Kazakhstan Plans to Invest Part of its Foreign Exchange Reserves and National Fund Assets in Crypto Assets

On July 14, according to Kazakh media Kursiv, Timur Suleimenov, head of the National Bank of Kazakhstan, said that the country is considering investing part of its foreign exchange reserves and national fund assets in crypto assets. Suleimenov revealed at a press conference that Kazakhstan has an "alternative investment portfolio" of foreign exchange reserves and national funds that can be used to implement more aggressive investment strategies. He said that he has studied the experience of Norwegian funds, US and Middle Eastern funds, which have already directly invested in crypto assets or related ETFs and company stocks. The National Bank "does not rule out" investing part of its alternative investment portfolio in funds related to the crypto industry, but emphasized that this is a complex issue that needs to be handled with caution, as such assets may bring high returns, but are also highly volatile. In addition, Kazakhstan plans to establish a national crypto asset reserve to store digital assets confiscated by law enforcement agencies, and may accept taxes or mandatory payments in the form of crypto assets. [TechFlow]