Kazakhstan Plans to Establish National Crypto Reserve

Highlights:

• Kazakhstan plans a full digital asset ecosystem to support regulated crypto adoption nationwide.
• The planned State Fund is set to oversee key digital assets through the National Bank.
• Alatau is slated to become the region’s first fully digital city, using cryptocurrency for payments.

During his annual speech on Monday, Kazakhstan’s President Kassym-Jomart Tokayev urged the rapid development of a complete digital asset ecosystem. This plan includes a state-managed crypto reserve, according to Akorda Press, the official press office of the President. Tokayev highlighted the importance of establishing this framework to support the country’s adoption of digital assets in a regulated and organized manner.

Kazakhstan President Tokayev announced in his annual address that the country will establish a “National Digital Asset Fund” under the National Bank’s Investment Corporation to build a strategic crypto reserve of promising assets. He also instructed the financial regulator to…

— Wu Blockchain (@WuBlockchain) September 8, 2025

National Bank to Oversee State Fund with Strategic Crypto Reserve

President Tokayev announced that the upcoming State Digital Asset Fund will be supervised by the National Bank’s investment branch. He said the Financial Market Agency had drafted a law for this and expressed hope that it would gain approval before 2026.

Tokayev said:

“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. This fund would accumulate a strategic crypto reserve consisting of the most promising assets of the new digital financial system”.

CryptoCity Pilot in Alatau

Kazakhstan’s recent policy changes are part of efforts to grow its crypto sector. Earlier this year, regulators agreed to create a Solana Economic Zone to draw developers and investors. Together with the proposed digital asset reserve. In May, Tokayev revealed plans for a trial zone allowing cryptocurrency to be used for transactions. Reports indicate that authorities will establish “CryptoCity” in Alatau, a southeastern city of about 52,000 residents.

National Bank of Kazakhstan Chairman Timur Suleimenov said the country will set up a state crypto-reserve, which may be managed by a National Bank affiliate. The reserve could be funded by confiscated crypto-assets and crypto mined with state involvement.https://t.co/TJzfx88A9l

— Wu Blockchain (@WuBlockchain) June 30, 2025

On Monday, the president seemed to confirm the plan, stating Alatau will become the region’s first fully digital city accepting crypto payments. He added, “This city will represent the future of Kazakhstan. It should combine technological progress and the most favorable living conditions.” These steps put Kazakhstan alongside other countries exploring state-related digital asset initiatives. 

Kazakhstan is a key hub for Bitcoin mining because electricity is cheap and the rules are friendly. At one point in 2021, the country handled about 13% of the world’s Bitcoin mining, after many miners moved from China following its crypto crackdown. But this boom caused illegal mining and put too much strain on the power grid, leading the government to reconsider regulations and tighten oversight.

Several countries, such as Brazil and Indonesia, are reportedly looking into creating their own strategic digital asset reserves. This follows the U.S., which established a crypto reserve including Bitcoin and other digital assets through an executive order by President Donald Trump. 

Supporting Technology and Investment Growth

Besides supporting crypto, Tokayev also called for more investment in Kazakhstan’s tech industries. He said the government and central bank created a program to direct up to $1 billion into technology projects. He noted that its success will rely on domestic banks, which currently prefer low-risk investments instead of lending to businesses. Tokayev explained that banking assets and capital in Kazakhstan are much more profitable than in developed countries. This makes banks prefer safe investments over funding the economy, a concern often raised by deputies and experts.