Kazakhstan’s National Bank explores state crypto reserve possibilities

Kazakhstan is moving to integrate digital assets into its financial system, with the National Bank supporting the MPs’ proposal to create a state-owned crypto reserve. This marks one of the most concrete efforts yet by a Central Asian country to give digital assets a formal place in state finance.

The draft law on the crypto economy is yet to be adopted. Still, according to Timur Suleimenov, the head of the National Bank, the working group is already preparing a strategy for establishing and amending a crypto reserve.

The idea is to establish the reserve in a new subsidiary of the National Bank, whose key activities would include non-traditional assets, including digital currencies and blockchain-based investments.

“International practice shows that the sources for such a reserve may include confiscated crypto-assets, as well as cryptocurrencies mined by a crypto miner partially owned by the government,” Suleimenov wrote in an official response to a parliamentary query.

But to create such a reserve, Suleimenov said amendments would be required to the financial legislation. These amendments would determine the legal status of the crypto reserve, set rules for depositing and managing it, and establish the grounds for how the government can use it. 

Government cracks down on crypto gray market

With Kazakhstan’s crypto industry showing rapid growth, the government has been increasing measures to combat misuse and illegal transactions. A new bill is being prepared to control artificial intelligence (AI) use in digital asset trading. 

The legislation will likely impose administrative and criminal liability for cryptocurrency operations outside the state-prescribed formats. The aim is to limit the rise of gray markets that have become a concern for regulators.

The new rules will complement current Kazakhstan laws that only allow crypto trading through licensed platforms operating within the Astana International Financial Center (AIFC), said National Bank Chair.

The Agency for Regulation and Development of the Financial Market (ARDFM) and the AIFC Committee compile and maintain a register of unauthorized cryptocurrency firms to implement this framework. This list is transmitted quarterly to banks to help them detect and stop suspicious or unlawful activity.

In the first three months of 2025 alone, banks in Kazakhstan froze 15,800 unauthorized crypto transactions valued at about $3.07 million. Most of these were related to transactions to or from unauthorized platforms or peer-to-peer trades that did not meet legal requirements.

Banks have been ordered to freeze any accounts believed to be involved in the gray market, watch over transaction limits of AIFC-approved exchanges, refuse transfers to unlicensed exchanges, and take “inhuman care” examining every transaction worth more than $1,000 for any signs of illegality.

Government officials warn of crypto risks

As Kazakhstan prepares to enter the world of holding cryptocurrency, the country is being urged to tread lightly when it comes to letting the public invest in digital assets, with top financial officials warning them to be wary. 

In early June, Suleimenov issued a statement cautioning that cryptocurrencies are unsafe savings stores like bank deposits. He stressed that cryptocurrencies are extremely volatile and complicated and are better suited to experienced investors than ordinary public members.

Suleimenov’s comments referred to a rising tide of crypto-related scams, false ads, and other shenanigans aimed at young people and those less educated about personal finance.

In response, the National Bank and other state agencies are preparing a series of new legal protections to limit the marketing of digital assets. These measures limit false advertising and bring more openness to selling crypto products while protecting vulnerable groups like young people. 

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