AFSA introduces amendments to Capital Market, Digital Assets and Crowdfunding frameworks in the AIFC
The Astana Financial Services Authority (AFSA) has introduced amendments to three core frameworks regulating capital market, digital assets, and crowdfunding, with an effective date of 1 January 2026, following the public consultation held from 21 July to 15 September 2025. The amendments aim to improve the effectiveness, proportionality and international alignment of the AIFC regulatory framework. They reflect insights from supervisory observations, regular engagement with market participants, international benchmarking, and the feedback received during the consultation period.
As part of strengthening transparency and promoting a more effective consultation process, AFSA is also introducing the use of Feedback Statements for the first time in relation to these amendments. These statements summarise the key issues and themes raised by stakeholders, provide AFSA’s responses to the comments and suggestions received, and explain how the feedback has been taken into account in finalising the amendments. By clarifying the rationale and how stakeholder input influences regulatory outcomes, Feedback Statements support greater transparency, strengthen trust, and reinforce AFSA’s commitment to an open and continuous dialogue with the market.
- Amendments to the AIFC Capital Market Framework
The amendments to the AIFC Capital Market Framework mainly cover securities offerings, corporate governance and disclosure requirements, supporting further capital market development and aligning with evolving approaches to capital market regulation. Key changes include:
- Applying corporate governance requirements solely to issuers of Equity Securities;
- Expanding the membership eligibility at Authorised Market Institution;
- Aligning client classification with the broader AIFC regulatory framework;
- Enhancing Prospectus disclosure requirements and efficiency of listing process;
- Raising the threshold for determining a Related Party and revising the closed period;
- Increasing the threshold for Prospectus exemption for offers of fungible securities.
Following the public consultation, AFSA also introduced further refinements. These include:
- Amending Prospectus exemptions to broaden cross-listing opportunities and enhance a dual-listing regime;
- Removing the requirement for issuers incorporated in Kazakhstan to appoint an agent for service of process.
The commencement date is 1 January 2026.
The AIFC Market Rules, AIFC Authorised Market Institution Rules and AIFC Glossary with the relevant amendments are available on the AIFC and AFSA websites.
The Feedback Statement on the outcomes of public consultation is available here: Feedback Statement On Consultation Paper AFSA-P-CE-2025-0001 Amendments to the AIFC Capital Market Framework.
- Amendments to the AIFC Digital Assets Framework
Within the revision of the AIFC Digital Assets Framework, AFSA has undertaken a targeted review of the regulatory treatment of Regulated Activities involving digital assets. This review confirmed that all firms conducting activities in relation to Digital Assets should be treated as Digital Asset Service Providers (DASPs), consistent with the AIFC Rules on Digital Asset Activities. The amendments further clarify that the application of certain governance and technology-related obligations is linked to whether firms hold or control digital assets or use distributed ledger technology (DLT).
In addition, based on experience from the practical application of the framework and feedback received during the public consultation, the amendments introduce further changes, including:
- Revising the capital requirement for Digital Asset Trading Facility (DATF) Operators;
- Expanding the membership eligibility at DATF;
- Revising the notification requirement for admission of Digital Assets to trading;
- Consolidating Business Rules, Membership Rules and Admission to Trading Rules into a single set of Business Rules;
- Allowing a DATF Operator to incorporate a Digital Asset’s white paper by reference into the key features document;
- Increasing the Digital Asset inclusion threshold to 50% when calculating an individual Client’s net assets for Assessed Professional Client status.
The commencement date is 1 January 2026.
The AIFC Rules on Digital Asset Activities and the AIFC Glossary with the relevant amendments are available on the AIFC and AFSA websites.
The Feedback Statement on the outcomes of public consultation is available here: Feedback Statement On Consultation Paper AFSA-P-CE-2025-0002 Amendments to the AIFC Digital Assets Framework.
- Amendments to the AIFC Crowdfunding Framework
The amendments to the AIFC Crowdfunding Framework are intended to address key regulatory and operational issues, strengthen investor protection, and enhance transparency and integrity across the AIFC crowdfunding market. Key changes include:
- Strengthened due diligence requirements for Borrowers and Issuers;
- Enhanced framework for defaults, overdue payments and failures;
- Restriction on new lending proposals for borrowers in default;
- Disclosure of results of creditworthiness grading or rating;
- New annual lending and investment limits for retail clients;
- Improved financial literacy and education via enhanced risk disclosure;
- Introducing loan restructuring disclosure requirements;
- Aligning client classification with the broader AIFC regulatory framework.
During the public consultation, AFSA received extensive feedback on the initial proposals, which led to certain refinements, including changes to due diligence requirements and the framework for defaults, overdue payments and failures, as well as other clarifications. In addition, the initially proposed suitability assessment requirement for retail clients was removed, and a transition period to align with the amended requirements was permitted to provide adequate time to make necessary adjustments, align internal processes, and prepare for compliance with the new requirements.
The commencement date is 1 January 2026, with a six-month transition period for existing Authorised Crowdfunding Platforms.
The AIFC Authorised Market Institution Rules, AIFC Conduct of Business Rule and AIFC General Rules with the relevant amendments are available on the AIFC and AFSA websites.
The Feedback Statement on the outcomes of public consultation is available here: Feedback Statement On Consultation Paper AFSA-P-CE-2025-0003 Amendments to the AIFC Crowdfunding Framework.
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 4,800 firms from more than 90+ 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]