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Kazakhstan Unveils Plans for Digital Tenge Expansion and CryptoCity Project
Kazakhstan is stepping up its role in the global digital finance race, with President Kassym-Jomart Tokayev announcing plans to create a State Digital Asset Fund and pass a comprehensive digital asset law by 2026. The initiative is part of a broader national push to expand the digital tenge, modernize banking, and integrate crypto into everyday life.
State Digital Asset Fund to Hold Strategic Crypto Reserve
In his annual address, Tokayev called for the country to “create a full-fledged ecosystem of digital assets as soon as possible.” He directed the National Bank’s investment corporation to manage the upcoming fund, which will accumulate a strategic reserve of cryptocurrencies and tokenized assets.
Tokayev also urged lawmakers to finalize legislation regulating tokenized platforms and fostering competition in the sector before 2026. According to Akorda Press, the president emphasized that crypto-assets must be a national focus under current global realities.
Crypto influencer Mario Nawfal reacted to the announcement on X, writing, “THE SNOWBALL EFFECT IS REAL.”
Expanding the Digital Tenge and CryptoCity Vision
Kazakhstan has already taken significant steps toward digital finance innovation. The digital tenge, launched in pilot mode in late 2023, is now being used in public budgets and will soon play a larger national role in funding projects through the National Fund.
Tokayev also confirmed the development of CryptoCity in Alatau, a southeastern city of 52,000 residents. He described it as the region’s “first fully digitalized city,” where people can make crypto payments in daily life, blending advanced technology with quality living standards.
First Bitcoin ETF and Mining Legacy
In August, Kazakhstan introduced Central Asia’s first spot Bitcoin ETF through Fonte Capital on the Astana International Exchange, with BitGo serving as custodian.
The country is already recognized as a Bitcoin mining hub, once accounting for around 13% of global hashrate thanks to cheap power and favorable policies. However, this rapid growth also strained the power grid and fueled illegal mining operations.
With these latest initiatives, Kazakhstan is positioning itself as a regional leader in digital finance, aiming to embed crypto into both its economy and daily life.
