Tokayev Pushes for a National Crypto Fund
Kazakhstan’s President Kassym-Jomart Tokayev has called for the creation of a strategic national crypto reserve, urging regulators and financial institutions to accelerate efforts to integrate digital assets into the country’s economy. In a nationwide address on Monday, Tokayev said the reserve should be established under the Investment Corporation of the National Bank of Kazakhstan (NBK).
The president emphasized that the initiative would complement Kazakhstan’s digital tenge, already in use to finance projects, but stressed that the nation must also “take into account modern realities” and embrace decentralized cryptocurrencies.
Building a Full-Fledged Crypto Ecosystem
Beyond the reserve, Tokayev demanded a comprehensive ecosystem for digital assets, pressing lawmakers to speed up adoption of a banking law tailored to the new financial landscape.
The president also pushed for massive fintech investment, directing the government and NBK to prepare a $1 billion high-tech development program to strengthen Kazakhstan’s position in the digital economy.
Loosening Financial Restrictions
Tokayev criticized local banks for their conservative investment strategies, saying they prefer low-risk instruments rather than lending to the real economy. He insisted that second-tier banks must be more involved in financing growth sectors if Kazakhstan is to trigger a new cycle of investment.
This focus on channeling capital into fintech and innovation reflects Tokayev’s view that digital assets can serve as a catalyst for economic modernization.
Kazakhstan’s Changing Stance on Crypto
Kazakhstan’s approach to crypto has evolved rapidly in recent years. Initially, Astana adopted a strict regulatory stance, allowing miners to sell their coins only through platforms registered with the Astana International Financial Center (AIFC).
But momentum has shifted. In May, financial authorities revealed plans to legalize trading on additional licensed platforms, and in June, the NBK launched a crypto card initiative. By September, local banks were already testing crypto-linked payment cards with Mastercard, showing real-world progress.
Kazakhstan also rose to prominence in the global crypto landscape after attracting miners displaced by China’s 2021 ban. Now, Tokayev’s call for a crypto reserve suggests Astana is ready to move from mining hub to digital asset leader.
A Strategic Pivot Toward Crypto Integration
Tokayev’s push for a state-backed crypto reserve marks a pivotal moment in Kazakhstan’s financial policy. By combining a digital currency, national reserve, and fintech expansion, Astana aims to secure its place as a regional leader in digital finance.
The president’s remarks leave little doubt that Kazakhstan is ready to liberalize its crypto market and position itself as one of the first countries to formally integrate decentralized assets into state-level reserves.
