Kazakhstan is taking a bold step toward integrating cryptocurrencies into its financial system by creating a state digital asset fund. President Kassym-Jomart Tokayev announced the initiative during his annual address to the nation, highlighting the country’s ambitions to strengthen its position in the global digital economy.
The fund will operate under the structure of the National Bank of Kazakhstan through its Investment Corporation. According to Tokayev, the goal is to form a strategic crypto reserve that will store the “most reliable and widely used cryptocurrencies.” By anchoring the project within the central bank’s framework, the government aims to add credibility, stability, and long-term vision to its crypto strategy.
In addition to the fund, Tokayev revealed a new $1 billion investment program designed to attract capital into the national economy. The Prime Minister, Olzhas Bektenov, has been tasked with preparing detailed proposals within 10 days, signaling the urgency and seriousness of the government’s plan.
Kazakhstan has already made strides in the digital currency landscape with the introduction of the digital tenge, which is being used in projects financed by the National Fund. Now, the government plans to expand its role to cover republic-level budgets, local administrations, and state-owned holdings, effectively embedding digital money into the national financial ecosystem.
The move comes amid a rapidly developing crypto sector in Kazakhstan in 2025. Earlier this year, the National Bank explored channeling part of its gold and foreign currency reserves into digital assets such as cryptocurrencies, exchange-traded funds (ETFs), and equities of companies working in the blockchain and fintech sectors. This reflects a growing confidence in the long-term potential of crypto-backed investments.
In August, local investment firm Fonte Capital launched the first-ever spot Bitcoin ETF in Central Asia, called the Fonte Bitcoin Exchange Traded Fund OEIC (BETF). This milestone positioned Kazakhstan as a regional pioneer in offering institutional-grade investment products linked to Bitcoin, further strengthening its financial innovation credentials.
Tokayev’s announcement signals a shift toward state-backed participation in the crypto market, bridging the gap between traditional finance and decentralized assets. With government endorsement, Kazakhstan could become a hub for digital finance in Central Asia, offering both investors and citizens greater exposure to blockchain-driven opportunities.
Conclusion
By creating a digital asset fund under the National Bank, Kazakhstan is setting the stage for a future where cryptocurrencies and state finance coexist. If executed effectively, the initiative could not only safeguard national reserves with diversified assets but also attract global investment. This makes Kazakhstan a country to watch in the evolving landscape of digital finance.
