypto-friendly stance.
Still, the country will likely tightly regulate the emerging industry. Earlier reports suggested that the country plans to introduce criminal liability for persons and businesses who use crypto in the gray market. This refers to transactions that are not subject to state oversight, either for taxation or regulatory purposes.
Kazakhstan’s crypto reserve initiative dates back to January 2025, when the National Bank announced it was developing a detailed framework for alternative investments. At the time, Suleimenov said the focus was on mined and confiscated crypto.
