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The President of Kazakhstan has declared the establishment of a state fund that will gather the most promising digital assets and serve as a crucial component in developing the nation’s strategic crypto reserve.
During his annual Address to the Nation, President Kassym-Jomart Tokayev revealed the government’s plan to create a state digital asset fund, which will be incorporated into the framework of the National Investment Corporation of the National Bank of Kazakhstan.
The President highlighted that the primary objective of the fund will be to accumulate digital assets that could potentially form the basis of a national cryptocurrency reserve. It will also support the nation’s digital economy and provide a source of long-term investment stability.
Tokayev further mentioned that the government is drafting a banking law designed to liberalize the circulation of digital assets, enhance competition, and foster the FinTech sector. He noted that by the end of the year, a new “Digital Code” will be enacted, detailing the advancement of artificial intelligence (AI), electronic trading and service platforms, and big data management.
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In a broader perspective, the President committed to:
- executing extensive digitalization of public administration;
- establishing the region’s first fully digital city, Alatau City;
- initiating nuclear power plants;
- advancing the agricultural sector through AI-driven solutions;
- encouraging container transportation and creating a national cargo airline.
According to Tokayev, all these initiatives aim to bolster Kazakhstan’s economy, lessen the nation’s reliance on imports, and position it as a frontrunner in the emerging technological landscape.
The National Bank of Kazakhstan is contemplating the allocation of a portion of its gold and foreign exchange reserves, along with assets from the National Fund, into crypto ETFs and shares of cryptocurrency firms. The country has also introduced the first spot Bitcoin ETF in Central Asia, while government regulators are exploring the feasibility of accepting stablecoins for public service payments.
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