Kazakhstan Launches State-Backed Crypto Fund: What’s the First Buy?

Kazakhstan has officially unveiled a government-backed digital asset fund, signaling a major step toward institutional cryptocurrency adoption. The Alem Crypto Fund, launched under the Ministry of Artificial Intelligence and Digital Development, aims to create long-term investment reserves in the emerging crypto market.

The fund will operate through the Astana International Financial Centre (AIFC) and be managed by Qazaqstan Venture Group. Analysts see this as a continuation of Kazakhstan’s evolving strategy to integrate blockchain technologies while maintaining regulatory oversight, following recent measures to close unlicensed exchanges.

The Alem Crypto Fund’s first digital asset acquisition is BNB, the native token of the Binance Chain. The fund’s strategic partnership with Binance Kazakhstan, a licensed local entity, enables secure custody and operational compliance under AIFC regulations.

“Our focus is to create a trusted vehicle for long-term state-level investments in digital assets,” said Deputy Prime Minister Zhaslan Madiyev.

While the initial allocation remains undisclosed, the fund is expected to diversify gradually, potentially including other leading tokens. Industry observers note that domiciling the fund within AIFC allows access to an established legal framework and international investor confidence, balancing innovation with regulatory stability.

Former Binance CEO Changpeng “CZ” Zhao also publicly acknowledged the fund’s first purchase on Twitter, sharing a 2022 photo from earlier discussions and writing, “Kazakhstan buys #BNB for long-term holding,” highlighting both historical context and ongoing public engagement.

TLDR: Kazakhstan