Kazakhstan establishes first crypto reserve
Alem Crypto Fund has been launched in Kazakhstan for long-term investments in digital assets, Kazinform News Agency reports.
The crypto reserve was established by the Ministry of Artificial Intelligence and Digital Development of the Republic of Kazakhstan under the management of Qazaqstan Venture Group and is registered within the ecosystem of the Astana International Financial Centre (AIFC).
The fund is primarily aimed at long-term investments in digital assets and building up reserves. In the long run, Alem Crypto Fund could also become a tool for state savings, expanding the nation's capability in managing the finances of the future.
"Establishing Alem Crypto Fund is a step toward the development of digital finance in Kazakhstan. Our goal is to make it a reliable tool for large investors and an essential foundation for digital state reserves," stated Zhaslan Madiyev, Deputy Prime Minister and Minister of Artificial Intelligence and Digital Development.
The fund's strategic partner is Binance Kazakhstan, a locally licensed company within the global Binance ecosystem and the world's largest player in digital assets.
As previously reported, the National Bank stands for an institutionally sound approach to the formation of the state crypto-reserve, following the best international practice of sovereign funds management (including sovereign crypto-reserves), the principles of transparency of accounting and storage of crypto-assets, transparency of crypto-reserve management, and ensuring the sustainability (safety) of the state crypto-reserve.
