ASTANA — National Bank Governor Timur Suleimenov is moving to implement President Kassym-Jomart Tokayev’s crypto strategy, saying Kazakhstan has already formed a crypto-related investment portfolio of up to $350 million from gold and foreign-exchange reserves. The move is the clearest sign yet that Tokayev’s calls for a strategic state role in digital assets are moving from presidential strategy to central-bank implementation.

Suleimenov has presented the initiative as a measured reserve-management step rather than a dramatic plunge into direct coin buying. The National Bank is preparing a list of instruments that goes beyond direct cryptocurrency exposure and includes shares of high-tech companies tied to crypto and…