Kazakhstan building national crypto reserve without taxpayer funds

"The Crypto Reserve will be formed by investing a portion of the National Bank's gold and foreign exchange assets (up to $350 million), assets from the National Fund (up to $350 million), and other state assets as determined by the Government of Kazakhstan (including crypto assets confiscated in favor of the state). There are no plans to allocate budget funds to form the Crypto Reserve," the National Bank's stated in response to Qazinform's official request.

It is reported that management of the reserve will be spearheaded by the National Investment Corporation of the National Bank. Meanwhile, the Central Securities Depository JSC will ensure the accounting and storage of the digital assets.

The assets of the Crypto Reserve are to be invested in digital assets, financial derivatives based on digital assets, as well as shares and stakes in companies that develop or invest in the digital asset sector.

Alongside this, the possibility of investing funds through hedge funds is currently under consideration. A shortlist of potential funds has already been established, and a comprehensive due diligence process is currently underway. Final selections will be made following the completion of internal reviews and approvals.

The National Bank is currently preparing the necessary infrastructure, drawing on global best practices. Work is also underway to finalize the regulatory framework governing the reserve’s operations, including specific risk-profile parameters and target return rates for the digital asset portfolio.

An annual report on the Crypto Reserve's management results will be submitted to the Council for National Fund Management of the Republic of Kazakhstan.

As Qazinform News Agency reported in September 2025, Kazakhstan established its first crypto reserve.