Kazakhstan’s central bank will soon begin investing up to $350 million from its gold and foreign exchange reserves into cryptocurrency assets and related companies, as part of its broader digital assets strategy.
Central Bank Prepares For $350M Investment Into Crypto-Related AssetsAs of February 1, Kazakhstan’s central bank held $69.40 billion in gold and foreign exchange reserves, while the assets of the national fund amounted to $65.23 billion, the news media outlet noted.
At a briefing on interest rates, the central bank governor, Timur Suleimanov, affirmed that the financial authority is developing a list of instruments to invest in, which will include crypto-related companies.
“These include shares of high-tech companies related to cryptocurrencies and digital financial assets, index funds and other instruments that exhibit similar dynamics to crypto assets,” Suleimanov explained.
Meanwhile, Central Bank Deputy Chair Aliya Moldabekova shared that the investments will begin between April and May. She added that there are no plans to make any large investments directly in digital assets, but in companies that deal with them.
“We are not talking about any large investment in cryptocurrencies. We are currently selecting companies that deal with digital assets. For example, those involved in cryptocurrency infrastructure. We are currently in the process of selecting such companies,” Moldabekova said.
Suleimenov announced the plans last year, emphasizing that the fund would prioritize investments in exchange-traded funds (ETFs) and shares of companies operating within the sector. He stressed that the investment strategy would be cautious, avoiding direct exposure to digital assets.
Kazakhstan Eyes Regulated LandscapeKazakhstan’s introduction of regulations for digital financial assets could pave the way for a new financial market sector, including tokenized assets and digital assets-fiat payment channels, the central bank governor has stated.
We all know that Bitcoin and other cryptocurrencies are quite actively used in our country, but outside the legal framework. But why fight this with the help of the Criminal Code? It is better to force crypto exchanges to obtain licenses, regulate them, require compliance with AML/CTF regulations, banking legislation, payment legislation, and tax legislation — and let them engage in this activity and do so within the legal framework.
“That is, there are quite a few such projects. And I hope that we will gradually begin to transfer them from the ‘sandbox’ mode to the generally established mode as regulations appear. And we will see this as consumers every day,” he added.
