TL;DR
- Kazakhstan's central bank is considering selling gold to finance a crypto fund of up to $700 million
- Original plans assumed the fund would be built up from crypto seized from criminals
- The country has gold reserves worth over $55 billion as of January 2026
- Kazakhstan has a strictly regulated crypto framework, with trading primarily limited to the AIFC free zone
Gold to Finance Crypto Ambitions
Kazakhstan is actively working to establish a national crypto reserve, and according to a new report covered by CryptoPotato, the central bank is now considering selling parts of the country's gold holdings to finance the purchase. The plan involves an initial investment of $350 million, with the possibility of an additional $350 million from the National Fund — potentially bringing the initial phase up to $700 million.
This is a noticeable change of course from previously communicated plans, where authorities assumed that the crypto reserve would largely be built up using digital assets seized from criminals.
Kazakhstan now appears to be willing to use some of the world's most powerful gold vaults to take a position in the crypto market.
One of the World's Largest Gold Storages
That Kazakhstan has room to finance such a purchase is not surprising, given the size of the country's gold reserves. According to available figures, the central bank, the National Bank of Kazakhstan (NBK), held gold reserves worth over $55 billion in January 2026 — a record level since December 1993.
The country's relationship with gold has nevertheless been dynamic. Between 2022 and 2024, the NBK was a net seller, divesting over 118 tons. In 2025, the trend reversed again: Kazakhstan became the second-largest gold buyer globally, purchasing 57 tons — only Poland bought more.
Strictly Regulated Crypto Landscape
Despite its grand ambitions, Kazakhstan operates with one of the most regulated crypto frameworks in Central Asia. The Law on Digital Assets, which came into force on April 1, 2023, practically prohibits the trading of unsecured digital assets — such as Bitcoin and Ethereum — outside the special financial zone Astana International Financial Centre (AIFC).
NBK's investment arm, the National Investment Corporation (NIC), is to manage the planned crypto reserve. According to sources, the strategy emphasizes investing in shares of technology companies with crypto ties, digital infrastructure, and crypto index funds — rather than direct large-scale purchases of cryptocurrency.
Digital Tenge and Broader Digitalization Strategy
The crypto reserve is one part of a broader digitalization strategy. In January 2026, the Digital Tenge — the country's central bank digital currency (CBDC) — officially gained status as legal tender. NBK is the sole issuer, and pilot projects have already utilized the Digital Tenge for state payments and infrastructure financing.
Unverified Parts of the Plan
It is important to emphasize that the report on gold sales has not yet been directly confirmed by the NBK. CryptoPotato refers to the plans without quoting an official source from the central bank, and details regarding the timeline and implementation are still unclear. Furthermore, market conditions — with Bitcoin around $69,900 and a fear and greed index at 18 out of 100 — do not exactly provide tailwinds for large public crypto purchases right now.
Nevertheless, the plan illustrates a tendency among middle-income countries to diversify away from traditional reserve assets, a trend also partly driven by geopolitical pressure against dollar dependence.
