Earlier in January, Tokayev announced the urgent development of the crypto infrastructure in Kazakhstan, saying that a significant number of users continue to work in the gray zone. His most recent speech builds on this, highlighting the determination to take the country to full digitalization within the next three years.<\/p>\n
As part of these efforts, Tokayev proposed the creation of a State Fund of Digital Assets, which will serve as a strategic crypto reserve.\u00a0<\/p>\n
\n\u201cIt is advisable to create a State Fund of Digital Assets on the basis of the National Bank\u2019s Investment Corporation, consisting of promising assets in the new digital financial system,\u201d he said.<\/p>\n<\/blockquote>\n
The fund will be housed under the National Bank\u2019s Investment Corporation and is expected to hold promising digital assets within the evolving global financial ecosystem. <\/p>\n
Kazakhstan\u2019s National Bank first floated the idea in June, when it revealed that it was considering converting a portion of its gold and foreign exchange reserves into crypto assets. The reserve will be funded through confiscated crypto and coins mined via state-backed operations, with a portion earmarked for the state in the form of taxes or mandatory contributions.<\/p>\n
<\/p>\n
To further support this vision, the president called on the nation\u2019s Agency for Regulation and Development of the Financial Market to pass a Digital Code and a new Law on Banks before the end of 2025.\u00a0<\/p>\n
These laws will define areas such as the liberalization of digital asset circulation, AI, digitalization process, big data usage, and adoption of technologies in the financial system, and liberalization of digital asset circulation. Tokayev stressed that failing to act decisively in this fast-moving space could lead to serious national consequences.<\/p>\n
The creation of a \u2018Crypto City\u2019\u00a0in Kazakhstan<\/h2>\n
Another key component of the digital overhaul is the development of Alatau City, also dubbed \u201cCryptoCity.\u201d This planned innovation hub will be fully digitalized, incorporating smart city technologies and enabling crypto-based payments for goods and services. The city, which already has land and infrastructure plans in place, will operate under a special legal regime directly under the federal government.<\/p>\n
Meanwhile, the digital tenge, the nation\u2019s central bank digital currency (CBDC), is already being used to finance national projects. Tokayev proposed expanding its use across republican and local budgets, as well as state holdings.<\/p>\n
These measures align Kazakhstan with a growing number of nations exploring digital asset reserves. Countries like Brazil, Ukraine, and Indonesia have begun similar discussions, inspired in part by the United States\u2019 own crypto reserve plans under a directive from President Donald Trump.<\/p>\n
Kazakhstan\u2019s crypto reserve push signals a firm pivot toward embracing digital finance and blockchain as pillars of its economic strategy. While legislative and infrastructural hurdles remain, the vision laid out by President Tokayev places Kazakhstan on a bold path, aiming to stay competitive in the era of digital economies.<\/p>\n
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