Kazakhstan's President calls for launch of national crypto reserve

Key Takeaways

• Kazakhstan's president has urged the creation of a national Bitcoin reserve.
• The plan, driven by the National Bank’s investment arm, would accumulate strategic crypto assets central to financial innovation.

Kazakhstan’s leader, Kassym-Jomart Tokayev, is pushing for the quick establishment of a “full-fledged” digital asset ecosystem, including a state-administered crypto reserve, Akorda Press, the official press office of the President of Kazakhstan, reported on Monday.

The reserve, overseen by the National Bank’s investment arm, would accumulate crypto assets deemed vital to the emerging digital financial system, according to Tokayev.

“Given the current realities, we must focus on crypto-assets. A State Digital Asset Fund should be established under the National Bank’s investment corporation. This fund would accumulate a strategic crypto reserve consisting of the most promising assets of the new digital financial system,” Tokayev said.

The president urged the government and the National Bank to finalize and pass new legislation that would liberalize digital asset markets, support fintech innovation, and open the financial sector to new competitors.

The proposed banking law is expected to address how tokenized assets and fintech platforms will be integrated into Kazakhstan’s regulated financial system.

Tokayev also emphasized the need to scale the country’s use of the digital tenge, Kazakhstan’s central bank digital currency (CBDC). The tokenized tenge has already been used to finance projects through the National Fund, and he wants to extend its use across national, local, and state-owned enterprise budgets.