Tokayev Orders Creation of Digital Asset Fund
Tokayev directed the National Bank’s investment corporation to establish a State Digital Asset Fund that will accumulate a strategic reserve of cryptocurrencies and tokenized assets. The president emphasized that Kazakhstan must “create a full-fledged ecosystem of digital assets as soon as possible,” urging lawmakers to finalize the upcoming digital asset law.
According to Akorda Press, Tokayev said the fund would focus on the most promising assets within the emerging digital financial system. He added, “Given the current realities, we must focus on crypto-assets. A State Digital Asset Fund should be established under the National Bank’s investment corporation.”
Crypto commentator Mario Nawfal reacted on X, writing, “THE SNOWBALL EFFECT IS REAL,” underscoring the global interest in Kazakhstan’s ambitious crypto push.
Expanding the Digital Tenge and CryptoCity Vision
Kazakhstan has already made strides with its digital tenge, which entered pilot use in November 2023. By mid-2025, the CBDC was integrated into public budgets through the National Fund. Tokayev pledged to expand its role nationally, making it a key pillar of financial modernization.
As part of the vision, Tokayev announced the creation of a “CryptoCity” in Alatau, a southeastern hub of about 52,000 residents. The city will be the first fully digitalized city in the region, where crypto payments can be used for everyday transactions. Tokayev described CryptoCity as a model that merges “technological progress and the most favorable living conditions.”
Kazakhstan’s Bitcoin ETF and Mining Hub Status
Kazakhstan continues to strengthen its position as a regional crypto hub. In August, Fonte Capital launched Central Asia’s first spot Bitcoin ETF on the Astana International Exchange, with BitGo serving as custodian.
The country has also been a major player in Bitcoin mining, once responsible for 13% of global hashrate due to cheap electricity and favorable regulations. However, the rapid expansion strained Kazakhstan’s power grid and led to a surge in illegal mining operations.
With a crypto reserve, a national digital asset framework, and projects like CryptoCity, Kazakhstan is positioning itself as a leader in the global digital economy.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
