Main Points :
- President Tokayev’s directive to accelerate the creation of a state-backed digital asset fund by 2026.
- The National Bank’s exploration of investing gold, FX reserves, and sovereign assets into cryptocurrencies, inspired by international models.
- Plans to establish a crypto reserve using confiscated digital assets and state-affiliated mining operations.
- Full rollout of the Digital Tenge by end-2025 with offline capabilities and integration into mainstream payments.
- Regulatory sandbox activated, plus asset classification and licensing to foster fintech innovation.
1. Presidential Directive: Catalyst for a National Digital Asset Fund
Kazakhstan’s President, Kassym-Jomart Tokayev, has issued a bold mandate: to establish a National Digital Asset Fund by 2026. This fund, anchored within the investment division of the National Bank, is intended to strategically accumulate cryptocurrencies and tokenized assets, laying the groundwork for a comprehensive digital asset ecosystem. Alongside this, the President called upon Parliament to fast-track digital asset legislation and tasked the government and National Bank with designing a high-tech investment program worth up to $1 billion, encouraging secondary banks to expand lending into the real economy.
Simultaneously, the pilot phase of the Digital Tenge—Kazakhstan’s digital version of its national currency, denominated in tenge—began in 2023. By mid-2025, its use extended to public budget disbursements, with plans for nationwide expansion in line with the national fund’s financing needs.
2. Exploring Crypto as a Sovereign Asset Class
The National Bank is now considering allocating a portion of its gold and foreign exchange reserves, as well as resources from the sovereign wealth portfolio, into cryptocurrencies and related instruments. This strategy draws lessons from sovereign wealth funds in Norway, the U.S., and Middle Eastern nations. The goal is clear: pursue aggressive strategies capable of delivering higher investment returns.
Separately, plans are underway for a crypto reserve funded by assets seized through law enforcement and proceeds from state-backed cryptocurrency mining operations. Legal frameworks defining the reserve’s status, deposit mechanisms, and usage are currently being drafted. Centralized institutional oversight will play a key role in mitigating volatility and safeguarding assets under the National Bank’s supervision.
3. Building a Comprehensive Legal and Regulatory Infrastructure
Kazakhstan is layering its strategic push with robust regulatory support. The National Bank recently launched a digital assets regulatory sandbox, allowing banks, payment entities, and fintech firms to test and deploy digital asset services under controlled environments. This initiative follows legislative amendments expanding the Bank’s authority to foster digital financial innovation while maintaining financial stability.
Additionally, the National Bank, in collaboration with financial regulators, has introduced classifications for digital financial assets—covering money-backed stablecoins, financial instrument rights tokens, and tokenized securities—alongside licensing norms for crypto exchanges, with obligations around internal controls, risk management, and customer protection.
4. Digital Tenge Roll-Out: A Modern CBDC in Action
Kazakhstan is poised for full implementation of the Digital Tenge by the end of 2025. The digital currency will support offline payments—crucial for areas with limited internet access—and seamlessly integrate with global payment systems like Visa and Mastercard. Payment through digital wallets, including Apple Pay and Samsung Pay, and secure plastic CBDC cards will enable broader adoption.
Pilot programs have already demonstrated key features: programmable money for transparent public spending, vouchers for schools, cross-border transfers, and digital budgeting tools. These align with broader goals of enhancing payment efficiency, financial inclusion, and governmental accountability.
5. Towards a Digital Finance Hub
Embedded within the broader strategy is the Astana International Financial Centre (AIFC), a regional financial hub attracting over 4,000 institutions. The AIFC provides a fertile environment for crypto-native firms and fintechs, backed by regulatory clarity and generous tax incentives through 2066. Kazakhstan equips itself with energy-rich infrastructure—like surplus hydro and coal power—for cost-effective crypto mining, complementing its digital finance ambitions.
Conclusion
Kazakhstan is charting an ambitious course toward becoming a regional leader in digital finance. By marrying presidential directives, digital currency rollout, crypto-reserve strategies, regulatory innovation, and institutional infrastructure, the nation is positioning itself at the nexus of state-backed digital asset adoption and pragmatic blockchain utility. For readers seeking emerging crypto opportunities or blockchain applications, Kazakhstan’s model offers insights into how sovereign states might integrate digital assets into mainstream economic frameworks.
