Kazakhstan Plans to Establish State Crypto Reserve Amid Legal Reform
Kazakhstan will establish a state crypto reserve, National Bank Chairman Timur Suleimenov announced. However, the move is pending the legal reform necessary to support its development and functioning.
State-Mined and Seized Crypto to Support Reserve
Suleimenov explained that the reserve may be worked within an expert body within the National Bank and funded from seized crypto-assets by the state or mined by state-controlled operations.
“Foreign experience shows that the sources for such a reserve may be seized crypto-assets, as well as cryptocurrencies produced by a government-engaged crypto miner,” Suleimenov responded to a parliamentary query.
Parliamentary Cooperation and Legal Framework Needed
For progress on the project, Kazakhstan’s legislation must be updated to detail the legal status of the crypto reserve, its administration, and usage rules. Suleimenov stated that the National Bank is ready to collaborate with lawmakers on developing the amendments needed for legislation.
The move is part of Kazakhstan’s broader push to bring the market for digital assets under regulation and protect citizens against fraud and financial risk.
Tighter Regulations on Crypto Ads and Consumer Protection
Aside from the reserve schemes, Suleimenov laid out new restrictions on crypto advertising, specifically against misleading promotions for vulnerable individuals. Suleimenov denounced “pseudo-business coaches” for spreading false assurances of crypto investment returns.
National Efforts to Regulate the Crypto Space
From 2024, Kazakhstan has been imposing a ban on crypto transactions carried out by providers without a license from the Astana International Financial Centre (AIFC). Domestic banks blocked nearly 15,800 illegal crypto transactions worth $3.07 million in Q1 2025.
The country also intends to license crypto exchanges trading digital assets for fiat currency, further regulating the space.
Solana Foundation Partners with Kazakhstan
In a complementary development, the Solana Foundation has also recently signed a Memorandum of Understanding with Kazakhstan’s Ministry of Digital Development. The partnership is aimed at promoting crypto learning, facilitating local startups, and building the tokenization of the capital markets in the country.
