This alert by the Astana Financial Services Authority is to remind the public of the importance of exercising caution when selecting Digital Assets Services Providers (DASPs) for digital asset transactions and investments, especially considering the growing popularity of digital assets and blockchain technology.

When choosing a DASP for your digital asset needs, it is important to check whether the DASP is authorised by the Astana Financial Services Authority (AFSA). AFSA is the only regulator of digital assets services providers in Kazakhstan.

Consumers may verify the legitimacy of firms by accessing the public register https://publicreg.myafsa.com/, which allows consumers to check if the companies that they are considering to use are authorised and compliant with regulatory requirements. This simple step ensures that consumers can make informed decisions and trust that they are engaging with reputable and trustworthy businesses. AFSA-authorised providers are held to high standards of compliance, accountability and consumer protection.

To report any concerns or suspicious activities please visit this link https://afsa.aifc.kz/en/report-a-scam-or-unauthorised-firm.

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 2,500 firms from 78 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]

The Astana Financial Services Authority (AFSA) has issued the Consultation Paper on the proposed AIFC Tokenised Commodities framework (“Framework”) to seek suggestions from the market.

The Framework consists of the proposed amendments to the current AIFC Rules and Regulations for the purpose of extending of the AFSA regulatory perimeter and bringing tokenised instruments linked to commodities under its umbrella.

The proposals in this paper will be of interest to current and potential AIFC Participants involved in stablecoin-related activities, dealing with tokenised commodities, as well as to market participants and other interested parties.

The Consultation Paper consists of:

Part I – Background;

Part II – Proposals;

Part III – Public Consultation Questions;

Annex 1 – Draft Amendments to AIFC Glossary (GLO);

Annex 2 – Draft Amendments to AIFC Digital Asset Activities Rules (DAA);

Annex 3 – Draft Amendments to AIFC Financial Services Framework Regulations (FSFR);

Annex 4 – Draft Amendments to AIFC Authorised Market Institutions Rules (AMI);

Annex 5 – Draft Amendments to AIFC Conduct of Business Rules (COB); and

Annex 6 – Draft Amendments to AIFC Fees Rules (FEES).

In the course of public consultation, existing and potential market participants are invited to comment on the questions reflect in Part III of the Consultation Paper.

The deadline for providing comments is 25 April 2024. Once we receive your comments, we shall consider if any refinements are required to this proposal.

AFSA prefers to receive comments by email at [email protected].

To get acquainted with the Consultation paper, please follow this link.

The Astana Financial Services Authority (AFSA) has issued a Consultation Paper on the proposed AIFC family offices framework to seek suggestions from the market.

The proposals in this paper will be of interest to families or entities who are looking for an attractive base to establish family offices. In particular, family businesses, legal advisors, advisers to families, and wealth managers.

The Consultation Paper consists of:

Part I – Background;

Part II – Proposals;

Part III – Public Consultation Questions;

Annex 1 – Proposed Amendments to the AIFC Rules.

During the public consultation, both existing and potential market participants are invited to comment on the questions outlined in Part III of the Consultation Paper.

The deadline for providing comments is 25 April 2024. Once we receive your comments, we shall consider if any refinements are required to this proposal.

AFSA prefers to receive comments by email at [email protected].

To get familiarised with the Consultation Paper, please follow this link.

The Astana Financial Services Authority (AFSA) invites all Digital Asset Service Providers (DASPs) authorised in its FinTech Lab to test new types of products and services involving digital assets. The new types of digital assets may involve margin trading, peer-to-peer, derivatives trading, staking, non-fungible trading, digital asset loans and other services. This list of services is a living document and may change given the evolving nature of DLT-related technologies.

To set out its approach to this initiative, AFSA has issued the respective Notice link.

If you as a lincenced DASP are interested to launch and test your new product or services, as a first step please contact AFSA by reaching out to a relevant case officer for further guidance. Meanwhile, those willing to start authorised operations and simultaneously test new products and services in the AIFC need to contact AFSA via the following contact details: +7 (7172) 64-73-72 or [email protected].

This call for a trial run of new products and services comes after two years of key developments in the digital assets industry in AIFC and Kazakhstan. AFSA along with the state authorities of Kazakhstan completed several significant projects to test the operations of DASPs and developed a comprehensive regulatory framework for providing digital asset services in the AIFC.

Notably, the key driver for the developments in the digital asset sector in the AIFC was the launch of the pilot project testing fiat gateways between AIFC cryptoexchanges and commercial banks of Kazakhstan in June 2022. The 1,5 year-long pilot successfully ended in 2023, and provided feedback that was instrumental in the development and enactment of the comprehensive crypto regulatory framework in AIFC. The results of the pilot project also laid down robust regulatory foundation for DASPs and now serve as a leverage for DASPs and AFSA for further crypto innovations in the AIFC.

AFSA Chief Executive Officer Nurkhat Kushimov said: “We witness global rapid development of the DLT-related technologies, a wider trend in assets tokenisation and offerings of the multitude of financial services involving digital assets. Our communication with the market and the feedback that we receive from it show that there is increased demand to expand such services. We at AFSA are committed to further support this demand in a secure way by testing new products and services in the protected environment of out FinTech Lab.

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 2,500 firms from 78 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]

The International Swaps and Derivatives Association, Inc. (ISDA) has recognised the Astana International Financial Centre (AIFC) as a netting-friendly jurisdiction and published its legal opinion prepared by Dentons Kazakhstan LLP for ISDA members.

The legal opinion recognises the enforceability of close-out netting of the ISDA Master Agreements[1] under the Acting Law of the AIFC. The publication of the opinion is an important contribution to Kazakhstan’s financial market infrastructure as the recognition encourages global and national institutions to carry out their derivative transactions from the AIFC.

Close-out netting is a legal mechanism used in the financial industry to mitigate risk in the event of a counterparty’s default. It allows parties in a bilateral agreement to offset their obligations against each other, calculating a net amount to be paid by one party to the other, rather than setting each obligation individually.

The AIFC Netting Regulations and the supporting provisions in other AIFC Acts provide firms with a high degree of legal certainty and comfort to trade with the AIFC firms leading to significant efficiencies and increased liquidity on the local market.

AFSA Chief Executive Officer Nurkhat Kushimov commented: “Publication of a netting opinion demonstrates that AFSA remains committed to working closely with international organisations to further develop the AIFC’s legal and regulatory framework, ensuring it remains at the forefront of financial innovation and services.”

“Ensuring the enforceability of close-out netting is the single most important step a country can take to improve the safety and efficiency of its derivatives market. The AIFC joins more than 80 jurisdictions worldwide to be covered by an ISDA netting opinion,” says Dr Peter Werner, Senior Counsel at ISDA.

Vassiliy Zenov, the head of Banking and Finance at Dentons in Kazakhstan commented: “We are pleased to issue the Netting Opinion in relation to the AIFC law for the benefit of the ISDA members, and therefore the AIFC netting regime should now be covered for close-out netting purposes. We are also delighted to be instrumental to the practical implementation of the AIFC law and its financial markets.”

The close-out netting opinion is not only a critical element for risk management in financial transactions. It is also a testament to the AIFC’s commitment to adopting international best practices and creating a safe, efficient, and globally competitive financial ecosystem.

In 2022, the ISDA published a country update on the AIFC jurisdiction, and the publication of the legal opinion by ISDA marks the formal recognition of the AIFC as a netting-friendly jurisdiction.

Reference:

Since 1985, ISDA has worked to make the global derivatives markets safer and more efficient. Today, ISDA has over 1,000 member institutions from 77 countries. These members comprise a broad range of derivatives market participants, including corporations, investment managers, government and supranational entities, insurance companies, energy and commodities firms, and international and regional banks. In addition to market participants, members also include key components of the derivatives market infrastructure, such as exchanges, intermediaries, clearing houses and repositories, as well as law firms, accounting firms and other service providers. Information about ISDA and its activities is available on the Association’s website: https://www.isda.org/. Follow us on X, LinkedIn and YouTube.

Dentons is a global legal practice providing client services worldwide through its member firms and affiliates. Across over 80 countries, Dentons helps you grow, protect, operate and finance your organization by providing uniquely global and deeply local legal solutions. Polycentric, purpose-driven and committed to inclusion, diversity, equity and sustainability, we focus on what matters most to you. Dentons’ global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 160 locations. Dentons is the leading global law firm in Central Asia. With a presence in Kazakhstan dating back more than 30 years, and offices in Almaty and Astana, our team has supported clients in many of the most important transactions and litigations in the market, while helping to shape the local business climate and practice of law. www.dentons.com.

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.

Around 2,500 firms from 78 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]

[1] An ISDA Master Agreement is the standard document regularly used to govern over-the-counter derivatives transactions. The agreement, which is published by the International Swaps and Derivatives Association (ISDA), outlines the terms to be applied to a derivatives transaction between two parties, typically a derivatives dealer and a counterparty.

The list of financial services that participants of the Astana International Financial Centre can provide to residents of Kazakhstan has been expanded. 12 February this year the National Bank of the Republic of Kazakhstan (NB RK), the Agency of the Republic of Kazakhstan on Regulation and Development of Financial Market (ARDFM) and the Astana International Financial Centre (AIFC) agreed on the relevant changes and additions to the AIFC Rules of currency regulation and provision of information on currency transactions in AIFC.” The amendments and additions are effective retrospectively from 1 January 2024[1].

The list of financial and professional services that AIFC participants can provide to the Kazakhstan market has been expanded. In particular:

The possibilities for AIFC participants to provide Islamic services have been expanded. Now along with AIFC Islamic banks, Islamic financing is allowed to Islamic financial organisations of AIFC (in any currency);
AIFC participants are granted the right to provide leasing services to residents engaged in agribusiness and road infrastructure construction (in any currency);
Within the framework of providing brokerage services on international stock markets, the AIFC participants are authorised to provide services not only relating to securities, but also relating to other types of investments, such as units of investment funds, commodity, derivative and carbon instruments (in any currency);
AIFC participants can now provide brokerage services on Kazakhstan securities if they have direct access to the central counterparty’s settlements (in any currency). Previously, in order to provide such services a participant had to have an ARDFM licence or direct access to settlements in the Central Securities Depository JSC.
Settlement and depository or custodial services of the AIFC Central Securities Depository can now be provided not only for securities included in the official list of the AIFC Exchange, but also for foreign securities (in any currency);
The process of investment and investment fund management is clarified. These services are to be provided by management companies having:
– a license of the Astana Financial Services Authority in respect of clients (investors) who are citizens and legal entities of Kazakhstan investing in securities of funds established in AIFC and included in the Official List of the AIFC Exchange or Kazakhstan Stock Exchange (in any currency);

– an ARDFM licence in respect of clients (investors) who are citizens and legal entities of the Republic of Kazakhstan investing in securities of funds established in AIFC and not included in the Official List of AIFC Exchange or Kazakhstan Stock Exchange (in any currency);

AIFC participants have a right to provide crowdfunding services as part of the management of an investment crowdfunding platform (in any currency);
AIFC participants have a right to provide services of crypto exchanges, brokerage, dealing and custody involving crypto assets as well as investment management with digital assets (in any currency).
The main additions and amendments relating to the procedure for currency transactions include the following:

AIFC banks (including Islamic banks) were granted the right to open correspondent accounts with Kazakhstan’s second-tier banks in both national and foreign currencies;
The conditions for payments and (or) transfers of money of clients of Islamic banks were expanded. Now clients of Islamic banks may carry out such operations not only on services related to Islamic finance, but also on other projects for which a client has attracted financing from this bank;
AIFC participants have the right to replenish their authorised capital through second-tier banks of RK in any currency and through AIFC banks in foreign currency;
Requirements for AIFC banks to request identifying documents and information (currency agreement, BIN, etc.) for payments and money transfers made between non-residents, unregistered and those not operating in the Republic of Kazakhstan were excluded;
Foreign currency exchange can now be carried out by brokers and dealers of AIFC, who have a licence to carry out exchange operations, as well as foreign banks. Previously, such operations could only be carried out by AIFC banks.

In terms of information interaction between AIFC and NB RK, the scope and terms of submitting reports to NB RK were adjusted.

The full text of the amendments and additions to the Rules can be found via this link.

AFSA Chief Executive Officer Nurkhat Kushimov said: “Financial flows between jurisdictions and organisations allow people to receive timely and quality services, develop their businesses, and effectively manage their finances, thereby improving the welfare of the entire country. Recent changes and amendments to the Rules of Interaction between AIFC and Kazakhstani jurisdiction will help bring greater clarity and predictability to the processes and procedures of financial services, facilitating the flow of critical resources for the development of the economy of the country and the region”.

The Rules were first adopted in November 2021. However, during the two years of their implementation, cross-jurisdictional issues between participants and bodies of AIFC and the financial market of Kazakhstan have accumulated. To address these issues, a task force was formed in January 2023 to develop amendments and additions to the Rules. The working group comprised AIFC, NB RK and ARDFM. As a result of regular meetings of the task force and public discussions with market participants, the regulators developed a number of amendments adopted 12 February 2024.

[1] In accordance with paragraph 5 of Article 5 of the Constitutional Law “On AIFC” – acts of the Centre in coordination with the National Bank of the Republic of Kazakhstan shall establish requirements for the provision of information on currency operations, as well as the procedure for information interaction between the bodies of the Centre and the National Bank of the Republic of Kazakhstan”. Also, this act is coordinated with the Agency for Regulation and Development of Financial Market in connection with the list of financial and professional services available in the act, which participants of the Center can provide to the market of Kazakhstan.

The Astana International Financial Centre is hosting a workshop “Cryptocurrency in Central Asia: Navigating FATF Recommendation 15 – Challenges and Best Practices”, which discussed ways to ensure safe and responsible use of cryptocurrency.

During the workshop, AFSA shared measures of developing an ecosystem for safe and responsible use of cryptocurrencies. As the only platform in Kazakhstan and the region that may regulate the digital assets industry, one of AFSA’s highest priority is providing a safe environment for conducting activities involving the use of digital assets. The recently adopted Digital Assets Activities Rulebook based on the results of the pilot project includes, among others, detailed requirements on the implementation of FATF’s “travel rule,”[1] prohibits the use of anonymous digital assets and devices and introduces annual independent IT-audit for digital asset service providers.

The workshop has attracted a diverse and distinguished group of participants from Kazakhstan, Kyrgyzstan, and Uzbekistan representing key stakeholders. These included financial regulators, central banks and financial intelligence units from the public sector of Kazakhstan, Kyrgyzstan and Uzbekistan. Law enforcements agencies from Kazakhstan included the Anti-Corruption Agency, the Ministry of Internal Affairs and Prosecutor General’s Office. The private sector was represented by financial institutions of AIFC and Kazakhstan such as commercial banks, digital assets exchanges, investment firms and other financial service providers.

Chief Executive Officer of AFSA Nurkhat Kushimov said: “By bringing together key stakeholders from both the public and private sectors, the workshop seeks to create a shared understanding of the intricacies of virtual asset risks and encourage more cooperation. The event aims to facilitate an exchange of knowledge and expertise, enabling regulatory and law enforcement agencies to stay ahead of emerging trends in illicit financial activities involving virtual assets. The emphasis on cross-border cooperation and the establishment of public-private partnerships underscores the importance of collective efforts in regulating and supervising the virtual asset sector.”

Kathy Leach, British Ambassador to Kazakhstan said: “I am delighted to welcome participants of today’s workshop, organized together with RUSI, the UK leading think tank in partnership with the Agency of Financial Monitoring and Astana Financial Services Authority. It is a continuation of our projects on Strengthening Kazakhstan’s Financial System with participation of regional partners from Uzbekistan and Kyrgyzstan. Today’s workshop is focused on Cryptocurrencies which are a small but significant and growing part of the financial system globally and in the Central Asian region. We are looking to future opportunities to continue our cooperation on Strengthening Kazakhstan’s Financial System”.

The workshop was organised by the Royal United Services Institute for Defence and Security Studies, the British Embassy in Kazakhstan, the Astana Financial Services Authority, and supported by the Agency for Financial Monitoring of Kazakhstan. The event is one of many in a series of capacity building events started in 2023 as part of a broader project on “Countering Illicit Finance in Virtual Assets” sponsored by the British Embassy.

Reference:

RUSI – The Royal United Services Institute.

FATF – an intergovernmental organisation that develops global standards in the field of combating money laundering and terrorist financing (AML/CFT), as well as assesses the compliance of national AML/CFT systems with these standards (Financial Action Task Force).

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.

Around 2,500 firms from 78 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]

[1] The FATF’s Travel Rule requires Digital Assets Service Providers, along with other financial institutions, to share relevant originator and beneficiary information from digital asset transactions, with the aim of preventing money laundering, terrorist financing, and other fraud activity.

The Astana Financial Services Authority (AFSA) alerts the public that the following email address: “[email protected]” is a fake email address in which AFSA is impersonated.

It came to the attention of AFSA that scammers used the email address to send fake messages, impersonating AFSA and the Astana International Financial Centre (AIFC), demanded monetary payments from recipients, threatened to impose financial penalty and to issue AIFC Court subpoena.

AFSA is responsible for the regulation of financial services and related activities in the AIFC. AFSA does not provide financial services.

The Astana Financial Services Authority encourages the public to check the Public Register, which contains business information of companies authorised and/or registered by AFSA, to ensure that the firm is authorised before using financial services/products.

If you have any concerns about the authenticity of any correspondence or you think you have been contacted by someone using scam, we suggest that you address your concerns to AFSA directly, through emails indicated at the official website of AFSA or by using the online form.

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 2,400 firms from 78 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]

The Astana Financial Services Authority (AFSA), in collaboration with national regulatory authorities, is pleased to announce the formulation of comprehensive rules that enhance the interaction between a broader range of licensed entities within the Astana International Financial Centre (AIFC) and the commercial banks of Kazakhstan. This initiative marks a significant expansion from the initial Pilot Project, which was primarily focused on facilitating access for AIFC-licensed Digital Asset exchanges to Kazakhstani commercial banks.

The newly established rules extend their reach to encompass a wider array of Digital Asset Service Providers. This includes digital asset brokerage firms, asset and fund managers, as well as advisers, thereby amplifying the scope of entities that may engage with commercial banks in Kazakhstan. The uniqueness of the Rules is that they apply to the commercial banks within the nation.

These rules have been meticulously crafted in accordance with paragraph 6 of Article 11 of the Law of the Republic of Kazakhstan “On Digital Assets in the Republic of Kazakhstan,” underscoring a collaborative effort with national regulators. AFSA anticipates that these rules will usher in a more transparent and stable regulatory landscape, benefiting all participants within the digital asset ecosystem in both the AIFC and Kazakhstan at large.

This development is a direct outcome of the successful execution of the Pilot Project, which facilitated the integration of fiat channels for Digital Asset exchanges through Kazakhstani commercial banks. To date, the transaction volume of the Pilot Project is around US$200 million. The formulation of these new rules draws upon the invaluable supervisory insights gained during the Pilot Project and aligns with the pertinent stipulations of the Law on Digital Assets in the Republic of Kazakhstan.

These rules are a critical enhancement to the existing Digital Asset Activities Rulebook and the Guidance for AIFC Banks in their interactions with Digital Asset Service Providers, previously established by AFSA.

The implementation of these new rules will commence from 1 January 2024, marking a new era in the digital asset sector within Kazakhstan and the AIFC.

Commenting on this, AFSA Chief Executive Officer Nurkhat Kushimov said: “The Rules are a testament to joint work of AFSA, the National Bank of Kazakhstan and Agency for Regulation and Development of Financial Market. It once again demonstrates our aligned approach to the development of the digital asset industry in Kazakhstan. Our key expectation – making the AIFC more attractive to the global financial institutions”.

Managing Director and Chief FinTech Officer Yerkegali Yedenbayev: “The Pilot Project was a milestone achievement enabling AIFC Participants to work with the national banking infrastructure. The insights that we have obtained were used to inform the main concepts of the new Rules. It will give an additional boost to the digital asset industry in the AIFC.”

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.

Around 2,400 firms from 78 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]