Kazakhstan’s push to hold digital assets at the state level advanced in two tracks this month, though the market’s headline claim of a first BNB purchase by a new reserve remains unconfirmed.
President Kassym Jomart Tokayev said on September 8 that a State Digital Assets Fund should be formed under the National Bank’s investment arm to “accumulate a strategic crypto reserve” of promising assets.
The line appears in the official address transcript and was echoed by the state news agency the following day. The plan would formalize digital assets inside national reserves policy and extend Kazakhstan’s regulated crypto market footprint.
Separately, Alem Crypto Fund OEIC Ltd. is now listed on the AIFC Public Register as an active private investment company. The register shows a July 18, 2025 registration and names Qazaqstan Venture Group Ltd. (QVG) as the shareholder. QVG itself holds an AFSA license to manage collective investment schemes in respect of Exempt Funds, active since January 28, 2025.
Trade outlets have circulated a stronger claim: that Kazakhstan launched a state-backed crypto reserve through Alem Crypto Fund and made an inaugural investment in Binance Coin (BNB) with Binance Kazakhstan as the partner.
However, as of September 30, there is no primary confirmation of a BNB purchase or any disclosed reserve size, yet. There is also no mention of Alem Crypto Fund or a BNB transaction on Binance’s press or blog pages.
The government’s longer running capital program also adds context. Officials have promoted a separate venture fund-of-funds initiative around 1 billion dollars to attract private capital to high tech. Multiple briefings and reports describe that vehicle, which is distinct from any crypto reserve mandate.
What changed after the September 8 address
Tokayev’s speech set policy direction. It did not publish capitalization, eligible assets, custody rules, or a start date. The AIFC register confirms the legal existence of Alem Crypto Fund and its link to QVG, which has the AFSA permission to manage exempt funds. Together, these records show the infrastructure to hold digital assets under supervision, but not the transactions themselves.
How the policy could shift markets
A state crypto reserve would place Kazakhstan among early adopters of sovereign digital asset holdings inside a regulated framework. The IMF’s 2024 technical note on Kazakhstan’s crypto oversight outlines how AIFC rules and AFSA supervision interact with market activity, which is still modest but formalizing.
