The Astana Financial Services Authority (AFSA) and the National Agency of Perspective Projects of the Republic of Uzbekistan (“NAPP”), have signed in Tashkent a Memorandum of Understanding (MoU) that aims to foster cooperation, mutual assistance, and joint initiatives in the capital market, insurance sector and crypto-asset market.
AFSA and NAPP, the regulator of crypto-asset turnover in Uzbekistan that was recently also empowered with the regulation of capital and insurance markets, wish to endeavour a close and co-operative relationship and recognise the need for mutual cooperation in the carrying out of their regulatory and supervisory functions within their regulated markets. This Memorandum of Understanding will establish a framework for mutual assistance and facilitate the exchange of information.
AFSA’s Acting Chief Regulatory Officer Valikhan Gusmanov: “AFSA recognises the immense potential for enhancing cooperation between the two jurisdictions in capital market, insurance sector, and crypto-asset market. This MoU will enable unleashing the potential of cross-border cooperation in financial markets between the two jurisdictions. Formalising this cooperation marks a significant step forward in promoting regional financial markets development and enhances regulation and supervision of cross-border transactions.”
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 2,200 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/
Public Relations and Communications Division of AFSA:
+7 (717) 264 73 43; +7 7172 61-37-45 email: [email protected]