Kazakhstan wealth fund, gold, FX reserves to be invested in crypto — Report

Kazakhstan’s sovereign wealth fund has reportedly identified cryptocurrencies as a viable asset class for inclusion in the country’s national reserves, with the central bank drawing lessons from allocation strategies used in Norway, the United States and the Middle East.

According to Kursiv, a local media outlet registered with Kazakhstan’s Ministry of Information, the country plans to invest a portion of its gold and foreign exchange reserves — as well as assets held by its sovereign wealth fund — into crypto-related instruments.

Kursiv cited Timur Suleimenov, head of the National Bank of Kazakhstan, who said at a press conference that the central bank is exploring “aggressive strategies to [generate] higher investment income,” which “does not exclude” allocating part of its holdings to crypto-related funds.

Suleimenov pointed to Norway’s sovereign wealth fund, the US government’s digital asset holdings and initiatives in the Middle East as potential models.

These authorities “have certain investments either in crypto assets directly or in [exchange-traded funds] and shares of companies that are closely related to crypto assets,” said Suleimonov. 

The central bank chief also stated that Kazakhstan aims to establish a national crypto asset reserve using digital assets confiscated by law enforcement agencies.

Timur Suleimenov speaking at a conference hosted by the International Monetary Fund in 2025. Source: IMF

The Kazakh government’s foray into digital assets is not unexpected, as Suleimenov had previously announced plans to develop a national crypto reserve. 

However, his latest comments offer a broader view of the strategy, including the potential allocation of a portion of the country’s gold and foreign exchange reserves into crypto assets.

Related: Kazakhstan to launch crypto pilot zone for payments and adoption

Kazakhstan’s regulatory push to become a regional crypto leader

In addition to managing state-held crypto assets, Kazakhstan is expanding its presence in the digital asset sector. 

The government recently launched a pilot zone to support digital asset payments and broader adoption, part of a broader strategy that began with the rollout of its central bank digital currency, the digital Tenge, in November 2023.

These initiatives align with Kazakhstan’s ambition to become Central Asia’s leading crypto hub, according to Digital Development Minister Kanysh Tuleushin.

However, despite strong regulatory and infrastructure efforts, crypto adoption at the local or retail level remains limited. 

Kazakhstan still lags behind many other countries in terms of retail crypto adoption. Source: Chainalysis

According to Chainalysis’ 2024 Global Crypto Adoption Index, Kazakhstan ranked 57th out of 151 countries, based on transaction volumes, web traffic to crypto protocols and other activity metrics.

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