The Astana Financial Services Authority (AFSA) has issued a Consultation Paper on Providing Money Services framework to seek suggestions from the market.
Money Service Providers (“MSP”) play an important role in the financial system of both AIFC and Kazakhstan. As of 1 September 2024, AFSA issued only 7 licences for MSPs. The proposed framework is aimed to implement a comprehensive, flexible framework that will provide legal clarity for MSPs. Besides, the proposed regulatory regime for MSPs has a balanced approach, where it both fosters innovations in the sphere of payments and money services and strengthens operational resilience, cyber-security and consumer protection measures. The proposal aims to increase the number of MSPs, but at the same time ensure safe environment for customers
The proposals in this paper will be of interest to current or potential applicants, who are seeking to engage in money services activities from the AIFC, ancillary service providers and professional advisors.
During the public consultation, both existing and potential AIFC participants, as well as other stakeholder are invited to comment on the questions outlined in the Consultation Paper.
The deadline for providing comments is 23 October 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].
The Consultation paper may be found via this link: https://orderly.myafsa.com/articles/consultation-paper-afsa-f-ce-2024-0001-from-23-september-2024-on-on-providing-money-services-framework.
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 3000 firms from 82 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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