The Astana Financial Services Authority (AFSA) and the Service for Regulation and Supervision of the Financial Market under the Ministry of Economy and Commerce of the Kyrgyz Republic (Finnadzor) have signed a 2024-2025 roadmap, which is designed to further strengthen cooperation and enable the regulators to enhance existing regulatory practices. This took place during the visit by AFSA Chief Executive Officer Nurkhat Kushimov to Bishkek.
The roadmap is focused on the exchange of experience and cooperation in the development and regulation of capital markets, such as offering and trading of securities and licensing and supervision of brokers and asset managers. The parties also agreed to explore opportunities for mutual access to each other’s markets. The roadmap also provides for a similar partnership in the area of digital assets.
On the margins of the visit the AFSA CEO had a meeting and delivered an outreach session to the representatives of stock exchanges, cryptoexchanges, DASPs and brokers of the Kyrgyz Republic, signifying broader support and interest from the industry in closer cooperation between the markets and regulators.
AFSA Chief Executive Officer Nurkhat Kushimov: “This roadmap comes as a logical step following the signing of our Memorandum of Understanding almost exactly a year ago. This cooperation is a way forward to ensure that we offer better, faster and higher-quality products and services on a regional level and support the interests of our capital markets and digital assets industries for the benefit of our both jurisdictions.”
Chairman of the Service for Regulation and Supervision of the Financial Market under the Ministry of Economy and Commerce of the Kyrgyz Republic Marat Pirnazarov: “The signing of the roadmap underscores the commitment of both parties to close cooperation and joint development of financial capabilities, which in the long run will lead to a more integrated and stable financial market in the region.
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 3,000 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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