Kazakhstan President Kassym-Jomart Tokayev has announced plans to establish a State Digital Asset Fund to consolidate the country's position in digital finance. The fund will accumulate a strategic crypto reserve through the National Bank's Investment Corporation.

Crypto adoption in Kazakhstan has surged, doubling ownership from 4% in 2022 to 8% in 2024. Mining generated over $10 million in taxes, while licensed providers contributed $367,000 in the first eight months 2024.

Tokayev warned of rising online fraud, highlighting the need for anti-fraud centres, biometric ID systems, and enhanced legislation to protect citizens and state finances. He connected digital finance to urban development, unveiling Alatau City, a $7.2 billion fully digitalised smart city with crypto payments.

The initiative positions Kazakhstan as a regional leader in crypto strategy, combining economic growth, technological innovation, and digital infrastructure development.