The National Bank of Kazakhstan plans to allocate up to $350 million from the country’s gold and foreign exchange reserves to investments linked to digital assets, marking one of the most significant moves by a central bank to gain exposure to the crypto sector.
Governor Timur Suleimenov said the initiative will focus on companies and financial instruments linked to cryptocurrency markets, rather than direct purchases of assets such as Bitcoin. The investments are expected to include stocks in technology companies 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 total reserves.
As of February, the country had about $69.4 billion in gold and foreign exchange reserves, according to data from the central bank.
Vice President 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 big investment in cryptocurrencies,” Moldabekova said, noting that officials are concentrating on companies involved in digital asset infrastructure and related technologies.
Kazakhstan already plays a prominent role in the global crypto ecosystem. After China’s comprehensive ban on crypto mining in 2021, many mining operations moved 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 of industrial 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 trade between traditional currencies and digital assets. Two more 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, stock exchanges will be required to comply with anti-money laundering, 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.
“Essentially, a whole new sector of the financial market is emerging,” he said.
The central bank believes that digital financial assets can expand access to finance for companies and investors. For example, real estate developers could tokenize real estate holdings and sell fractional ownership through digital tokens, offering an alternative to traditional bank financing.