Kazakhstan allocates $350M from sovereign wealth fund to crypto reserve
Kazakhstan is setting aside $350 million from its National Fund to establish a national crypto reserve managed by the National Investment Corporation.Summary
Kazakhstan has allocated $350 million from the National Fund of the Republic of Kazakhstan to create a national cryptocurrency reserve, as announced by Deputy Chairperson of the National Bank, Aliya Moldabekova. The National Investment Corporation (NIC), a subsidiary of the National Bank, will manage this reserve, which has already seen the funds transferred to a dedicated account. Initially, the state will not purchase crypto assets directly; instead, the reserve will be built through investments in crypto-focused hedge funds, with five currently under review. Future plans include potential equity investments in digital asset-linked venture capital funds, and the reserve will also incorporate seized cryptocurrency. This move solidifies Kazakhstan's position as a regional crypto hub, following its legalization of mining and trading through the Astana International Financial Centre and recent efforts to integrate digital finance into its national framework.
(Source：Crypto Briefing)