Kazakhstan is moving to establish a state-backed crypto reserve as part of its wider plan to embed digital assets into the national economy.
According to Tokayev, the proposed State Fund for digital assets will be managed under the National Bank’s investment arm. He explained that the reserve will prioritize “the most promising assets of the new digital financial system,” signaling a long-term bet on crypto adoption.
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The initiative builds on earlier efforts to accelerate Kazakhstan’s role in digital finance and integrate blockchain technology into public policy.
The country has already expanded its central bank digital currency, the digital tenge, from pilot projects into state and local budgets.
Considering this, Tokayev aims to make crypto a formal public finance component while encouraging fintech innovation.
Beyond the crypto embrace, Tokayev made fresh calls for investment in Kazakhstan’s high-tech industries.
He urged the government and central bank to design a program capable of channeling up to $1 billion into technology ventures. However, he warned that success will depend on the active participation of domestic banks, which currently favor low-risk investments over lending to businesses.
According to him:
“Today, in Kazakhstan, banking assets and capital are on average several times more profitable than in developed countries. This is due to the fact that it is more profitable for domestic banks to invest in low-risk instruments than in lending to the economy. This issue has been repeatedly raised by deputies and experts.”
To address this imbalance, Tokayev pressed for new financial laws that would force banks to adapt to technological change, foster competition, and create more space for fintech activity.
