Kazakhstan's Bold Move: A State Crypto Reserve in the Works

National Bank Gears Up for a Crypto Revolution

Kazakhstan is on the brink of shaking up the crypto world with plans to launch a state crypto reserve. But hold your horses—this game-changer hinges on crafting the right legal framework to steer this ship.

The National Bank isn't messing around. They're diving deep into a detailed blueprint for setting up and running this reserve, possibly through a special bank entity focused on edgy investments. That's straight from the mouth of National Bank Chairman Timur Suleimenov, who spilled the beans during a fiery parliamentary session.

Suleimenov dropped hints that the reserve will be bankrolled with a mix of seized crypto and coins churned out by state-backed mining operations. He's not shy about looking abroad for inspiration: "International practice shows that the sources for such a reserve may include confiscated crypto-assets, as well as cryptocurrencies mined by a crypto miner partially owned by the government."

But don't pop the champagne yet. Before this vision can hit the ground running, Kazakhstan’s laws need a serious overhaul to lock down the reserve's legal status and lay out the rules for depositing and using those digital assets. Suleimenov is all in, ready to roll up his sleeves with parliament to hammer out the legal nitty-gritty.

This bombshell comes hot on the heels of Suleimenov’s June warning to citizens to tread carefully in the wild west of crypto investments, while simultaneously revealing plans to tighten the screws on digital asset laws.

And there's more. Alongside the crypto reserve, Suleimenov announced the National Bank's plan to crack down on sketchy digital asset ads, aiming to shield the vulnerable from the siren songs of fraudulent promotions. He's especially alarmed by those so-called business coaches peddling dreams of overnight crypto riches.

This is all part of Kazakhstan's no-nonsense approach to cleaning up the crypto scene and keeping consumers safe from the sharks. Since last year, a strict ban's been in place, slamming the door on crypto providers operating without an AIFC license. The Agency for Regulation and Development of the Financial Market (ARDFM) and the AIFC Committee aren't playing around—they're dropping a quarterly hit list of unlicensed crypto services on banks. In the first quarter of 2025 alone, banks blocked a whopping 15,800 transactions totaling around $3.07 million linked to these shady services.

But Kazakhstan's not just about crackdowns. They're also laying down the tracks for a legit crypto future. In May, the National Bank announced they're gearing up to start licensing crypto exchange services that bridge the gap between digital and fiat currencies.

And in a surprising twist, the Solana (SOL) Foundation inked a deal with Kazakhstan's Ministry of Digital Development. They're teaming up to spread crypto know-how, boost startups, and push forward the tokenization of capital markets right in the heart of Kazakhstan.