The President of Kazakhstan has instructed to create a crypto reserve.

# The President of Kazakhstan has instructed to create a state crypto reserve.

A state fund for digital assets will be established in Kazakhstan to accumulate a strategic crypto reserve. This was announced by the country's president Kassym-Jomart Tokayev.

The fund will be established based on the investment corporation of the National Bank of Kazakhstan. The authorities have included this initiative in the list of instructions for the accelerated creation of a digital asset ecosystem.

Earlier, the idea of a reserve of confiscated bitcoins was supported in the country. The Chairman of the National Bank, Timur Suleimenov, noted that transferring assets under the control of a centralized institution will ensure proper oversight and risk management.

In March, the general manager of Binance Kazakhstan, Nurkhat Kushimov, stated in an interview with ForkLog that the republic has a "very serious foundation" for creating a Bitcoin reserve thanks to advanced crypto regulation.

Digital Tenge

At the same time, the government will focus on expanding the application of the digital tenge — it will be implemented not only in projects of the National Fund, but also in the financial systems of the republican and local levels, as well as in state holdings.

In July, Suleymanov stated that the platform for the Kazakhstani CBDC would be fully launched in December. According to him, there are currently 257.5 billion digital tenge in circulation.

Pilot testing of the virtual form of the national currency has successfully passed in more than ten different areas. In particular, the implementation of the digital tenge has reduced the VAT refund period from 75 to five working days.

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

Other instructions of Tokayev

Tokaev instructed the cabinet of ministers and the National Bank to develop an investment program in high-tech sectors of the economy amounting to up to $1 billion. To finance the real sector, it is planned to more actively involve second-tier banks, whose liquidity is currently directed towards low-risk instruments.

A key step will be the adoption of the banking law by the end of the year, which will provide for the liberalization of the circulation of digital assets and the promotion of fintech.

The president noted the risks of total digitalization, pointing to the rise of online fraud as a threat to financial security.

"It is necessary to build an intelligent system to combat cybercrime. 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 engage up to 100,000 students in high-tech projects. Educational materials on the basics of artificial intelligence will be developed for schoolchildren, and teachers will undergo special training on working with AI tools.

"The formation of competencies in the field of artificial intelligence should start from the school bench," said the President of Kazakhstan.

A digital platform called Qazaq Digital Mektebi will emerge in the country. Schoolchildren even from sparsely populated villages will be able to study the possibilities of AI through distance learning.

Kazakhstan's Crypto Market

In May, the authorities of Kazakhstan became interested in the potential billions in taxes from the crypto market.

The First Deputy Minister of Kazakhstan stated that the legalization and regulation of mining and trading of digital assets across the country (, not only in the AIFC), will allow the country to become a regional crypto center, attract major players, and significantly increase budget revenues.

Around the same time, the National Bank developed amendments to the legislation that establish the legal status of operators of cryptocurrency exchange platforms and introduce licensing of their activities.

In June, Kazakhstan launched the issuance of cryptocurrency cards linked to wallets on licensed exchanges in the AIFC. According to the latest data, over 4,000 companies from more than 80 countries are registered in the financial center. These firms provide banking, insurance, investment, trading, and other services.

Recall that on August 13, trading started on the Astana International Exchange (AIX) for the first spot Bitcoin ETF in Central Asia under the ticker BETF. In early September, Kazakhstan allowed the payment of regulatory fees in stablecoins.