Operating a Digital Asset Trading Facility
Operating a Digital Asset Trading Facility
Operating a Digital Asset Trading Facility
Dealing in Investments as Principal
Dealing in Investments as Agent
Managing Investments
Managing a Collective Investment Scheme
Providing Custody
Arranging Custody
Providing Trust Services
Providing Fund Administration
Advising on Investments
Arranging Deals in Investments
Managing a Restricted Profit Sharing Investment Account
Islamic Banking Business
Providing Islamic Financing
Insurance Intermediation
Operating a Representative Office
Accepting Deposits
Providing Credit
Advising on a Credit Facility
Arranging a Credit Facility
Providing Money Services
Effecting Contracts of Insurance
Operating a Digital Asset Trading Facility means operating a facility which functions regularly and brings together multiple parties (whether as principal or agent) with a view to the entering into of contracts:
(a) to buy, sell or exchange Digital Assets for a Fiat currency; and/or
(b) to exchange one Digital Asset for another Digital Asset, in its Facility, in accordance with its non-discretionary rules.; and/or
(c) to buy, sell or exchange Digital Assets for a commodity.
General requirements
70 000 USD
*According to AIFC Fees Rules 5.1.1., the application may not be regarded by the AFSA as submitted, and therefore ready to be reviewed, until the fee has been paid in full.
Therefore, when the application is ready for submission, please send us a completed request for invoice (please follow the link to download the form) and after that we will issue the invoice for payment. If the payment to be made by a natural person, then please provide a copy of his/her ID as well.
Registration fee is 300 USD (paid once) if you apply via the self-service portal and 500 USD (paid once) if you apply on paper via [email protected].
fixed fee 25,000 USD paid on a yearly basis and variable fee paid on a quarterly basis.
*AIFC Fees Rules 6.1 and 6.1-1
Digital Asset Trading Facility Operator must hold the following minimum capital:
The higher of (i) 200,000 or (ii) an amount equal to sufficient working capital in fiat currency to continue business for a period of 12 months, based on realistic forecasts for the business in different market conditions (both negative and positive scenarios)
Required
*AIFC Financial Services Framework Regulations 109.
*AIFC Rules on Digital Asset Activities (DAA) 2.4.9 on a mandatory third-party audit of technology governance and IT systems
- Appointment of a Board of Directors
- Appointment of approved and designated individuals (SEO, Finance Officer, Compliance Officer, MLRO, CITO)
- Appointment of committees within the company (Risk Committee, Investment Committee, Compliance Committee etc.)
- AML Policy
- Compliance Manual
- Compliance Monitoring Program
- Risk Management Policy
- Remuneration Policy (AIFC GEN Rules 5.3.7.)
- Outsourcing Policy (AIFC GEN Rules 5.2.)
- Business Continuity Plan/Disaster Recovery Plan (AIFC GEN Rules 5.8.4.)
- Conflict of Interest (AIFC GEN Rules 5.6.)
- Internal Audit Policy (AIFC GEN Rules 5.5.)
- Code of Conduct
- Business Rules (AIFC Rules on DAA 2.5.2)
- Cyber-security Policy (AIFC Rules on DAA 2.4.4)
- Membership Rules (AIFC Rules on DAA 2.5.6)
- Admission to Trading Rules (AIFC Rules on DAA 2.5.7)
- Systems and controls in respect of technology governance (AIFC Rules on DAA 2.4.10, 2.4.11)
*By clicking here you can find guides to the minimum requirements for some policies and procedures.
Application package
Application Approved Individual status
Application Designated Individual status
Financial projections template
Request for Invoice
Fit and Proper Questionnaire for Controllers
Application RA (standard)_A08
Supplement DATF_A01
Supporting documents
- Incorporation certificate of Parent/head office (if applicable)
- Board minutes approving establishment of the AIFC entity
- Résumés/CVs for Controllers that are natural persons
- Résumés/CVs for the members of the Board of Directors (both executive and non-executive) as applicable
- Last audited accounts (if applicable)
- Last audited Group accounts (if applicable)
- A shareholding chart that depicts how the applicant is related to each of its shareholders (including natural persons) and to its related entities, Subsidiaries, and head office/Branch, as applicable
- An organisation chart depicting the key appointments and reporting lines and, where applicable, the reporting lines to the Group or head office
- If the applicant is a start-up evidence of source of funds
- Evidence, such as non-binding letters of engagement, to support the applicant’s revenue-stream estimations in the financial projections
- If the applicant is a start-up, a copy of the Shareholders’ agreement
- Copies of any Board and management committees’ terms of reference
- A copy of each Controller’s Kazakhstani ID card (if a Kazakhstani citizen or resident)
- A copy of each Controller’s passport (for non-Kazakhstani citizens)
- If your Parent is regulated in another jurisdiction provide a copy of its regulatory licence. It must include any restrictions or conditions
- List of above-mentioned policies and procedures
- Market Making Agreements
*Under AIFC Financial Services Framework Regulations 31 (5), the AFSA may require the applicant to provide additional information reasonably required for the AFSA to be able to decide the application.