President Kassym-Jomart Tokayev announced plans for a Kazakhstan crypto reserve during his annual address on Monday. He said the government will create a State Fund of Digital Assets to hold strategic reserves.
The fund will be based on the National Bank’s Investment Corporation. Tokayev explained that it will collect “promising assets” within the new digital financial system. The aim is to build a reserve that strengthens Kazakhstan’s digital economy.
In June, reports suggested that the national bank was already considering a Kazakhstan crypto reserve. Officials indicated it could partly use seized digital assets. Tokayev’s latest speech confirmed that the project is now part of the official state strategy.
The president also set a deadline for a Kazakhstan digital asset law. He directed the Agency for Regulation and Development of the Financial Market to prepare the draft legislation before 2026.
Tokayev said the law should create a full-fledged ecosystem of digital assets. He stressed that the financial system needs to channel more bank money into the economy through digital finance.
The plan places Kazakhstan among countries working on national digital asset frameworks. Brazil and Indonesia have also explored national crypto reserves. In the United States, an executive order by President Donald Trump led to a crypto reserve holding Bitcoin (BTC $111,714) and other digital assets.
Tokayev confirmed that Alatau, a southeastern city with about 52,000 residents, will host Kazakhstan’s CryptoCity. He described it as the region’s first fully digitalized city.
“This city will represent the future of Kazakhstan,” Tokayev said. “It should combine technological progress and the most favorable living conditions.” His remarks followed earlier government statements about a pilot zone for crypto payments.
The Kazakhstan CryptoCity project will allow payments in digital currencies. It will also test how blockchain technology can be used for services and commerce.
Kazakhstan is already a major hub for Bitcoin mining. At its peak, the country accounted for about 13% of Bitcoin’s global hashrate. Miners were attracted by low electricity costs and a favorable regulatory climate.
The surge in mining created challenges. Illegal mining operations increased and caused heavy strain on the national power grid. Authorities responded with stricter oversight, but Kazakhstan remains one of the most important global locations for crypto mining.
Tokayev’s announcement shows that Kazakhstan’s crypto reserve, the digital asset law, and CryptoCity Alatau are now central parts of national policy. The country’s role in Bitcoin mining and its new focus on digital assets highlight its continued place in the global crypto sector.
