Казахстан запускает государственный фонд цифровых активов для формирования крипторезерва Translation: Kazakhstan launches a state fund for digital assets to establish a crypto reserve.

Kazakhstan is set to establish a state fund for digital assets aimed at accumulating a strategic cryptocurrency reserve, as announced by President Kassym-Jomart Tokayev.

This fund will be established within the framework of the Investment Corporation of the National Bank of Kazakhstan. Authorities have included this initiative in a list of directives for the swift development of a digital asset ecosystem.

Previously, the country expressed support for the idea of creating a reserve from confiscated bitcoins. The Chairman of the National Bank, Timur Suleimenov, pointed out that entrusting assets to a centralized institution would ensure proper oversight and risk management.

Simultaneously, the government will work on expanding the application of the digital tenge — this will be integrated not only into projects of the National Fund but also into the financial systems at both the republican and local levels, as well as state holdings.

In July, Suleimenov stated that the Kazakhstani Central Bank Digital Currency (CBDC) platform would be fully launched by December. Currently, 257.5 billion digital tenge are in circulation.

Pilot testing of the virtual national currency has successfully covered more than ten different areas. Notably, the introduction of the digital tenge has allowed the reduction of VAT refund periods from 75 to just five working days.

The National Bank of Kazakhstan began exploring the possibility of implementing CBDC in 2020. In December 2021, the regulator reported on the initial results of the pilot project for digital tenge.

Tokayev has tasked the Cabinet of Ministers and the National Bank with developing a program to invest up to $1 billion in high-tech sectors of the economy. The plan aims to more actively involve second-tier banks in financing the real sector, as their liquidity is currently directed towards low-risk instruments.

A crucial step will be the adoption of a banking law by the end of the year, which will facilitate the liberalization of digital asset circulation and the promotion of fintech.

The President noted the risks associated with total digitalization, highlighting the increase in online fraud as a threat to financial security.

«An intelligent system for countering cybercrime needs to be established. If necessary, adjustments should be made to legislation and the practices of law enforcement agencies,» he added.

Tokayev also announced the launch of the Al-Sana program, which aims to involve up to 100,000 students in high-tech projects. Educational materials on the fundamentals of artificial intelligence will be developed for schoolchildren, and teachers will receive special training on AI tools.

«Building competencies in the field of artificial intelligence should begin at the school level,» the President of Kazakhstan believes.

A digital platform called Qazaq Digital Mektebi will be created, allowing even students from sparsely populated villages to learn about AI through distance education.

In May, Kazakhstan’s authorities expressed interest in potential billions in taxes from the cryptocurrency market.

The Deputy Prime Minister stated that legalizing and regulating mining and trading of digital assets nationwide (not just within the Astana International Financial Centre) would enable the country to become a regional crypto hub, attract major players, and significantly boost budget revenues.

Around that time, the National Bank also developed amendments to the legislation that would establish a legal status for operators of crypto exchange platforms and introduce licensing for their activities.

In June, Kazakhstan launched the issuance of cryptocurrency cards linked to wallets on exchanges licensed in the financial hub. According to recent data, over 4,000 companies from more than 80 countries are registered in the financial centre, offering banking, insurance, investment, trading, and other services.

As a reminder, on August 13, trading began on the Astana International Exchange (AIX) for the first spot bitcoin ETF in Central Asia under the ticker BETF. In early September, Kazakhstan allowed payments of regulatory fees in stablecoins.