TechFlow News, January 30: According to DLNews, Kazakhstan’s National Investment Company (NIC), the investment arm of the National Bank of Kazakhstan, announced plans to bolster the country’s national crypto reserve using cryptocurrencies seized by law enforcement agencies—alongside foreign exchange and gold reserves. Timur Suleimenov, head of NIC, stated on January 28 that the central bank has allocated $350 million in foreign currency and gold for this fund.
Initially, NIC does not intend to directly purchase or hold cryptocurrencies; instead, it will channel investments through five pre-vetted hedge funds and expand into crypto-specific venture capital funds. According to Kazakh President Kassym-Jomart Tokayev, police have shut down 130 illegal cryptocurrency exchanges, generating total revenues of approximately $124 million and seizing assets valued at over $5 million.
