Latest news with #TimurSuleimenov
Gulf Insider
4 days ago
- Business
- Gulf Insider
Norway's Sovereign Wealth Fund Ups Its Indirect Exposure To Bitcoin
Norway's sovereign wealth fund, the largest state-directed wealth fund in the world, increased its indirect Bitcoin exposure by 192% over the last year, according to crypto research company K33 Research. The fund has indirect exposure to 7,161 BTC through its investment portfolio, which includes treasury companies Strategy and Metaplanet and crypto exchange Coinbase. Norway's sovereign wealth fund continues to increase its Bitcoin and crypto exposure. Source: Vetle Lunde The fund currently holds over 11.9 billion Norwegian krone ($1.2 billion) of Strategy's stock, a 133% increase from 2024. Similarly, the fund has increased its Coinbase holdings by over 96% since 2024. Norway's increase in BTC holdings reflects a broader trend of sovereign wealth funds gaining indirect exposure through BTC investment vehicles and corporate proxies, as the world's first cryptocurrency becomes integrated into the traditional financial system. The Norwegian sovereign wealth fund also increased exposure to BTC holding company Strategy in 2025. Source: Norges Bank Investment Management Sovereign wealth and state pension funds legally mandate managers to invest only in pre-defined asset classes such as fixed-income securities, corporate bonds, equities and others. Because of these restrictions, fund managers who want to invest in Bitcoin or other cryptocurrencies must gain indirect exposure through an investment vehicle like an exchange-traded fund (ETF), a corporate bond or a company proxy like Strategy. The State of Wisconsin State Investment Board (SWIB), the organization that manages the US state's pension system, was one of the first state-level pension funds in the country to disclose indirect Bitcoin exposure through a $164 million investment into BTC ETFs. In February, SWIB disclosed that its BTC holdings nearly doubled, surging to over $321 million, according to a Securities and Exchange Commission (SEC) filing. The pension manager sold off BTC holdings in May but retained a $50 million position in BTC proxy Strategy. Kazakhstan's sovereign wealth fund announced in July that it plans to convert a portion of its assets to crypto. Timur Suleimenov, head of the National Bank of Kazakhstan, said the prospective move is intended to generate more investment income for the wealth fund, and the government is also exploring converting other assets like gold and foreign currency reserves to crypto.
Gulf Insider
07-07-2025
- Business
- Gulf Insider
Kazakhstan to Create Bitcoin and Crypto Reserve
Kazakhstan's National Bank has announced plans to establish a state Bitcoin and crypto reserve, marking a significant shift in the country's approach to Bitcoin amid growing institutional adoption of crypto. According to statements from National Bank Chair Timur Suleimenov, the bank is developing a comprehensive framework for the formation and management of Bitcoin and crypto reserves through a specialized subsidiary focused on alternative investments. The acceleration of corporate and sovereign crypto adoption has been remarkable. From Strategy's 597,325 BTC holdings to Ukraine's recent Bitcoin reserve legislation, we see unprecedented institutional interest across corporate and government sectors. The initiative comes as Kazakhstan, one of the world's leading Bitcoin mining hubs, seeks to diversify its financial reserves and reduce dependence on traditional currencies. The proposed reserve could include confiscated Bitcoin and crypto-assets and crypto mined by state-affiliated operations. The National Bank is working with lawmakers to establish necessary legal frameworks, including defining the reserve's status and procedures for deposits and usage. The initiative aligns with broader efforts to regulate Kazakhstan's Bitcoin and crypto market. Following the recent establishment of strategic Bitcoin reserves by the USA and Pakistan, Kazakhstan's move reflects the growing recognition of Bitcoin as a strategic reserve asset. Also Read: UK Restores Formal Diplomatic Ties With Syria After Grooming Sharaa For Power
Arabian Post
30-06-2025
- Business
- Arabian Post
Kazakhstan Moves to Create Sovereign Crypto Reserve
Kazakhstan's National Bank, under its chairman Timur Suleimenov, is taking steps to build a state-held cryptocurrency reserve managed by a subsidiary entity, following international sovereign fund practices. The proposal outlines funding sources that include confiscated crypto-assets and coins mined through ventures with state participation—measures aimed at enhancing governance and stability within the digital asset ecosystem. The National Bank is developing a comprehensive framework for the reserve's formation and administration, emphasising transparency and institutional safeguards. It plans to enshrine in law both the status of the reserve and the protocols for deposit and use, with draft legislation to be submitted to parliament for approval. Suleimenov highlighted that the envisioned affiliate would follow global norms for sovereign funds, ensuring robust accounting, secure storage, and resilient governance structures. The legal amendments under discussion would affirm the reserve's legal standing and empower authorities to handle crypto-assets seized under law as well as profits generated from state-linked mining operations. ADVERTISEMENT The banking chief stressed the importance of centralised institutional oversight, noting the high volatility and vulnerability of crypto-assets. Centralisation, he said, is key to mitigating risks such as market fluctuations or cyber threats. This effort is part of a wider regulatory overhaul targeting cryptocurrency flows. Under proposals by the Ministry of Digital Development, draft laws would impose criminal and administrative liability on grey‑market trades, require licences for investment advisers, and curb unlicensed exchanges and misleading crypto promoters—many of whom target younger investors. Parliamentary deputies have endorsed the overarching concept. One lawmaker, Kuspekov, recommended creating a 'national digital reserve' at the central bank to anchor confiscated digital assets and tighten financial controls. He also urged strengthened due diligence by banks, prohibition of unlicensed crypto platforms, and mandates for licensed investment coaches. These developments follow a surge in legislative activity since May. The National Bank has proposed amendments defining legal status for digital assets, licensing for crypto exchanges outside the Astana International Financial Centre, and a regulatory sandbox for testing digital services. The objective is to restore confidence in Kazakhstan's crypto sector after capital flight estimated at US$15 billion last year. Timur Suleimenov, appointed as National Bank chair in September 2023 and former minister of national economy, has emphasised institutional integrity and macroeconomic resilience. He recently noted that international reserves reached US$104.7 billion at end-2024, bolstered by gains in gold and foreign-exchange holdings. The crypto reserve initiative appears aligned with broader state efforts. Issuance of AIFC‑backed crypto payment cards was piloted in early June by major banks including Halyk Bank, Forte and Altyn Bank—allowing consumers to instantly convert digital assets into fiat currency for everyday purchases. The Ministry of Digital Development has proposed the creation of a crypto reserve as a digital asset repository to support the national digital economy. This official endorsement underscores the government's increasing interest in integrating digital assets within its fiscal infrastructure. Central to this initiative are practical mechanisms that remain under review. The National Bank is working with law-enforcement agencies and other government bodies to outline operational procedures, compliance norms and asset custody arrangements.
Hi Dubai
09-04-2025
- Business
- Hi Dubai
UAE and Kazakhstan Strengthen Financial Ties with Strategic MoU
The Central Bank of the UAE (CBUAE) and key financial authorities in Kazakhstan have signed a landmark Memorandum of Understanding (MoU) to enhance cooperation in financial regulation, innovation, and market development. The MoU, signed by Khaled Mohamed Balama, Governor of the CBUAE, Timur Suleimenov, Governor of the National Bank of Kazakhstan, and Madina Abylkassymova, Chair of the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, aims to facilitate deeper collaboration across several critical areas. Under the agreement, the institutions will exchange expertise and supervisory information related to local financial markets, FinTech, and central bank digital currencies (CBDCs), particularly their use in cross-border transactions. The cooperation also extends to Islamic finance, cybersecurity, and broader technical development. Balama highlighted the MoU as a testament to the growing UAE–Kazakhstan economic partnership. 'This agreement opens new avenues for cooperation in the financial sector, supporting the UAE's broader economic and investment objectives,' he said. Suleimenov echoed this sentiment, emphasizing shared ambitions for sustainable development and financial innovation. 'Together, we aim to drive forward initiatives in CBDCs, payments, and banking to foster regional prosperity,' he stated. Abylkassymova noted the significance of this framework in enhancing regulatory practices. 'This partnership reflects our mutual commitment to building robust financial services and promoting trade and economic cooperation,' she added. The MoU marks a strategic step in unifying efforts to develop resilient financial systems, with both nations leveraging their strengths to navigate the evolving global financial landscape. News Source: Emirates News Agency
Al Etihad
09-04-2025
- Business
- Al Etihad
CBUAE signs MoU with National Bank of Kazakhstan, Agency of Kazakhstan for Regulation and Development of Financial Market
9 Apr 2025 13:28 ABU DHABI (WAM) Governor of the Central Bank of the UAE (CBUAE), Khaled Mohamed Balama, Governor of the National Bank of Kazakhstan, Timur Suleimenov, and Chair of The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, Madina Abylkassymova, signed a Memorandum of Understanding aimed at strengthening cooperation and information exchange in areas of mutual part of the MoU, the three parties will exchange information and expertise on best practices and regulations for developing local financial markets, FinTech, and promoting central bank digital currencies (CBDCs) and enabling their use in cross-border transactions among the participating MoU includes the sharing of supervisory information, facilitating cooperation in the areas of Islamic banking and finance, cybersecurity, and technical said that this MoU embodies the depth and strength of the economic partnership between the UAE and Kazakhstan, and opens broad prospects for the institutions to further develop this partnership in the commercial, investment, and financial sectors. The Central Bank's proactive approach expands cooperation with regional and international partners, deepening joint business opportunities in the financial and banking sectors to support the UAE's economic, trade, and investment goals."We look forward to close collaboration with our partners in Kazakhstan to enhance financial stability, develop the financial system, and achieve our mutual interests,' he in turn, stated, 'The collaboration between the Central Bank of the UAE and the National Bank of Kazakhstan aims to deepen economic partnerships and advance cooperation in finance, banking and CBDCs, driving sustainable development. We will use our expertise in financial technology and payment systems to achieve shared objectives and foster economic prosperity.' Abylkassymova said, 'We are pleased to sign this MoU with the Central Bank of the UAE, creating a framework for cooperation to enhance financial stability and regulatory practices in both jurisdictions. We commend the UAE's financial sector regulations and look forward to exchanging expertise to develop world-class financial services and strengthen market regulation, fostering economic and trade cooperation.'
