The Central Bank of Kazakhstan plans to utilize cryptocurrencies seized from criminals to bolster the country's cryptocurrency reserves. The National Bank of Kazakhstan's investment arm, NIC, announced the initiative, which will also involve foreign currency and gold reserves. An initial capital of $350 million in foreign exchange and gold has been allocated for the fund. While the central bank will not directly hold cryptocurrencies, it will invest through five hedge funds and in cryptocurrency venture capital funds. President Tokayev revealed that law enforcement had shut down 130 illegal cryptocurrency exchanges, seizing over $5 million in assets. He has directed financial regulatory agencies to develop strategies to combat cryptocurrency-related crime.