AFSA – Astana Financial Services Authority
type: channel
description: Astana Financial Services Authority
date: 2026-04-09T05:02:19Z
update period: hourly
update frequency: 1
update base: 2000-01-01T12:00+00:00
generator agent: https://wordpress.org/
items: AFSA and Dubai Virtual Asset Regulatory Authority sign MoU to enhance cooperation in digital asset regulation
items: AFSA changes approach for assessment of potential FinTech Lab Participants
items: AFSA informs about its plans on regulatory framework development for 2026
items: AFSA calls for evidence on further enhancement of the AIFC Asset Management Framework
items: afsa-fines-proportunity-management-company-limited-and-aclb-management-company-limited-and-the-registrar-of-companies-petitions-the-aifc-court-for-the-compulsory-winding-up-of-both-companies-and-two-o
items: The second phase of the AIFC Providing Money Services framework comes into force
items: AFSA publishes a report on the application of Generative AI in financial services at the AIFC
items: AFSA introduces amendments to Capital Market, Digital Assets and Crowdfunding frameworks in the AIFC
items: AFSA introduces amendments to the AIFC Fees Rules
items: Registrar of Companies Strengthens Efforts to Update Public Register and Enhance Oversight of AIFC Participants

AFSA and Dubai Virtual Asset Regulatory Authority sign MoU to enhance cooperation in digital asset regulation
type: item
creator: Madina Kalimova
date: 2026-04-09T04:39:45Z
subject: News
subject: AFSA
description: 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 […]
encoded: 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 ind…

AFSA changes approach for assessment of potential FinTech Lab Participants
type: item
creator: Yuriy Massanov
date: 2026-02-17T06:44:37Z
subject: News
subject: AFSA
description: The Astana Financial Services Authority has introduced Class Modification establishing a new FinTech Lab authorisation approach to streamline assessment of potential participants willing to enter regulatory sandbox. The previous model included two stages – pre-application and application. The first one included eligibility assessment and fitness & propriety checks, while the second one meant assessment of financial and non-financial resources, proposed candidates, review of internal […]
encoded: The Astana Financial Services Authority has introduced Class Modification establishing a new FinTech Lab authorisation approach to streamline assessment of potential participants willing to enter regulatory sandbox. The previous model included two stages – pre-application and application. The first one included eligibility assessment and fitness & propriety checks, while the second one meant assessment of financial and non-financial resources, proposed candidates, review of internal control documents, development and approval of a test plan. That model led to longer periods of assessment. A new approach will make the application process quicker. From February 16th, the applicants for entering FinTech Lab will be assessed within one stage that will include eligibility assessment of a business model, proposed candidates, financial and non-financial resources. The applicants will not be required to undergo the assessment of policies and procedures at authorisation stage. However, the applicants will be required to submit AML/CFT policy and procedures to demonstrate that such framework has been developed. It is important to note that FTL Participants will be allowed to offer services at supervision stage only after relevant internal controls have been established to the AFSA’s satisfaction. New model of FinTech Lab authorisation will preserve the concept of easy entrance for applicants wishing to test innovations while preserving risk-based approach. The latest changes also demonstrate AFSA’s participant-oriented approach with an emphasis on process efficiency development. Class Modification Notice is available on https://orderly.myafsa.com/articles/afsa-notice-no.-afsa-atd-not-2026-0007-on-modification For additional questions about the application process: client@aifc.kz More info about FinTech Lab: https://afsa.aifc.kz/fintech/authorisation-process/ Reference: The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Fina…

AFSA informs about its plans on regulatory framework development for 2026
type: item
creator: Madina Kalimova
date: 2026-02-05T05:58:17Z
subject: News
subject: AFSA
description: 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 […]
encoded: 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 includ…

AFSA calls for evidence on further enhancement of the AIFC Asset Management Framework
type: item
creator: Madina Kalimova
date: 2026-01-30T10:55:03Z
subject: News
subject: AFSA
description: 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 […]
encoded: 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 consultation@afsa.kz. 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…

afsa-fines-proportunity-management-company-limited-and-aclb-management-company-limited-and-the-registrar-of-companies-petitions-the-aifc-court-for-the-compulsory-winding-up-of-both-companies-and-two-o
type: item
title: AFSA fines Proportunity Management Company Limited and ACLB Management Company Limited and the Registrar of Companies petitions the AIFC Court for the compulsory winding up of both companies and two other related entities
creator: Yuriy Massanov
date: 2026-01-21T10:15:14Z
subject: News
subject: AFSA
description: The Astana Financial Services Authority (“AFSA”) has fined Proportunity Management Company Limited in the amount of USD 249,770 and ACLB Management Company Limited in the amount of USD 139,533 following regulatory breaches and investigation findings. The AFSA also imposed on Mr. Arman Bayev – the Chief Executive Officer of both companies – a prohibition from holding office in or being a Director or Employee of any Authorised Person or Ancillary Service Provider. The AFSA previously issued multiple public […]
encoded: The Astana Financial Services Authority (“AFSA”) has fined Proportunity Management Company Limited in the amount of USD 249,770 and ACLB Management Company Limited in the amount of USD 139,533 following regulatory breaches and investigation findings. The AFSA also imposed on Mr. Arman Bayev – the Chief Executive Officer of both companies – a prohibition from holding office in or being a Director or Employee of any Authorised Person or Ancillary Service Provider. The AFSA previously issued multiple public alerts regarding the regulatory status of Proportunity Management Company Limited (“Proportunity”) and ACLB Management Company Limited (“ACLB”). In addition, the Registrar of Companies of the AFSA (the “Registrar”), acting with the prior consent of the AFSA, has petitioned the Astana International Financial Centre (“AIFC”) Court for the compulsory winding up of Proportunity Management Company Limited, ACLB Management Company Limited, and two related Special Purpose Companies (collectively referred to as the “Companies”). Mr. Arman Bayev is the common controlling shareholder of the Companies. The decisions follow a formal investigation undertaken by the AFSA, initiated subsequent to a special on-site inspection conducted by the FinTech Lab and arising from investor complaints concerning the Companies. The investigation identified the following: Proportunity and ACLB contravened Section 24 of the AIFC Financial Services Framework Regulations (“Framework Regulations”) by carrying on the Regulated Activities of Providing Islamic Financing and engaging in Islamic Banking Business without the required authorisation from the AFSA; Proportunity breached Section 27 of the Framework Regulations by actively marketing these activities through its website and social media channels; Proportunity committed widespread breaches of key AIFC Rules, including the Anti-Money Laundering Rules, General Rules, FinTech Rules, Conduct of Business Rules, and Authorised Market Institution Rule…

The second phase of the AIFC Providing Money Services framework comes into force
type: item
creator: Yuriy Massanov
date: 2026-01-13T07:34:07Z
subject: News
subject: AFSA
description: Today, January 13, 2026, marks the implementation of the second phase (final) of the AIFC Providing Money Service (PMS) framework. Overall, the provisions of the second phase concern: Client protection (complaints handling, requirements on content of Сlient agreement, safeguarding of Сlient money, information/communication requirements etc.); Cyber/operational resilience (cybersecurity policies, incident reporting, IT audit, strong customer authentication etc.). The new PMS framework was adopted by AFSA back on April […]
encoded: Today, January 13, 2026, marks the implementation of the second phase (final) of the AIFC Providing Money Service (PMS) framework. Overall, the provisions of the second phase concern: Client protection (complaints handling, requirements on content of Сlient agreement, safeguarding of Сlient money, information/communication requirements etc.); Cyber/operational resilience (cybersecurity policies, incident reporting, IT audit, strong customer authentication etc.). The new PMS framework was adopted by AFSA back on April 13, 2025. To ensure preparations for the purposes of proper and timely compliance with the new regulatory regime, the framework provided for a transitional period, which includes two phases. The 1st phase came into force on October 13, 2025, which introduced definitions, capital requirements and provisions on use of digital assets in money services. The comprehensive PMS framework introduces new Rule on Providing Money Services and several amendments to the AIFC Acts available at the following links: AIFC Rules on Providing Money Services AIFC General Rules AIFC Glossary AIFC Conduct of Business Rules AIFC Banking Business Prudential Rules AIFC Rules on Digital Asset Activities The newly adopted PMS framework is aimed at providing clear rules for money service providers, encouraging FinTech innovation in the AIFC, including the use of Digital Assets in money services. Along with fostering the money services industry development, the framework has other key goals in protecting the interests of consumers and strengthening the cyber as well as operational resilience of money service providers. 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. AFS…

AFSA publishes a report on the application of Generative AI in financial services at the AIFC
type: item
creator: Madina Kalimova
date: 2025-12-25T11:44:03Z
subject: News
subject: AFSA
description: The Astana Financial Services Authority (AFSA) is publishing a new report on the application of Generative Artificial Intelligence in financial services (AI Survey) at the AIFC, demonstrating AFSA’s commitment to its objectives on fostering the development of financial technologies in the AIFC and at the same time ensuring that financial markets in AIFC operate in […]
encoded: The Astana Financial Services Authority (AFSA) is publishing a new report on the application of Generative Artificial Intelligence in financial services (AI Survey) at the AIFC, demonstrating AFSA’s commitment to its objectives on fostering the development of financial technologies in the AIFC and at the same time ensuring that financial markets in AIFC operate in fair, efficient, transparent and orderly manner. The AI Survey received 42 responses from Authorised Persons. The results of AI Survey highlight that 45% of respondents use AI which shows the early-phase adoption of AI, marked by cautious experimentation and a clear focus on risk management and operational efficiency. AI usage is currently concentrated in lower-risk areas, such as customer communication and marketing, with limited integration into core financial functions, like algorithmic trading or credit underwriting. A prominent trend identified is the reliance on third-party AI solutions. Based on AI Survey findings and to further ensure responsible innovation and appropriately respond to the evolving risks from AI in finance, the AFSA plans to сonduct another AI survey in 2026. The results of this survey will be used to assess whether regulatory amendments are necessary in relation to the application of AI in financial services, while continuing to monitor AI adoption by Authorised Persons and focusing on the regulatory aspects of AI implementation. AIFC FinTech Lab as a regulatory sandbox offers regulated and secure environment to Test and/or Develop innovative financial services in the AIFC. Consequently, potential applicants and FinTech Lab Participants are welcome to test financial services and products with the use of AI solutions within AIFC FinTech Lab (regulatory sandbox) under the existing regulatory regime. Yerkegali Yedenbayev, Chief Authorisation and FinTech Officer of the AFSA, said: “AFSA has always supported a controlled growth of innovative financial services in the AIFC. Recent break…

AFSA introduces amendments to Capital Market, Digital Assets and Crowdfunding frameworks in the AIFC
type: item
creator: Madina Kalimova
date: 2025-12-19T11:33:20Z
subject: News
subject: AFSA
description: The Astana Financial Services Authority (AFSA) has introduced amendments to three core frameworks regulating capital market, digital assets, and crowdfunding, with an effective date of 1 January 2026, following the public consultation held from 21 July to 15 September 2025. The amendments aim to improve the effectiveness, proportionality and international alignment of the AIFC regulatory […]
encoded: The Astana Financial Services Authority (AFSA) has introduced amendments to three core frameworks regulating capital market, digital assets, and crowdfunding, with an effective date of 1 January 2026, following the public consultation held from 21 July to 15 September 2025. The amendments aim to improve the effectiveness, proportionality and international alignment of the AIFC regulatory framework. They reflect insights from supervisory observations, regular engagement with market participants, international benchmarking, and the feedback received during the consultation period. As part of strengthening transparency and promoting a more effective consultation process, AFSA is also introducing the use of Feedback Statements for the first time in relation to these amendments. These statements summarise the key issues and themes raised by stakeholders, provide AFSA’s responses to the comments and suggestions received, and explain how the feedback has been taken into account in finalising the amendments. By clarifying the rationale and how stakeholder input influences regulatory outcomes, Feedback Statements support greater transparency, strengthen trust, and reinforce AFSA’s commitment to an open and continuous dialogue with the market. Amendments to the AIFC Capital Market Framework The amendments to the AIFC Capital Market Framework mainly cover securities offerings, corporate governance and disclosure requirements, supporting further capital market development and aligning with evolving approaches to capital market regulation. Key changes include: Applying corporate governance requirements solely to issuers of Equity Securities; Expanding the membership eligibility at Authorised Market Institution; Aligning client classification with the broader AIFC regulatory framework; Enhancing Prospectus disclosure requirements and efficiency of listing process; Raising the threshold for determining a Related Party and revising the closed period; Increasing the threshold for Pr…

AFSA introduces amendments to the AIFC Fees Rules
type: item
creator: Madina Kalimova
date: 2025-11-26T12:21:32Z
subject: News
subject: AFSA
description: Following public consultation conducted from 2 October to 2 November 2025, the Astana Financial Services Authority (AFSA) has introduced amendments to the AIFC Fees Rules, with the majority of them taking effect from 1 December 2025 and some subject to deferred commencement dates. Since their initial approval in December 2017, the AIFC Fees Rules have […]
encoded: Following public consultation conducted from 2 October to 2 November 2025, the Astana Financial Services Authority (AFSA) has introduced amendments to the AIFC Fees Rules, with the majority of them taking effect from 1 December 2025 and some subject to deferred commencement dates. Since their initial approval in December 2017, the AIFC Fees Rules have undergone a series of targeted updates to reflect evolving regulatory regime and market developments. Notwithstanding these amendments, the original fee levels have largely remained unchanged until these new amendments. Previous adjustments have been introduced only in a limited and proportionate manner, primarily in relation to supervision and registration fees. Considering that the AIFC ecosystem has reached a more advanced stage of development, the new amendments introduce a substantially broader revision, affecting almost all fee categories. The growth of financial institutions and the increasing sophistication of their activities require AFSA to provide more comprehensive and technologically advanced regulatory and supervisory services, including the enhanced use of SupTech, artificial intelligence, and data-driven tools to strengthen supervisory capacity and improve the overall quality of regulation. The updated AIFC Fees Rules aim to ensure that AFSA can continue to uphold high regulatory standards while supporting the sustainable development of the AIFC ecosystem. On 2 October 2025, AFSA issued for public consultation a number of policy proposals on amendments to the AIFC Fees Rules. A substantial volume of feedback was received from a wide range of market participants, who generally recognised the need for an increase while also raising certain concerns and seeking clarification on some proposals. AFSA carefully reviewed and considered all comments received. The majority of the initial proposals have been retained, as they were confirmed during the review to be proportionate and justified, and in many cases ha…

Registrar of Companies Strengthens Efforts to Update Public Register and Enhance Oversight of AIFC Participants
type: item
creator: admin
date: 2025-11-14T05:46:53Z
subject: News
subject: AFSA
description: Since its establishment, the Astana Financial Services Authority (AFSA) has been actively fulfilling its mandate, including the registration and supervision of the Centre’s participants. Since 2017, more than 4,600 companies have been registered in the AIFC. The AIFC’s legal framework, based on the principles of common law, makes it attractive to both financial and non-financial […]
encoded: Since its establishment, the Astana Financial Services Authority (AFSA) has been actively fulfilling its mandate, including the registration and supervision of the Centre’s participants. Since 2017, more than 4,600 companies have been registered in the AIFC. The AIFC’s legal framework, based on the principles of common law, makes it attractive to both financial and non-financial companies. Among its participants are major operating companies, IT startups, mining and oil and gas enterprises, endowment funds, and organisations from various other sectors. As in many other international jurisdictions, the AIFC Public Register may include companies with limited operational activity. Such entities are often set up for various administrative purposes. The role of AFSA is to ensure that the information in the public register remains current and accurately reflects the actual state of affairs, thereby strengthening transparency and promoting trust in the AIFC ecosystem. In this regard, the AIFC Registrar of Companies is launching a scheduled initiative to update company information and verify their operational status, including checks on the submission of annual reports and the accuracy of registration details; confirming actual operational activity through supporting documents; verifying the validity of existing licenses; and ensuring compliance with AIFC Acts and reporting deadlines. All companies identified as requiring a status update will be sent official notifications containing explanations and guidance on how to verify their operational activity. Companies that fail to provide confirmation of their activity may be removed from the register (struck off) in accordance with Article 167 of the AIFC Companies Regulations. The strike-off procedure is a common international practice adopted by leading jurisdictions such as Singapore, the United Kingdom, Delaware, Australia, and others. This initiative is aimed at ensuring the accuracy and transparency of the Public Register…