Alert: Fraudulent Impersonation of Kantai Securities Limited and Unauthorised Investment Solicitations
The Astana Financial Services Authority (“AFSA”) hereby issues this public alert concerning fraudulent activities involving the unauthorised use of the name Kantai Securities Limited and Kantai Wealth Management Ltd. (the “Company”).
Kantai Securities Limited (BIN 180740900057) is a company registered in the Astana International Financial Centre (“AIFC”) and holds an AFSA licence (No. AFSA-A-LA-2021-0003, dated 9 February 2021) authorising it to carry out the regulated activities of Advising on Investments and Arranging Deals in Investments.
The Company was previously known as Kantai Wealth Management Ltd. and was renamed to Kantai Securities Limited on 30 May 2024.
Current Status of the Company
The AFSA emphasizes that:
- The Company’s licence does not authorise it to:
- Holding or managing client funds;
- Opening or operating trading or investment accounts for clients;
- Providing brokerage services;
- Conducting foreign exchange transactions;
- Dealing in or facilitating transactions involving digital assets.
Fraudulent Activity and Impersonation
The AFSA has received information and complaints indicating that certain individuals are representing themselves as representatives of the Company and engaging in fraudulent investment activities.
These activities include:
- Entering into purported “investment agreements” referencing both the former and current names of the Company;
- Soliciting funds from individuals under the guise of investment opportunities;
- Misrepresenting payments as “donations” instead of investments;
- Refusing to return funds and imposing conditions for withdrawals;
- Pressuring individuals to use unregulated platforms, including cryptocurrency wallets and exchanges;
- Applying psychological pressure and manipulative tactics to prevent clients from withdrawing funds.
The AFSA strongly cautions members of the public to:
- Exercise extreme caution when approached with unsolicited investment offers, particularly those involving digital assets or guaranteed returns;
- Be aware that legitimate AIFC-licensed firms will not pressure clients, request payments to personal accounts, or require the use of unregulated third-party platforms for withdrawals.
Reporting and Further Action
If you have been approached with such offers, or have concerns regarding suspicious investment activities or promotions, you are encouraged to report the matter promptly to the AFSA via email to [email protected].
The AFSA warns the public to exercise utmost caution when dealing with entities claiming to provide financial services on the basis of an AFSA licence, and encourages the public to verify the status of any such entity through the Public Register, which contains information on all entities authorised and/or registered by the AFSA.
Reference:
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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 where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
Public Relations and Communications Division of AFSA, [email protected]
AFSA issues Guidance on Application of Annual Supervision Fees
The Astana Financial Services Authority (AFSA) has issued Guidance on the Application of Annual Supervision Fees to provide clarity on the calculation of annual supervision fees where different licences for Regulated Activities or Market Activities are combined.
The Guidance is issued in the context of the annual supervision fee framework under the AIFC Fees Rules (FEES). FEES 3.1.5(c) and (d) set out the methodology for combination of supervision fees where an Authorised Person carries on more than one Regulated Activity or Market Activity.
FEES 3.1.5(e) provides that AFSA may issue guidance specifying the circumstances in which combinations of licenses for Regulated Activities or Market Activities may be considered sufficiently interrelated or overlapping – in which case AIFC Participants will pay only highest applicable fee.
The Guidance also includes illustrative non-exhaustive list of examples of commonly associated activity combinations that may be considered sufficiently interrelated or overlapping.
The Guidance is available on the AFSA website at https://orderly.myafsa.com/articles/aifc-guidance-on-application-of-annual-supervision-fees.
Reference:
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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 where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
Public Relations and Communications Division of AFSA, [email protected]
AFSA Fines Veritas Group Limited and S1LK PAY Ltd.
The Astana Financial Services Authority (AFSA) has imposed financial penalties on Veritas Group Limited and S1LK PAY Ltd. (each, a “Company”, and together, the “Companies”, noting that they do not form part of the same group) following regulatory breaches identified as part of investigations conducted by the AFSA and resolved by settlement.
The AFSA fined Veritas Group Limited in the amount of USD 18,072, and S1LK PAY Ltd. in the amount of USD 19,224 following settlement of the respective breaches.
Each Company, acting independently, accepted the AFSA’s findings and agreed to settle their respective matters, accepting the financial penalties as determined by the AFSA. In addition, each Company has taken active steps to implement corrective measures to address the contraventions identified. As a result, the AFSA exercised its discretion to apply a 30% settlement discount to the financial penalties in accordance with paragraph 7.7.1 of the AFSA Enforcement Policy. The financial penalties referenced above incorporate this discount.
Summary of misconduct
During the relevant period, Veritas Group Limited engaged in activities requiring authorisation under the AIFC regulatory framework without holding the appropriate licence issued by the AFSA, and in doing so, conducted Financial Promotions in contravention of applicable regulatory requirements. In response to the AFSA’s requirement, the Company has ceased all unauthorised activities and withdrawn all related promotional materials.
The investigation into S1LK PAY Ltd. identified certain deficiencies in its systems and controls framework relating to ongoing compliance with applicable regulatory requirements and the fundamental principles set out in the Acting Law of the AIFC. S1LK PAY Ltd. has cooperated with the AFSA and developed an action plan to remediate the identified deficiencies.
Publication of settlement outcomes
At the time these enforcement matters were resolved, the AFSA Enforcement Policy did not mandate the publication of Decision Notices in all settlement cases. Subsequently, the AFSA introduced a revised approach, which includes an undertaking to publish all outcomes of enforcement proceedings as part of its enhanced transparency framework.
As these two cases were investigated, settled, and concluded during the transition to the updated publicity regime, they were processed under the previous, non-publication framework. Accordingly, no Decision Notices will be published in respect of these matters.
As a result, the AFSA considers this press release to be an appropriate and sufficient means of publicly disclosing its enforcement actions, consistent with internationally recognised standards and practices underpinning credible deterrence.
Going forward, Decision Notices arising from the AFSA’s enforcement actions will be published in accordance with paragraphs 7.5.1 and 8.3.1 of the AFSA Enforcement Policy.
The AFSA will continue to monitor each Company’s implementation of its remediation actions to ensure sustained compliance with the AIFC regulatory framework.
Reference:
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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 where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
Public Relations and Communications Division of AFSA, [email protected]
AFSA Fines Verum Payments Limited
The Astana Financial Services Authority (AFSA) has imposed a financial penalty on Verum Payments Limited (“Company”) following regulatory breaches identified as part of an investigation conducted by the AFSA and resolved by settlement.
The AFSA fined Verum Payments Limited in the amount of USD 21,854 following settlement of the breaches.
The Company accepted the AFSA’s findings and agreed to settle the matter, accepting the financial penalty as determined by the AFSA. In addition, the Company has taken active steps to implement corrective measures to address the contraventions identified. As a result, the AFSA exercised its discretion to apply a 30% settlement discount to the financial penalty in accordance with paragraph 7.7.1 of the AFSA Enforcement Policy. The financial penalty referenced above incorporates this discount.
Summary of misconduct
Verum Payments Limited conducted Regulated Activity and made Financial Promotions prior to completing the required post‑authorisation conditions. Following the AFSA’s investigation, Verum Payments Limited developed a comprehensive action plan to address and remediate the identified contraventions.
Publication of settlement outcomes
At the time these enforcement matters were resolved, the AFSA Enforcement Policy did not mandate the publication of Decision Notices in settlement cases. Subsequently, the AFSA introduced a revised approach, which includes an undertaking to publish all outcomes of enforcement proceedings as part of its enhanced transparency framework.
As this case was investigated, settled, and concluded during the transition to the updated publicity regime, it was processed under the previous, non-publication framework. Accordingly, no Decision Notice will be published in respect of this matter.
As a result, the AFSA considers this press release to be an appropriate and sufficient means of publicly disclosing its enforcement actions, consistent with internationally recognised standards and practices underpinning credible deterrence.
Going forward, Decision Notices arising from the AFSA’s enforcement actions will be published in accordance with paragraphs 7.5.1 and 8.3.1 of the AFSA Enforcement Policy.
The AFSA will continue to monitor the Company’s implementation of its remediation actions to ensure sustained compliance with the AIFC regulatory framework.
Reference:
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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 where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
Public Relations and Communications Division of AFSA, [email protected]
AFSA Issues Guidance in relation to Derivatives Trading
The Astana Financial Services Authority (AFSA) has issued a new Guidance relating to the Derivatives framework within the Astana International Financial Centre (AIFC).
The Guidance clarifies margin requirements for Retail Clients under the AIFC Conduct of Business Rules, setting out minimum margin expectations across different categories of underlying assets to ensure consistent application and proportionate leverage.
These updates introduce a risk-based approach aimed at strengthening investor protection, mitigating risks associated with leveraged trading, and promoting market integrity, while maintaining a balanced and proportionate regulatory framework within the AIFC.
The Guidance is available via the following link: AIFC Guidance on Margin Requirements for Retail Clients in Relation to Derivatives
Reference:
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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 where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
Public Relations and Communications Division of AFSA, [email protected]
Alert: Unauthorised Promotion of Investment and Digital Asset Services Using the Name of Unilive Central Asia Ltd.
The Astana Financial Services Authority (“AFSA”) hereby issues a public alert regarding the regulatory status of Unilive Central Asia Ltd. (“the Company”) and concerns relating to the promotion of investment and digital asset services in connection with the Company.
The Company was registered in the Astana International Financial Centre (“AIFC”) under BIN 260240901514 on 26 February 2026 as a holding company with the purpose of owning and managing equity interests in group companies. The Company was originally registered under the name “Unimex Exchange Central Asia Ltd.” and changed its name to “Unilive Central Asia Ltd.” on 10 April 2026.
The AFSA has identified information indicating that investment‑related activities and promotional materials have been circulating on social media platforms, posted by certain individuals referencing or promoting Unilive Central Asia Ltd., describing and advertising promised returns on funds, including daily returns and the ability to withdraw funds at any time, and referencing activities involving digital assets.
The AFSA wishes to clarify that the Company is not licensed or authorised by the AFSA to provide Financial Services, including Regulated Activities in relation to Digital Assets, and is not authorised to make Financial Promotions in relation to such Financial Services within or from the AIFC.
Members of the public and potential investors are advised to take note of the above information when dealing with or considering any engagement with the Company.
The AFSA strongly advises members of the public to:
- Exercise extreme caution when approached with offers promising guaranteed or daily investment returns, particularly involving digital assets;
- Verify the status of any company before engaging with its financial services or products by consulting the AFSA Public Register, which contains up-to-date information on all AIFC Participants authorized and/or registered by the AFSA.
If you have been approached with such offers, or have concerns regarding unauthorised financial services or promotions, you are encouraged to report the matter to the AFSA via email to [email protected].
Reference:
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), 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 where investors and businesses meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
Public Relations and Communications Division of AFSA, [email protected]
AFSA and Dubai Virtual Asset Regulatory Authority sign MoU to enhance cooperation in digital asset regulation
The Astana Financial Services Authority (AFSA) and the Dubai Virtual Asset Regulatory Authority (VARA) have signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation, mutual assistance and the exchange of information in relation to digital and virtual asset activities in their respective jurisdictions.
The MoU establishes a formal framework for cooperation between two authorities in matters relating to licensing, supervision, enforcement and compliance concerning covered digital and virtual asset activities. The document reflects the shared commitment of AFSA and VARA to promote effective cross-border regulatory cooperation in an evolving area of financial services. It is intended to support supervisory coordination, facilitate the exchange of regulatory experience and best practices, and contribute to the integrity, transparency, and resilience of digital asset markets.
Evgeniya Bogdanova, Chief Executive Officer of AFSA, commented:
“We are building a more connected and coherent regulatory landscape for digital assets. Our partnership with VARA will help reduce fragmentation and enable smoother cross-border activity, fostering greater trust in the market. Such collaboration not only enhances regulatory effectiveness, but also promotes innovation by providing market participants with greater clarity and consistency across jurisdictions.”
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 where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law.
aifc.kz
Public Relations and Communications Division of AFSA,
[email protected]
AFSA informs about its plans on regulatory framework development for 2026
The Astana Financial Services Authority (AFSA) informs market participants and stakeholders about its plans for the development of the AIFC regulatory framework for 2026, as well as potential areas of regulatory development for 2027–2028.
The AIFC regulatory framework has evolved in line with the growing maturity of the market. This development has included the establishment of a solid regulatory foundation and the subsequent introduction of tailored regulatory regimes to support market growth and diversification.
Building on these foundations, AFSA focuses on the further development of the regulatory framework, with an emphasis on the quality, proportionality and practical application of existing regulatory regimes. The regulatory framework continues to be refined on an iterative basis, taking into account supervisory experience and feedback from market participants, while adapting to evolving international standards, global trends and emerging markets.
In 2026, AFSA plans to undertake the following initiatives:
- Asset management. Further refinement of the existing Asset Management Framework, including operation of Specialist Funds, emerging fund structures and approaches, as well as practical issues affecting fund operations and investor protection.
- FinTech. Enhancement of the FinTech Lab framework to improve its effectiveness and relevance, supporting responsible innovation and the testing of new business models.
- Targeted amendments. Targeted amendments across different regulatory frameworks to address identified gaps and inefficiencies. At this stage, the preliminary scope includes insurance and Islamic finance, while other areas may be considered at a later stage.
- Guidances. Development of new Guidance on fees covering certain licence combinations and variable fee components and update of existing AML/CFT Guidances.
For 2027-2028, AFSA is considering a number of potential areas of regulatory development, subject to further review and prioritisation. These include possible enhancements to the Recognition Framework, alignment of membership- and client-related requirements across AIFC regulatory regimes, and enhancement of Tokenisation Framework.
Potential areas also include amendments to the regulatory framework for Multilateral and Organised Trading Facilities, updates to the Guidance on Fitness and Propriety, as well as possible amendments to the Derivatives Framework, the development of an Appointed Representative Framework and updates to the Perimeter Guidance.
AFSA places particular emphasis on continuous engagement with market participants to inform the refinement of regulatory regimes and address practical implementation issues.
Public consultations remain a standard part of the regulatory framework development process. More recently, AFSA launched its first Call for Evidence on the Asset Management Framework as an early-stage policy tool to gather market views on the effectiveness of the existing framework prior to developing proposals for further enhancement.
To strengthen communication with the market, AFSA has also begun publishing Feedback Statements. Last year, Feedback Statements were issued following consultations on the Capital Markets, Digital Assets and Crowdfunding Frameworks, enhancing transparency on outcomes of public consultation.
Market participants are invited to share views and proposals on an ongoing basis and are encouraged to actively participate in Calls for Evidence and Public Consultations, as market input remains an important element of regulatory development.
AFSA welcomes feedback on the regulatory framework development projects envisaged for 2026-2028, as well as other proposals related to the further development and enhancement of the AIFC regulatory framework, which may be submitted to [email protected].
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 where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
Public Relations and Communications Division of AFSA, [email protected]
AFSA calls for evidence on further enhancement of the AIFC Asset Management Framework
The Astana Financial Services Authority (AFSA) has launched its first Call for Evidence to gather stakeholder feedback on further enhancement of the AIFC Asset Management Framework.
Asset and fund management remains a strategic priority for AIFC and is one of its fastest-growing sectors. Assets under management have increased from USD 115 million in 2021 to over USD 3 billion by the end of the third quarter of 2025, alongside significant growth in the number and diversity of funds and asset managers operating in the AIFC. This growth has been supported by AFSA’s market-driven approach to regulatory development and close engagement with industry participants.
Building on these achievements and in further support of the continued improvement of the AIFC asset management regulatory regime, AFSA is issuing the Call for Evidence as a new policy tool to assess market conditions, identify potential regulatory gaps, test assumptions, and evaluate the effectiveness of the existing framework, prior to formulating policy proposals for its further enhancement.
The preliminary areas for discussion outlined in the Call for Evidence were developed based on ongoing supervisory engagement and market feedback. The scope of the discussion covers the operation of Specialist Funds, emerging fund structures and approaches, as well as practical issues affecting fund operations and investor protection. AFSA also welcomes broader feedback on any aspects of the regime not specifically addressed in the Call for Evidence.
The Call for Evidence is open for public comment at link until 28 February 2026. Submissions should be sent to [email protected].
The feedback received will support AFSA’s assessment of the current asset management regulatory regime and the development of proposals for its further enhancement, which AFSA plans to consult on through a separate public consultation later in the year.
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 where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
Public Relations and Communications Division of AFSA, [email protected]
