AFSA Publishes 2025 Annual Report Detailing Regulatory Developments and Supervisory Outcomes

The Astana Financial Services Authority (AFSA) has published its 2025 Annual Report, setting out key regulatory developments, supervisory outcomes, and institutional achievements during the year. The Report outlines AFSA’s continued focus on maintaining market integrity, investor protection, and financial stability within the Astana International Financial Centre (AIFC), while supporting responsible market growth through a transparent, risk‑based, and internationally aligned regulatory framework.

Evgeniya Bogdanova, Chief Executive Officer of AFSA, said: “2025 was for us a year of consolidation, institutional strengthening, and growing international confidence in AFSA and our markets. As we look ahead, AFSA remains committed to earning and maintaining trust through strong regulation, effective supervision, and open engagement. We enter the next phase of the AIFC’s development with confidence, responsibility, and a clear sense of purpose.” 

The Report provides a comprehensive overview of AFSA’s activities across market sectors (capital markets, asset management, digital assets, banking, and insurance) and regulatory functions (registration, authorisation, supervision, enforcement, regulatory framework development, and international cooperation), reflecting the Authority’s ongoing commitment to maintaining a transparent, predictable, and robust regulatory environment. 

Registration 

In 2025, AFSA registered 1,467 new companies, representing a 25% increase compared to 2024. As a result, the total number of AIFC Participants reached 4,954 companies from 91 countries, reflecting continued international diversification of the Centre. On average, 28 companies per week were registered in 2025, highlighting sustained demand for the AIFC jurisdiction. 

Authorisation and Financial Sector Growth 

The number of financial ecosystem participants continued to expand, reaching 510 entities, including financial service firms, investment vehicles, recognised institutions and FinTech Lab participants. 

In 2025, AFSA authorised 29 financial services firms, with strong interest in investment-related activities such as fund management, brokerage, and advisory services. AFSA also continued to strengthen its approach to maintaining high standards, with a number of applications not progressing further following regulatory authorisation review. 

Digital Assets 

The digital assets sector has been and continues to be one of the key priority areas for market development within the AIFC. In 2025, the AIFC has been recognised by IOSCO as one of the leading jurisdictions in implementing global standards for crypto and digital asset markets. 

AFSA continued supervising 9 Digital Asset Service Providers (DASPs) under the full regulatory framework, and 19 DASPs operated under supervision within the FinTech Lab. In 2025, DASPs generated a total transaction volume of USD 10.58 billion, with a client base reaching approximately 215,000 users, reflecting significant growth in both activity and market participation. 

The FinTech Lab continued to serve as an effective pathway for innovation, supporting firms in testing and scaling digital asset solutions before transitioning to the full regulatory regime. 

Asset and Fund Management  

The asset management sector within the AIFC experienced substantial expansion in 2025, reflecting increased market participation and growing investor demand for professionally managed investment vehicles. Assets under management increased to over USD 5.4 billion, while the number of investment funds reached 177, managed by 71 fund and asset managers. The sector remains one of the fastest-growing within the AIFC, with increasing diversification across hedge funds, private equity, venture capital and other specialised fund structures. 

Capital Markets 

AFSA supervised the market activities of 7 Market Institutions, including investment exchanges, clearing houses and crowdfunding platforms; and two multilateral trading facilities (MTFs).  Investment intermediaries comprised 30 brokers and dealers licensed by AFSA and 55 foreign brokers and dealers recognized by AFSA. Client assets held by broker-dealer firms licensed by AFSA reached USD 10.1 billion, serving more than 300,000 clients in 2025.  

In 2025, Astana International Exchange Limited (AIX), the sole licensed exchange operator within the AIFC, reached market capitalisation of USD 81.5 billion, $2.1 billion in trading turnover, and 215 new listings during the year.  

International Trading System (ITS), the first MTF licensed by AFSA, expanded its offering to more than 3,200 tradable instruments, including equities, depository receipts and exchange-traded funds, reaching a total trading volume of over USD 14 billion. 

This continued development reflects the growing depth, liquidity, and diversification of the AIFC capital markets ecosystem. 

International Recognition and Cooperation 

AFSA continued to strengthen its international engagement and cooperation with global regulatory bodies. During the year, AFSA actively engaged with the global and domestic regulatory community, participating in over 15 conferences and hosting or contributing to more than 10 outreach and stakeholder engagement events focused on fintech, digital assets, capital markets and AML/CFT supervision.

In 2025, AFSA joined IOSCO’s International Securities and Commodities Alerts Network (I-SCAN) – a global platform that enables regulators to exchange information and coordinate actions to combat online investment fraud and illegal financial activities. Participation in I-SCAN allows AFSA to contribute its public warnings to a global alert system and enhances its ability to protect investors. 

The full Report is available at the Link. 

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. 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. aifc.kz

Public Relations and Communications Division of AFSA: [email protected]