The Astana Financial Services Authority (AFSA) has issued this Consultation Paper to seek suggestions from the market on the Policy paper and proposed AIFC Security Token Offering Framework (STO Framework). The Consultation Paper is available via this link
The proposals in this paper will be of interest to current and potential AIFC participants dealing with Security Tokens as well as the market and other stakeholders.
Development of the STO Framework was prompted by the need to introduce appropriate regulatory regime for Persons undertaking activities that involve or relate to Security Tokens.
AFSA has considered the international standard setting, particularly IOSCO, and the numerous jurisdictions’ regulatory approaches in relation to the Security Token.
The proposed amendments in this Consultation Paper contain the following proposals regarding the:
· approach to bringing Security Tokens within AFSA regulation;
· type of Licence needed to operate a facility for trading and/or clearing Security Tokens;
· access to facilities for trading and clearing Security Tokens;
· enhanced requirements for trading and clearing Security Tokens;
· additional fees for Authorised Market Institutions admitting Retail Clients as Direct Access Members in respect of trading and/or clearing of Security Tokens.
We invite comments from interested stakeholders.
The deadline for providing comments on the proposed framework is 15 September 2023. 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].
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