Key Takeaways
- The main goal of Alem Crypto Fund is to create a mechanism for long-term investments in crypto assets and form strategic crypto reserves for the country.
- The fund made its first investment in BNB, the native token of the BNB Chain, in cooperation with Binance Kazakhstan
In a significant development, Kazakhstan has launched its first state crypto fund, Alem Crypto Fund, established by the Ministry of Artificial Intelligence and Digital Development of the Republic of Kazakhstan. The fund is managed by Qazaqstan Venture Group and registered in the Astana International Financial Centre ecosystem.
As per the official statement, the main goal of Alem Crypto Fund is to create a mechanism for long-term investments in crypto assets and form strategic crypto reserves for the country.
Alem Crypto fund made its first investment in BNB, the native token of the BNB Chain, in cooperation with Binance Kazakhstan, which operates under a license from the Astana Financial Services Authority.
Deputy Prime Minister and Minister of Artificial Intelligence and Digital Development Zhaslan Madiyev said that Alem Crypto Fund will be “a reliable tool for institutional investors and a foundation for creating digital reserves of the Republic of Kazakhstan.”
On the development, General Manager of Binance Kazakhstan Nurkhat Kushimov noted that the first investment in BNB reflects “confidence in the reliability of the Binance ecosystem and demonstrates the synergy between the state’s digital initiatives and the development of crypto infrastructure.”
Earlier this month, Kazakhstan’s President Kassym-Jomart Tokayev stated, “It is advisable to create a State Fund of Digital Assets on the basis of the National Bank’s Investment Corporation. This structure will accumulate a strategic crypto reserve consisting of promising assets in the new digital financial system.”
In May, Tokayev noted that the country was going to create a pilot zone in which crypto could be used to pay for goods and services. Apart from Kazakhstan, several countries, such as Brazil and Indonesia, have reportedly been exploring ways to set up a strategic digital asset reserve. This move follows the USA’s creation of a crypto reserve that would include Bitcoin and other digital assets under an executive order by US President Donald Trump.
