Kazakhstan is moving to set up a Crypto reserve supported by the State as part of his broader plan to enclose digital assets in the national economy.
President Kassym-Jomart Tokayev gave the guideline This week, which the initiative says that the needs of the country to adjust its financial system to new technological realities.
According to Tokayev, the proposed State Fund for Digital Assets will be managed under the National Bank investment. He explained that the reserve will give priority to ‘the most promising assets of the new digital financial system’, indicating a long-term bet on crypto-acceptance.
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The initiative builds on earlier efforts to accelerate the role of Kazakhstan in digital finances and to integrate blockchain technology into public policy.
The country has already extended its Central Bank Digital Currency, the Digital Tenge, from pilot projects to national and local budgets.
Given this, Tokayev from Crypto wants to make a formal component for public financing and at the same time encourage fintech innovation.
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In the meantime, Kazakhstan’s policy shift is following a series of measures designed to strengthen the crypto sector. Earlier this year, regulators signed a memorandum of agreement to launch a Solana -Economic Zone to attract developers and investors.
So the proposed reserve, in addition to the above move, positions Kazakhstan under large economies that experiment with digital activation strategies linked by the state. For comparison, the United States develop a similar framework with the support of President Donald Trump.
Banking reforms
In addition to the Crypto Embrace, Tokayev made new calls for investments in the high -tech industries of Kazakhstan.
He insisted on the government and the central bank to design a program that can be channeled up to $ 1 billion to technological companies. However, he warned that success depends on the active participation of domestic banks, which currently prefer investments with a low risk over lending to companies.
According to him:
“Today, in Kazakhstan, banking assets and capital are on average more profitable several times than in developed countries. This is due to the fact that it is more profitable for domestic banks to invest in instruments with a low risk than in loans to the economy. This issue is repeatedly addressed by representatives and experts.”
To tackle this imbalance, Tokayev insisted on new financial laws that would force banks to adapt to technological change, to promote competition and to create more space for fintech activities.
