Crypto Reserve In The Works, Says Kazakhstan’s Central Bank Chief

Key Points

1. Kazakhstan's National Bank (NBK) is designing the country's first sovereign crypto-asset reserve, which may include confiscated crypto-assets and government-mined cryptocurrencies.

2. The NBK emphasizes an institutionally sound approach, aligning with transparency norms used by traditional sovereign wealth funds.

3. Kazakhstan has been aggressively regulating its grey crypto market, blocking 15,800 suspect transactions worth $3.07 million in Q1 2025 and banning bank payments to unlicensed platforms.

4. The initiative builds on groundwork by the Ministry of Digital Development, which proposed a crypto reserve to respond to global financial system changes, likening it to the National Fund.

5. The NBK is collaborating with law enforcement and state bodies to determine reserve construction mechanisms, including custody architecture and risk-management frameworks.