The National Bank of Kazakhstan plans to allocate up to $350 million from the country’s gold and foreign exchange reserves toward investments tied to digital assets, marking one of the most significant steps by a central bank to gain exposure to the crypto sector.
Governor Timur Suleimenov said the initiative will focus on companies and financial instruments connected to cryptocurrency markets rather than direct purchases of assets like Bitcoin. The investments are expected to include shares of technology firms involved in digital asset infrastructure as well as index funds whose performance tracks crypto-related markets.
The allocation represents a small portion of Kazakhstan’s overall reserves.
As of February, the country held roughly $69.4 billion in gold and foreign exchange reserves, according to data from the central bank.
Deputy chair Aliya Moldabekova said the investment program is scheduled to begin in April and May as the bank finalizes a list of eligible companies and financial instruments.
“We are not talking about any large investment in cryptocurrencies,” Moldabekova said, noting that officials are concentrating on firms involved in digital asset infrastructure and related technologies.
Kazakhstan already plays a prominent role in the global crypto ecosystem. Following China’s sweeping ban on crypto mining in 2021, many mining operations relocated to the Central Asian country due to its energy resources and permissive regulatory environment.
As a result, Kazakhstan emerged as one of the world’s leading centers for industrial-scale bitcoin mining.
Bitcoin-fiat facing services
Financial institutions in Kazakhstan are also experimenting with consumer-facing crypto services. Suleimenov said two banks have already launched crypto-fiat payment cards that allow users to transact between traditional currencies and digital assets. Two additional banks are preparing to introduce similar products.
These initiatives are currently operating in a regulatory sandbox while authorities finalize broader legislation governing digital financial assets.
The central bank is also pushing to create a licensing framework for cryptocurrency exchanges operating in the country. Under the proposal, exchanges would be required to comply with anti-money laundering rules, tax regulations and other financial oversight measures.
Officials say the broader regulatory push aims to integrate digital asset services into Kazakhstan’s financial system while maintaining oversight of the sector.
Suleimenov has framed the effort as part of a broader transformation of financial markets driven by technology. According to the governor, innovations such as tokenized assets, digital bonds and crypto-linked payment rails are creating entirely new categories of financial instruments.
“In essence, a completely new sector of the financial market is emerging,” he said.
The central bank believes digital financial assets could expand access to funding for businesses and investors. For example, real estate developers could tokenize property holdings and sell fractional ownership through digital tokens, offering an alternative to traditional bank financing.