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]
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