Kazakhstan President Calls for State-Backed Crypto Reserve

Kazakhstan's President Kassym-Jomart Tokayev is directing the country towards establishing a state-backed digital asset ecosystem, including a strategic crypto reserve managed by the National Bank’s investment arm. This reserve aims to hold the most promising digital assets, reflecting Kazakhstan's broader push to integrate digital currencies like the digital tenge into public finance and state budgets. Tokayev emphasizes the need for new legislation to liberalize digital asset markets, support fintech innovation, and incorporate tokenized assets and fintech platforms into the regulated financial system. He also calls for increased investment in high-tech industries and urges domestic banks to lend more to businesses, as they currently favor low-risk assets. The initiative follows earlier steps such as expanding the digital tenge's use and launching a Solana Economic Zone to attract developers and investors. Kazakhstan's approach aligns with global trends, including similar efforts underway in the United States under President Donald Trump.