Kazakhstan has launched a new government-supported fund focused on digital currencies.
The step follows the country’s introduction of its own stablecoin tied to the tenge.
The fund, known as Alem Crypto Fund, was set up by the Ministry of Artificial Intelligence and Digital Development and is managed by Qazaqstan Venture Group under the Astana International Financial Centre (AIFC).
Did you know?
Subscribe – We publish new crypto explainer videos every week!
ICO vs IDO vs IEO: Which One’s the Best? (Easily Explained)
Its role is to invest in cryptocurrencies for the long term and to build reserves that can support future financial strategies.
According to the government’s announcement on September 29, BNB
$10.13B
blockchain, BNB is used for payments, transaction fees, and voting on network decisions.
The announcement did not reveal how much was bought, nor did it say which other digital currencies might be added later.
Kazakhstan’s partnership with Binance has been in place since 2022, when Changpeng Zhao signed an agreement with the Ministry of Digital Development. That deal focused on creating clearer rules for crypto activity in the country, which laid the groundwork for today’s collaboration.
This new reserve follows the recent release of KZTE, a tenge-backed token issued on the Solana
On September 18, Michigan’s House Bill 4087 reached its second reading and was referred to the Committee on Government Operations. Read the full story.
