Entities applying to obtain a License to carry on the Market Activities of "Operating a Loan Crowdfunding Platform" and "Operating an Investment Crowdfunding Platform" (Crowdfunding activities) will be subject to the full regulatory regime and approach AFSA Authorisations rather than AFSA FinTech Lab as per Notice № AFSA-F-NB-2023-0012 issued on 20 December 2023, with immediate effect.
AFSA FinTech Lab Participants that previously obtained licenses for Crowdfunding activities have been successfully testing their projects within the environment of AFSA’s FinTech Lab for several years now.
Overall, FinTechLab has granted 10 licenses for crowdfunding activities throughout the operation of the regulatory sandbox. Currently, there are four platforms that test their business models in Fintech Lab.
Throughout this time crowdfunding firms have demonstrated their status as well-established business models in the AIFC’s financial services industry. Following this testing period in the Fintech Lab environment, AFSA has adopted a comprehensive regulatory framework for Crowdfunding activities. It is noteworthy that by the end of the third quarter of 2023, crowdfunding platforms in AIFC financed over 300 projects worth around 35 million USD.
Crowdfunding-backed projects are found in diverse sectors, including IT, construction, wholesale and retail trade, agriculture, services, manufacturing, and engineering. This broad interest underscores the vital role that crowdfunding plays in economic development, fund re-distribution, and SME financing.
Legal clarity under the existing regulatory regime allows for application for crowdfunding activity without testing under the limited FintechLab environment. Therefore, recently AFSA reviewed cases of both smooth graduation of sandbox residents to full authorisation regime and the “onboarding” of crowdfunding platform directly to the full-scale regulatory regime.
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 2,300 firms from 78 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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