Digital Assets and Sustainable Development: Experts Discuss Emerging Trends at AIFC Panel Sessions within the AIF

The Astana International Financial Centre co-hosted two panel sessions at the Astana International Forum, held in Kazakhstan’s capital on 29-30 May. The discussions centred on digital assets and sustainable development finance, convening representatives from government agencies, international organisations, and the private sector to examine the key trends influencing the financial landscape. 

Renat Bekturov, Governor of the Astana International Financial Centre, said: “The Astana International Forum has firmly established itself as a high-level platform where heads of state and government, international experts, and business leaders convene to discuss global challenges and prospects for development across politics, economics, and finance. Within the forum, the AIFC organised sessions focused on critical contemporary financial topics – digital assets, which are increasingly embedded in our daily lives and reshaping the economy, and sustainable development financing aimed at achieving targets to reduce humanity’s environmental impact.”  

The first session, titled “Digital Asset Revolution: Astana on the Global Map of Digital Finance”, was led by Evgeniya Bogdanova, Chief Executive Officer of the Astana Financial Services Authority (AFSA).  

Evgeniya Bogdanova, CEO of AFSA: “ Kazakhstan is taking significant steps to establish itself as a regional leader in the digital assets sector. This journey began in 2019 with the launch of the AIFC FinTech Sandbox and the introduction of an experimental regulatory regime within the AIFC. In 2022, the AIFC, together with national regulators, launched a joint pilot project for crypto-fiat gateways involving 6 cryptocurrency exchanges, 8 banks and almost 50 thousand users – a project that proved highly successful. Today, the AIFC operates as a fully developed ecosystem, home to licensed crypto platforms such as Binance, Bybit, Bitfinex, and other digital asset service providers. In the first quarter of this year alone, total trading volume reached USD 1.7 billion.”  

At the session, Zhaslan Madiyev, Minister of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan; Lily Liu, President of the Solana Foundation; Binur Zhalenov, Chief Digital Officer and Advisor to the Governor at the National Bank of Kazakhstan; Nurkhat Kushimov, General Manager of Binance Kazakhstan; and Sanzhar Suleimanov, Vice President and Regional Director for Central Asia at VISA, discussed how digital assets are reshaping the financial landscape. 

The rapid adoption of digital assets is already creating not only new opportunities, but also challenges for financial systems and the broader economy. In this context, the speakers explored the evolution of digital currencies – from cryptocurrencies and tokens to central bank digital currencies (CBDCs) – and their potential impact on monetary policy. 

The discussion also highlighted Kazakhstan and the AIFC’s unique position within the global digital asset regulatory landscape, the potential of blockchain-based services to streamline cross-border payments and settlements, the implications of central bank digital currencies (CBDCs) for traditional monetary policy and the role of central banks, as well as the growing popularity of digital assets as investment instruments both in Kazakhstan and globally. 

Nurkhat Kushimov, General Manager, Binance Kazakhstan: “We chose the AIFC as our jurisdiction because Kazakhstan is a strategically important market for Binance. It is especially valuable when a jurisdiction offers transparent, adequate, and well-balanced regulation. Moreover, as a company, we see it as our responsibility to operate in such environments – to share technology, invest in infrastructure and human capital, and support the development of local teams”. 

Lily Liu, President of the Solana Foundation, said: “As an industry, the crypto sector must continue investing in talent development and capital formation. These have always been the foundational elements in building an ecosystem like Solana – consistently attracting developers and builders, and providing them with the necessary resources and expertise. (…) We are particularly committed to this in Kazakhstan, as the country stands out as one of the leading talent ecosystems in the region”.  

Reference:

The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC.

Over 3,800 firms from 85 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz

The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. https://aifc.kz/ 

Contact information:

Public Relations and Communications Division of AFSA: +7 (717) 264 73 43; +7 7172 61-37-45 email: [email protected]