The National Bank in Kazakhstan (NBK) has started to design what could become the first sovereign encryption reserve in the country, indicating a shift from supervising the divided digital assets towards the management of the full strategic portfolio. In a written response to a parliamentary investigation, NBK Chairman Timor Soliminov confirmed that “work is underway to develop the concept of its composition and administration,” adding that one of the options under review is to provide reserves within a subsidiary that is controlled by NBK, which is alternatively in charge of alternative investments.
Kazakhstan to build the encryption reserve
SULEIMENOV is a reserve framework as a tool for financial stability rather than a speculative bet. “International practice shows that the sources of such reserves may include encrypted couples confiscated, as well as cryptocurrencies that have been extracted by the partially owned encryption mines by the government,” he wrote, stressing that feasibility studies are the development of global models of sovereign encryption reserves.
While Soliminov’s language was careful, the view of the central bank’s house had been bordered. A separate note issued by the government news agency Kazinform says that NBK “means a sound approach from an institutional point of view”, based on the transparency criteria used by traditional sovereign wealth funds. The communication itself sheds light on the need for the central custody within the state’s safe structure “to ensure the sustainability of (safety) stimulating state encoding.”
The concept will be transferred to the Parliament Law. According to NBK president, adjustments are needed to determine the legal status of the reserve and deposit and withdrawal procedures. The language project is already circulating, and NBK says it is “ready to discuss related adjustments with deputies.”
Kazakhstan contradiction towards encryption
The legislative batch is revealed against aggressive cleaningFrom the gray encryption market in Kazakhstan. Since 2024 prohibited payments by the bank’s payment of unlicensed platforms, the organizers have banned 15,800 suspected transactions of about $ 3.07 million in the first quarter of 2025 alone. SULEIMENOV has also informed an upcoming draft law that would suspend administrative and criminal responsibility for transactions outside the exchange and express digital ads.
Although NBK draws backup, the public messages of retailers are still skeptical. Earlier this month, Selimnov warned that encrypted currencies are “complex assets from a financial perspective … not similar to deposit, as you go to a bank, put your money for a year and earn interest.” He said, “People have the impression that it is a kind of magic stick,” a vision that is exploited by “fraudsters and Ponzi plans.”
The Central Bank’s initiative today relies on the basic work developed by the Ministry of Digital Development, which floats in May (May), a coding reserve capable of “response[ing] Get more quickly for changes in the global financial system. “The ministry drew an explicit parallel to the National Fund-the country-backed stability vehicle in the country-the description of potential coding reserves as a” similar job, but in the digital dimension. “
Policy momentum also reflects the pressure of legislators. Mezhilis Olzhas Kuspekov recently suggested a NBK box that would seize encryption assets in criminal cases, although the deputy governor, Bertic Schulpankolov, was reported that the rules of providing current assets already direct these property to the budget.
Currently, the central bank in Kazakhstan works with law enforcement and other government agencies about what Soliminov calls the “specific mechanisms” of reserve construction-from the structure of custody to evaluation protocols and risk management. No timetable has been published, and officials have not yet revealed the digital assets that may be qualified. What is clear is that NBK wants its reserves-if created-to seem less like speculative and more similar cellar, which sits comfortably next to the country’s war and gold fund.
At the time of the press, Bitcoin was traded at $ 107,645.
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