Kazakhstan is moving forward with plans to establish a state fund for digital assets, including bitcoin, under the investment corporation of the National Bank.
President Kassym-Jomart Tokayev announced the initiative as part of a suite of directives intended to accelerate the country’s digital asset ecosystem.
Focus on strategic reserves
The new State Digital Asset Fund will accumulate a strategic reserve of promising digital assets such as bitcoin, with oversight and risk management provided by central authorities.
This follows previous government support for managing seized bitcoin reserves and recent statements highlighting Kazakhstan’s advanced regulatory framework for digital assets.
Expanding digital tenge
Alongside the new reserve, Kazakhstan is expanding the use of its central bank digital currency, the digital tenge.
The digital tenge is already used in national fund projects and will see broader adoption at various government levels.
In July, officials reported 257.5 billion digital tenge in circulation, with successful pilot projects demonstrating practical benefits such as a reduced VAT refund period.
Legal and cybersecurity measures
President Tokayev called for new banking legislation to liberalize digital asset markets and promote fintech.
He also stressed the importance of cybersecurity, noting the rise in online fraud:
It is necessary to build an intelligent system to counter cybercrime. If necessary, adjustments should be made to legislation and the practices of law enforcement agencies.
Growing bitcoin market and infrastructure
Kazakhstan has recently introduced licensing for bitcoin exchange operators and launched Central Asia’s first spot bitcoin ETF.
The government has also permitted regulatory fee payments in stablecoins and issued crypto-linked payment cards through licensed exchanges, positioning the country as a regional hub for bitcoin and digital asset innovation.
