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Kazakhstan has launched a state-backed crypto reserve fund with Binance as its first partner and BNB as its initial asset. The Alem Crypto Fund, unveiled by the Ministry of Artificial Intelligence and Digital Development, is managed by Qazaqstan Venture Group within the Astana International Financial Centre.
Deputy Prime Minister Zhaslan Madiyev said the Kazakhstan National Crypto Reserve aims to be “a reliable instrument for major investors and a key foundation for digital state reserves.” He added that the reserve could evolve into a state-level savings mechanism, underscoring the strategic value of BNB in Kazakhstan’s digital economy.
Nurkhat Kushimov, General Manager of Binance Kazakhstan, called the move “a new chapter for institutional recognition of cryptocurrencies in Kazakhstan.”
The decision to anchor the Kazakhstan National Crypto Reserve with BNB highlights the government’s focus on established and widely adopted tokens. With a market capitalization of more than $138 billion, BNB is one of the most reputable digital assets, serving as the native token of the BNB Chain, where it is used for transaction processing, fee payments, and governance participation.
The initiative follows President Kassym-Jomart Tokayev’s directive to build a state-backed crypto reserve through the National Bank’s Investment Corporation. Tokayev has pledged up to $1 billion in funding to promote high-tech and fintech innovation, alongside plans to expand the use of the digital tenge and strengthen cybersecurity with a national anti-fraud center.
Kazakhstan has been steadily building regulatory infrastructure to support the Kazakhstan National Crypto Reserve. Earlier this month, during the Astana Finance Days, the country approved stablecoin payments for regulatory fees. Bybit became the first exchange to sign a Memorandum of Understanding with the Astana Financial Services Authority, enabling fee settlement in dollar-pegged stablecoins.
This is a first-of-its-kind regulatory framework for payments in stablecoins in the region,” said Evgeniya Bogdanova, CEO of the Astana Financial Services Authority (AFSA).
In July, National Bank Chairman Timur Suleimenov confirmed that parts of Kazakhstan’s gold and foreign exchange reserves, as well as National Fund assets, may be allocated to crypto-linked investments.
He cautioned, however, that “there is no need to rush here,” acknowledging the volatility of digital assets even as potential for high returns remains.
Kazakhstan has also taken steps to broaden access to crypto-based financial products. The Fonte Bitcoin ETF, launched in August on the Astana International Exchange, marked Central Asia’s first spot Bitcoin ETF. The physically backed fund, managed by Fonte Capital with custody by BitGo Trust, adds another layer to the nation’s crypto-linked investment ecosystem.
The Kazakhstan National Crypto Reserve builds on the country’s broader crypto journey. Kazakhstan became a global mining hub in 2021 when Chinese miners relocated after Beijing’s crackdown, briefly controlling 27% of global Bitcoin mining before scaling down to 4% in 2023 due to energy strains and regulatory challenges.
The government has since formalized the sector, licensing 84 mining firms with 64 currently active and registering more than 415,000 machines. Its “70/30 project” directs foreign investment into power plant upgrades, allocating 70% of new capacity to the national grid and 30% to licensed miners.
President Tokayev has also announced plans for “CryptoCity” in Alatau, a pilot zone where everyday cryptocurrency payments will be tested under regulatory supervision. The proposed crypto banking system will handle exchanges, storage, and transaction processing, while embedding anti-money laundering compliance.
The Kazakhstan National Crypto Reserve positions the country at the forefront of digital finance in Central Asia. By aligning with Binance and anchoring its fund in BNB, Kazakhstan is signaling its intention to balance innovation, regulation, and state-backed reserves to shape the future of digital assets.
