Operating a Digital Asset Trading Facility

Operating a Digital Asset Trading Facility

Dealing in Investments as Principal Dealing in Investments as Agent  Managing Investments Managing a Collective Investment Scheme Providing Custody Arranging Custody Providing Trust Services Providing Fund Administration Advising on Investments Arranging Deals in Investments Managing a Restricted Profit Sharing Investment Account Islamic Banking Business Providing Islamic Financing Insurance Intermediation Operating a Representative Office Accepting Deposits Providing Credit Advising on a Credit Facility Arranging a Credit Facility Providing Money Services Effecting Contracts of Insurance Carrying on Contracts of Insurance Insurance Management Takaful Business Opening and Operating Bank Accounts Operating a Multilateral Trading Facility Operating an Organised Trading Facility Operating a Digital Asset Trading Facility

Operating a Digital Asset Trading Facility

Operating a Digital Asset Trading Facility means operating a facility which functions regularly and brings together multiple parties (whether as principal or agent) with a view to the entering into of contracts:

(a) to buy, sell or exchange Digital Assets for a Fiat currency; and/or

(b) to exchange one Digital Asset for another Digital Asset, in its Facility, in accordance with its non-discretionary rules.; and/or

(c) to buy, sell or exchange Digital Assets for a commodity.

 

General requirements

 

Requirements

Minimum threshold

Authorisation Fee (paid once)

70 000 USD

*According to AIFC Fees Rules 5.1.1., the application may not be regarded by the AFSA as submitted, and therefore ready to be reviewed, until the fee has been paid in full.

Therefore, when the application is ready for submission, please send us a completed request for invoice (please follow the link to download the form) and after that we will issue the invoice for payment. If the payment to be made by a natural person, then please provide a copy of his/her ID as well.

Registration Fee (paid once)

Registration fee is 300 USD (paid once) if you apply via the self-service portal and 500 USD (paid once) if you apply on paper via [email protected].

*AIFC Fees Rules

Supervision Fee (annually)

fixed fee 25,000 USD paid on a yearly basis and variable fee paid on a quarterly basis. 

*AIFC Fees Rules 6.1 and 6.1-1

Prudential requirement
Digital Asset Trading Facility Operator must hold the following minimum capital:

The higher of (i) 200,000 or (ii) an amount equal to sufficient working capital in fiat currency to continue business for a period of 12 months, based on realistic forecasts for the business in different market conditions (both negative and positive scenarios)

*AIFC Rules on Digital Asset Activities (DAA) 2.2

Appointment of Internal and External Auditor

Required

*AIFC General Rules 5.5.1.

*AIFC Financial Services Framework Regulations 109.

*AIFC Rules on Digital Asset Activities (DAA) 2.4.9 on a mandatory third-party audit of technology governance and IT systems

Organisational structure 
  • Appointment of a Board of Directors
  • Appointment of approved and designated individuals (SEO, Finance Officer, Compliance Officer, MLRO, CITO)
  • Appointment of committees within the company (Risk Committee, Investment Committee, Compliance Committee etc.)

*AIFC Rules on Digital Asset Activities (DAA) 2.3

Policies and Procedures

*By clicking here you can find guides to the minimum requirements for some policies and procedures.

 

 

Application package

Application Approved Individual status
Application Designated Individual status
Financial projections template
Request for Invoice
Fit and Proper Questionnaire for Controllers
Application RA (standard)_A08
Supplement DATF_A01

 

Supporting documents

  • Incorporation certificate of Parent/head office (if applicable)
  • Board minutes approving establishment of the AIFC entity
  • Résumés/CVs for Controllers that are natural persons
  • Résumés/CVs for the members of the Board of Directors (both executive and non-executive) as applicable
  • Last audited accounts (if applicable)
  • Last audited Group accounts (if applicable)
  • A shareholding chart that depicts how the applicant is related to each of its shareholders (including natural persons) and to its related entities, Subsidiaries, and head office/Branch, as applicable
  • An organisation chart depicting the key appointments and reporting lines and, where applicable, the reporting lines to the Group or head office
  • If the applicant is a start-up evidence of source of funds
  • Evidence, such as non-binding letters of engagement, to support the applicant’s revenue-stream estimations in the financial projections
  • If the applicant is a start-up, a copy of the Shareholders’ agreement
  • Copies of any Board and management committees’ terms of reference
  • A copy of each Controller’s Kazakhstani ID card (if a Kazakhstani citizen or resident)
  • A copy of each Controller’s passport (for non-Kazakhstani citizens)
  • If your Parent is regulated in another jurisdiction provide a copy of its regulatory licence. It must include any restrictions or conditions
  • List of above-mentioned policies and procedures
  • Market Making Agreements

*Under AIFC Financial Services Framework Regulations 31 (5), the AFSA may require the applicant to provide additional information reasonably required for the AFSA to be able to decide the application.