Kazakhstan’s National Bank has welcomed a proposal by MPs to establish a crypto-asset reserve. According to Timur Suleimenov, the bank’s chair, work is underway on the development of its formation and management concept. One option involves creating a reserve within a National Bank subsidiary whose activities are focused on alternative 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 said in response to a parliamentary inquiry.
To effectively manage the crypto reserve, the legislation should be amended to define its legal status and establish procedures for its deposit and use. The National Bank is ready to discuss relevant amendments with MPs, the chair added.
He also said that a draft law on AI usage is being developed. Once adopted, it will apply administrative and criminal liabilities for conducting crypto asset transactions on the gray market. In Kazakhstan, cryptocurrency trading is permitted only on licensed exchanges within the Astana International Financial Centre (AIFC). The National Bank also intends to limit digital asset advertising.
Suleimenov also emphasized the importance of identifying and curbing the activities of pseudo-business coaches who spread misinformation about instant profits from crypto-assets. To address this, the introduction of additional legal measures has been proposed to protect citizens — especially young people — and to promote greater transparency in Kazakhstan’s crypto market.
A ban on conducting transactions on behalf of clients in favor of crypto providers without an AIFC license has been in effect since 2024. To enforce this, Kazakhstan’s Agency for Regulation and Development of the Financial Market (ARDFM) and the AIFC Committee have created a list of unlicensed crypto services, which is distributed quarterly to banks. In Q1 2025 alone, 15,800 transactions worth approximately $3.07 million were blocked.
Banks also:
- Block accounts of clients suspected of conducting gray P2P transactions;
- Monitor transaction limits with the AIFC crypto exchanges;
- Reject transfers to unlicensed platforms;
- Conduct enhanced checks for transactions exceeding $1,000.
As of today, the following crypto exchanges are licensed:
- Full regulatory mode: BN KZ Technologies Limited (Binance Kazakhstan) and Bybit Limited.
- Within the regulatory sandbox (FinTech Lab): ATAIX Eurasia, CaspianEx, Delta DA, Biteeu Eurasia, BigOne Investment, Swiftex.io, Neyco and Whitebit.
In late May, Kazakhstan’s Ministry of Digital Development, Innovations and Aerospace Industry announced that it was working on establishing a crypto reserve asset, stating that it could be used to store state assets in cryptocurrency and support the digital economy.
In early June, Timur Suleimenov warned citizens against buying cryptocurrencies, as the country’s financial regulator is working on legislative amendments to govern the circulation of digital assets, including crypto. He stressed that cryptocurrency is intended as a tool for experienced investors and should not be treated like a bank deposit.
