Key Takeaways
- The proposed law, expected before 2026, would establish the regulatory framework required to support the creation and management of the digital asset fund.
- Under efforts to integrate artificial intelligence, the president stated that the adoption of a Digital Code will be accelerated.
Kazakhstan is gearing up to make big strides in the cryptocurrency space. According to President Kassym-Jomart Tokayev, the country is exploring the development of a national cryptocurrency reserve. He made the remark during his annual address on Monday.
Tokayev further called for the creation of a “full-fledged ecosystem of digital assets” and recommended establishing a State Fund of Digital Assets, managed by the National Bank’s Investment Corporation. “This fund will accumulate a strategic crypto reserve from the most promising assets of the new digital financial order,” he noted.
According to Tokayev, such efforts aim to support the return of capital held in banks back into the domestic economy. He suggested that up to $1 billion could be directed into technology ventures under a government-backed program, contingent on greater involvement from domestic banks.
While highlighting that Kazakhstani banks often prioritize low-risk investment strategies, Tokayev stressed that their participation in this initiative would be critical to its success. He pointed to the need for more active financial engagement to support business development and innovation.
As part of the proposal, the Agency for Regulation and Development of the Financial Market has been instructed to prepare draft legislation. The proposed law, expected before 2026, would establish the regulatory framework required to support the creation and management of the digital asset fund.
Under efforts to integrate artificial intelligence, the president stated that the adoption of a Digital Code will be accelerated. He stated that the Code will serve as a foundational document outlining the country’s strategic directions for digitalization
The latest development comes months after speculation arose over the National Bank of Kazakhstan mulling to set up a state-managed crypto reserve. As per research conducted by RISE research and Freedom Horizons, the share of Kazakhstan’s population owning cryptocurrencies has doubled, from 4% in 2022 to an estimated 8% in 2024, reflecting the growing reception towards digital ssets in the Central Asian country
