The President of Kazakhstan announced the creation of a state fund that will accumulate the most promising digital assets and become a key element in forming the country’s national strategic crypto reserve.
In his annual Address to the Nation, President Kassym-Jomart Tokayev announced the government’s initiative to establish a state digital asset fund, which will be integrated into the system of the National Investment Corporation of the National Bank of Kazakhstan.
The President emphasized that the main task of the fund will be the accumulation of digital assets that could potentially serve as the foundation of a national cryptocurrency reserve. It will also underpin the country’s digital economy and become a source of long-term investment stability.
Tokayev also stated that the government is preparing a banking law aimed at liberalizing the circulation of digital assets, strengthening competition, and promoting the FinTech industry. He added that by the end of the year a new “Digital Code” will be adopted, outlining the development of artificial intelligence (AI), electronic trading and service platforms, and big data management.
In a broader context, the President pledged to:
- implement large-scale digitalization of public administration;
- create the region’s first fully digital city, Alatau City;
- launch nuclear power plants;
- develop the agricultural sector through AI-based solutions;
- stimulate container transportation and establish a national cargo airline.
According to Tokayev, all of these initiatives are intended to strengthen Kazakhstan’s economy, reduce the country’s dependence on imports, and position it as a leader in the new technological paradigm.
The National Bank of Kazakhstan is considering allocating part of its gold and foreign exchange reserves, as well as assets of the National Fund, into crypto ETFs and shares of crypto companies. The country also launched the first spot Bitcoin ETF in Central Asia, while government regulators are testing the possibility of accepting stablecoins for payments of public services.
