ALMATY — President Kassym-Jomart Tokayev has proposed measures to optimize the use of the National Fund and accelerate the development of a digital asset ecosystem during his annual state-of-the-nation address on Sept. 8.
Photo credit: Akorda
Tokayev proposed renaming the Committee for the Return of Illegally Acquired Assets under the Prosecutor General’s Office into the Committee for the Protection of Investor Rights, reflecting a shift in focus toward creating a more transparent and investor-friendly environment.
Redefining the National Fund’s role
Highlighting the committee’s achievements, he noted that approximately 850 billion tenge (US$1.57 billion) has already been recovered and directed toward the construction of 10 schools, four sports facilities, 235 healthcare facilities, and 177 water infrastructure projects. Additional funds are expected to flow into the national budget.
Tokayev also urged the government to review tax incentives for investors, stressing that preferences should be granted selectively and reserved for projects that are economically significant and profitable. He commended the mechanism of investment agreements, noting its proven efficiency in attracting capital.
Focusing on new opportunities, President Tokayev emphasized the need to redefine the role of the National Fund as a tool for sustainable development.
“The Fund’s resources should be used thoughtfully to finance promising small-scale projects with strong market potential within our country,” he said, adding that international asset managers and investors could be involved to ensure high-quality expertise.
Accelerating high-tech investments and banking reform
Tokayev stressed the importance of attracting capital into high-tech sectors, instructing the government and the National Bank to design an investment program worth up to $1 billion aimed at fostering technological growth.
He also called for greater involvement of second-tier banks in financing the real economy. Tokayev noted that many Kazakh banks prefer investing in low-risk financial instruments rather than lending to businesses, which slows economic diversification.
To address this, he urged the development of new tools to inject banking liquidity into the economy and highlighted the need to adopt a new banking law. The proposed legislation will aim to increase competition, attract new market participants, strengthen fintech development and liberalize digital asset circulation.
Building a digital asset ecosystem and strengthening cybersecurity
President Tokayev underscored the need to accelerate the formation of a comprehensive digital asset ecosystem in Kazakhstan. He highlighted the introduction of the digital tenge, already being used for financing projects through the National Fund.
Recognizing the growing role of cryptocurrencies, Tokayev proposed creating a State Digital Asset Fund under the National Bank’s investment corporation. The fund would accumulate a strategic crypto reserve comprising promising digital assets within the evolving financial landscape.
At the same time, he warned about cybersecurity risks associated with digitalization. He pointed to the rising threat of online fraud and stressed the need for advanced technological solutions to combat financial cybercrime.
