Key Takeaways
- Kazakhstan President Tokayev proposed a strategic crypto reserve under the National Bank.
- Comprehensive digital asset legislation is expected by 2026.
- Plans include building “CryptoCity,” a blockchain-powered urban hub.
Kazakhstan is positioning itself as a future heavyweight in the digital asset economy.
In his annual State of the Nation address in Astana, President Kassym-Jomart Tokayev called for the creation of a strategic crypto reserve and unveiled plans to build the country’s first “CryptoCity.”
The announcement places Kazakhstan among a growing group of nations, including the United States, Russia, and El Salvador, that are exploring the role of sovereign crypto reserves in financial security.
2026 Deadline for Digital Asset Law
Tokayev urged lawmakers to develop a comprehensive legal framework for digital assets by 2026.
Central to his proposal is the creation of a National Digital Asset Fund under the National Bank’s Investment Corporation.
The fund would function much like a sovereign wealth fund but focus on tokenized assets and cryptocurrencies.
“It is advisable to create a State Fund of Digital Assets based on the National Bank’s Investment Corporation,” Tokayev said, stressing the importance of building a “full-fledged ecosystem of digital assets as soon as possible.”
The Agency for Regulation and Development of the Financial Market (ARDFM) has been tasked with drafting the framework, covering tokenized platforms, fintech startups, and crypto exchanges.
From Mining Hub to Strategic Player
Kazakhstan rose to prominence in 2021 as one of the world’s largest Bitcoin mining hubs after China banned mining operations.
With abundant energy resources and favorable regulations, the country quickly attracted global miners.
Now Tokayev’s proposal signals a shift from being a mining hub to becoming a strategic holder of digital assets.
The move comes as governments worldwide weigh the benefits of holding Bitcoin and other crypto assets as reserves, both for financial stability and as a hedge against currency volatility.
Building “CryptoCity”
Beyond reserves, Tokayev unveiled an ambitious plan for CryptoCity, to be developed in the Alatau neighborhood near Almaty.
The city would serve as a blockchain-driven innovation zone where residents could use crypto for everyday transactions, from shopping to paying for services.
CryptoCity expands on a pilot program introduced in May 2025 and aligns with Kazakhstan’s broader ambitions.
The Astana International Financial Centre (AIFC), already a fintech hub, launched Central Asia’s first Bitcoin ETF earlier this year.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
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