Kazakhstan may invest a portion of its gold and foreign currency reserves, along with assets from its National Fund, in crypto assets, according to National Bank Chairman Timur Suleimenov.
Alternative portfolio
«We have an alternative portfolio of gold and foreign currency reserves and an alternative portfolio of the National Fund. In these portfolios, we pursue aggressive strategies to maximize investment returns,» Suleimenov said during a recent press conference. «We’ve studied the experience of the Norwegian fund, the U.S. approach and practices of Middle Eastern funds. Some of them have investments either directly in crypto assets or exchange-traded funds (ETFs) and shares of companies closely tied to crypto. The allocations are quite small.»
Suleimenov noted that the central bank «does not rule out» the possibility that a portion of Kazakhstan’s alternative reserve portfolios could be invested in crypto-related funds.
«This is a complicated issue, so there’s no need to rush,» he said. «Such assets can yield high returns, but they’re also highly volatile.»
Crypto reserve
Suleimenov also confirmed that Kazakhstan plans to establish a state crypto reserve to hold digital assets confiscated by law enforcement agencies. A dedicated infrastructure will be built for this purpose.
He clarified that if individual enterprises mine crypto on behalf of the state, some of those assets may be transferred to the national crypto reserve as taxes or mandatory payments, a practice already seen in other countries.
Earlier reporting by Kursiv.media highlighted that Kazakhstan is preparing to introduce administrative and criminal penalties for crypto transactions on the «gray market.» In Kazakhstan, crypto trading is permitted only on licensed exchanges within the Astana International Financial Centre (AIFC). The National Bank also plans to tighten restrictions on crypto advertising.
Reserves in decline
Meanwhile, Kazakhstan’s net international reserves fell by $366 million (-0.73%) to $49.8 billion in June 2025, according to the National Bank. It marks the second consecutive monthly decline since the start of the year.
Gross international reserves, which include assets in freely convertible currencies and monetary gold, dropped by $282 million (-0.54%) to $52 billion.
The National Fund of Kazakhstan, a sovereign wealth fund fueled by oil revenues, grew by 1% in June to reach $60.3 billion. However, data from the Ministry of Finance indicates a decline in the size of the fund.
Notably, Suleimenov has repeatedly spoken about excessive withdrawals from the National Fund. He said these withdrawals prevent Kazakhstan from reaching its goal of a $100 billion National Fund by 2030. In 2024, the fund maintained its size solely through investment income.
