Kazakhstan Launches State-Backed Crypto Fund Powered by BNB

Kazakhstan has launched a state-backed crypto fund with Binance, marking its boldest move yet in digital assets. The fund, called the Alem Crypto Fund, debuted with Binance’s BNB token as its first holding, according to a government announcement on Monday. Officials did not disclose the amount of BNB acquired or provide details on future investments.

The initiative was created by the Ministry of Artificial Intelligence and Digital Development and will be managed by Qazaqstan Venture Group under the Astana International Financial Centre (AIFC). Authorities said the goal is to make long-term digital asset investments and build a strategic reserve that supports the country’s broader financial ambitions.

Binance has maintained close ties with Kazakhstan since 2022, when former CEO Changpeng “CZ” Zhao signed an agreement to support the country’s crypto regulation efforts. This latest move comes just days after Kazakhstan introduced KZTE, its tenge-backed stablecoin issued on the Solana network in partnership with Mastercard, Intebix, and Eurasian Bank.

The Central Asian nation, home to nearly 20 million people, has long been a major crypto hub. In 2021, Kazakhstan ranked second globally by Bitcoin mining power. More recently, President Kassym-Jomart Tokayev has called for stronger oversight of exchanges, shutting down dozens of unlicensed operators, and promoting new policies to grow a full-fledged crypto ecosystem.

In May 2025, the government unveiled “CryptoCity,” a pilot project for crypto payments, and earlier this month, Tokayev urged the creation of a strategic reserve. While the Alem Crypto Fund is not a central bank reserve, its state backing aligns Kazakhstan with a growing global trend of nations exploring crypto as part of their national strategies. El Salvador, Bhutan, Brazil, and Indonesia are among countries also weighing or building state-linked crypto reserves.