Kazakhstan’s president proposes establishing a national digital asset fund

Kazakh President Kassym-Jomart Tokayev emphasized the importance of attracting capital to the high-tech sector and instructed the government and the National Bank to develop an investment program worth up to $1 billion to promote technological development. He also proposed establishing a National Digital Asset Fund under the National Bank Investment Company, which would accumulate strategic cryptocurrency reserves and incorporate promising digital assets into the evolving financial landscape. He also urged the development of new tools to inject bank liquidity into the economy and stressed the need for a new banking law. The proposed legislation would aim to enhance competition, attract new market participants, strengthen fintech development, and liberalize the circulation of digital assets. (Astana Times)