Посты с тэгом: AFSA
AFSA Warning on Unlicensed Digital Asset Platforms
The Astana Financial Services Authority (AFSA) reminds that, in accordance with Article 11(5) of the Law of the Republic of Kazakhstan “On Digital Assets in the Republic of Kazakhstan”, the organisation of circulation of digital assets within the territory of the Republic of Kazakhstan is prohibited without an appropriate licence or authorisation issued under the applicable law of the Astana International Financial Centre (AIFC) or the legislation of the Republic of Kazakhstan.
Accordingly, AFSA warns market participants of the risks associated with the use of unlicensed platforms for trading crypto or digital assets that advertise or promote their services to citizens of the Republic of Kazakhstan without the appropriate authorisation, licence or recognition under the applicable regulatory framework of the AIFC and the Republic of Kazakhstan.
This warning relates, in particular, to platforms publicly known under the following names, brands or trademarks*:
AFSA reminds that only entities licensed by AFSA are permitted to lawfully carry on regulated activities in or from the AIFC, including activities related to digital assets and associated services.
Key Risks for Consumers
The use of unlicensed digital asset platforms may expose consumers to the following risks:
- absence of legal mechanisms to protect their rights and interests due to the lack of regulatory oversight over unlicensed platforms;
- risk of involvement of bona fide investors in fraudulent schemes and illicit circulation of digital assets due to insufficient anti-money laundering and counter-terrorist financing (AML/CFT) measures on such platforms;
- increased risk of financial loss where investment decisions are made based on misleading or aggressive advertising, including online promotions, bonus schemes and referral campaigns that do not comply with regulatory requirements;
- increased risk of personal data breaches and loss of assets, including reduced traceability, resulting from failure of unlicensed platforms to meet minimum regulatory requirements in data protection and cybersecurity, which may lead to fraud, technical failures, restricted account access or difficulties in withdrawing funds.
Unlicensed platforms may also provide access to products and services such as spot trading, margin trading, futures, options, staking, peer-to-peer services, and listings of highly volatile or low-quality digital assets – often without appropriate safeguards, risk disclosures or investor protections typically expected from regulated entities.
Important Information for Consumers
The fact that a platform:
- is widely known internationally;
- offers a mobile application;
- is active on social media; or
does not mean that such a platform is authorised by AFSA or entitled to provide regulated services within the AIFC legal and regulatory framework.
Persons dealing with unlicensed firms will not benefit from the protections, standards and safeguards applicable to regulated entities.
In case of identifying signs of misleading or unfair advertising, AFSA recommends not following suspicious links, not transferring funds, and not sharing personal or payment data until the regulatory status of the relevant entity has been verified.
AFSA recommendations
Before using any digital asset platform, AFSA recommends that consumers:
- verify whether the relevant entity is licensed by AFSA or otherwise authorised under the applicable legislation of the Republic of Kazakhstan;
- carefully review the products and services offered and the associated risks;
- refrain from transferring funds or digital assets to entities whose regulatory status is unclear or cannot be verified;
- avoid sharing identification documents, banking details, wallet access information or one-time verification codes with third parties;
- exercise particular caution where platforms promise high returns, offer high leverage, or present investments as “low-risk” or “guaranteed”;
- in case of suspicious advertising, document the relevant materials (e.g. screenshots or links) and use official channels to report the matter to regulatory authorities.
Where a platform is registered in, or claims to be associated with, the AIFC, reports may be submitted to: [email protected] or via the official consumer section of the AFSA website. In other cases, information regarding misleading or unlawful advertising in the Republic of Kazakhstan should be submitted to the Ministry of Culture and Information of the Republic of Kazakhstan via the eOtinish portal or other available channels.
AFSA also recommends verifying the regulatory status of any entity through the official AFSA Public Register: https://publicreg.myafsa.com
It should be noted that regulation of activities related to the circulation of digital assets in the Republic of Kazakhstan is carried out both within the supervisory framework of AFSA and in accordance with the legislation of the Republic of Kazakhstan, including oversight by national regulators such as the National Bank of the Republic of Kazakhstan and the Agency for Regulation and Development of the Financial Market.
This notice is provided for general informational purposes only and does not constitute legal, financial or investment advice, nor does it represent a determination of compliance, breach or regulatory status of any person or entity.
* AFSA does not maintain a list of prohibited platforms. The absence of a firm from the Public Register indicates that it is not authorised by AFSA to carry out regulated activities in or from the AIFC; however, its regulatory status within the national jurisdiction of the Republic of Kazakhstan is determined by the competent state authorities of the Republic of Kazakhstan.
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 independent jurisdiction where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law.
aifc.kz
Public Relations and Communications Division of AFSA,
[email protected]
AFSA and Dubai Virtual Asset Regulatory Authority sign MoU to enhance cooperation in digital asset regulation
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 independent jurisdiction where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law.
aifc.kz
Public Relations and Communications Division of AFSA,
[email protected]
AFSA changes approach for assessment of potential FinTech Lab Participants
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: [email protected]
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 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 independent jurisdiction where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
Public Relations and Communications Division of AFSA, [email protected]
AFSA informs about its plans on regulatory framework development for 2026
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 include possible enhancements to the Recognition Framework, alignment of membership- and client-related requirements across AIFC regulatory regimes, and enhancement of Tokenisation Framework.
Potential areas also include amendments to the regulatory framework for Multilateral and Organised Trading Facilities, updates to the Guidance on Fitness and Propriety, as well as possible amendments to the Derivatives Framework, the development of an Appointed Representative Framework and updates to the Perimeter Guidance.
AFSA places particular emphasis on continuous engagement with market participants to inform the refinement of regulatory regimes and address practical implementation issues.
Public consultations remain a standard part of the regulatory framework development process. More recently, AFSA launched its first Call for Evidence on the Asset Management Framework as an early-stage policy tool to gather market views on the effectiveness of the existing framework prior to developing proposals for further enhancement.
To strengthen communication with the market, AFSA has also begun publishing Feedback Statements. Last year, Feedback Statements were issued following consultations on the Capital Markets, Digital Assets and Crowdfunding Frameworks, enhancing transparency on outcomes of public consultation.
Market participants are invited to share views and proposals on an ongoing basis and are encouraged to actively participate in Calls for Evidence and Public Consultations, as market input remains an important element of regulatory development.
AFSA welcomes feedback on the regulatory framework development projects envisaged for 2026-2028, as well as other proposals related to the further development and enhancement of the AIFC regulatory framework, which may be submitted to [email protected].
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 independent jurisdiction where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
Public Relations and Communications Division of AFSA, [email protected]
AFSA calls for evidence on further enhancement of the AIFC Asset Management Framework
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 [email protected].
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 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 independent jurisdiction where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
Public Relations and Communications Division of AFSA, [email protected]
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
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 Rules;
- Two Special Purpose Companies – Project SI SPC Ltd. and BC Inteh Plus Ltd. – were used as vehicles to pool investor funds under false pretenses and for purposes falling outside the scope of activities permitted by the AFSA.
Despite AFSA’s directions to cease and desist from activities constituting contraventions and repeated warnings, Proportunity and ACLB have disregarded these directives, continuing to engage in unauthorised activities and promote them in breach of applicable regulatory requirements.
Given the seriousness of the contraventions, the disregard of regulatory directives, and the resulting risks to investors and integrity of the AIFC financial markets, the Registrar has petitioned the AIFC Court for the compulsory winding up of the Companies, on the ground that it is just, equitable, and in the interests of the AIFC for the Companies to be wound up pursuant to Section 176(1)(b) of the AIFC Companies Regulations.
In addition, the Registrar applied to the AIFC Court for a disqualification order, on the ground that it is in the public interest that Mr. Arman Bayev should not be a Director of, or in any way (whether directly or indirectly) be concerned or take part in the management of, Companies.
This petition for compulsory winding up is the only remaining legal remedy available within the AIFC to protect the interests of investors and other creditors. This action removes the Companies’ management and legally stops them from conducting further business or dissipating assets. If the AIFC Court grants the order, it will appoint an independent liquidator. The liquidator’s duties will be to take control of the Companies, secure any remaining assets, investigate their financial affairs, and distribute any recovered funds to creditors (including investors) in accordance with the priorities set by AIFC Insolvency Regulations. The AFSA has determined that it will voluntarily subordinate its claims for the imposed fines, ensuring that all other creditors (including investors) are paid in priority before the AFSA’s fines are satisfied.
The AFSA remains committed to the continuous improvement and development of its regulatory framework to protect investors and consumers. The AFSA maintains zero tolerance for any misuse of the AIFC jurisdiction and exercises its full authority within its remit to enforce compliance and uphold market integrity.
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 independent jurisdiction where investors and business meet emerging opportunities of Kazakhstan and Central Asia in a transparent and sustainable environment backed by the principles of English Common Law. aifc.kz
Public Relations and Communications Division of AFSA, [email protected]
The second phase of the AIFC Providing Money Services framework comes into force
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:
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. 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 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. aifc.kz
Contact information:
Public Relations and Communications Division of AFSA: [email protected]
AFSA publishes a report on the application of Generative AI in financial services at the AIFC
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 breakthroughs in AI with the advent of efficient Generative AI, have been a catalyst of rapid transformations across industries.
The recent AI Survey that AFSA conducted in 2025 is a part of ongoing activities in regulatory innovation, and at this step we focused on understanding the level of exposure of AIFC financial market to AI risks. As we expect more AI solutions in finance, further monitoring is necessary, in this regard, we are planning to conduct another AI Survey in the upcoming year”.
He also noted that as a financial services regulator, AFSA recognises the significant potential of AI in financial services. At the same time, the regulator believes that testing within the regulatory sandbox is essential for both the industry and regulators to obtain critical insights and develop the necessary expertise.
These steps form a core component of AFSA’s commitment to supporting responsible innovation, maintaining robust regulatory standards, and protecting customers’ interests in an increasingly AI-driven financial services environment.
AI Survey can be found here.
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 4,900 firms from 90+ 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. 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. aifc.kz
Contact information:
Public Relations and Communications Division of AFSA: [email protected]
AFSA introduces amendments to Capital Market, Digital Assets and Crowdfunding frameworks in the AIFC
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 Prospectus exemption for offers of fungible securities.
Following the public consultation, AFSA also introduced further refinements. These include:
- Amending Prospectus exemptions to broaden cross-listing opportunities and enhance a dual-listing regime;
- Removing the requirement for issuers incorporated in Kazakhstan to appoint an agent for service of process.
The commencement date is 1 January 2026.
The AIFC Market Rules, AIFC Authorised Market Institution Rules and AIFC Glossary with the relevant amendments are available on the AIFC and AFSA websites.
The Feedback Statement on the outcomes of public consultation is available here: Feedback Statement On Consultation Paper AFSA-P-CE-2025-0001 Amendments to the AIFC Capital Market Framework.
- Amendments to the AIFC Digital Assets Framework
Within the revision of the AIFC Digital Assets Framework, AFSA has undertaken a targeted review of the regulatory treatment of Regulated Activities involving digital assets. This review confirmed that all firms conducting activities in relation to Digital Assets should be treated as Digital Asset Service Providers (DASPs), consistent with the AIFC Rules on Digital Asset Activities. The amendments further clarify that the application of certain governance and technology-related obligations is linked to whether firms hold or control digital assets or use distributed ledger technology (DLT).
In addition, based on experience from the practical application of the framework and feedback received during the public consultation, the amendments introduce further changes, including:
- Revising the capital requirement for Digital Asset Trading Facility (DATF) Operators;
- Expanding the membership eligibility at DATF;
- Revising the notification requirement for admission of Digital Assets to trading;
- Consolidating Business Rules, Membership Rules and Admission to Trading Rules into a single set of Business Rules;
- Allowing a DATF Operator to incorporate a Digital Asset’s white paper by reference into the key features document;
- Increasing the Digital Asset inclusion threshold to 50% when calculating an individual Client’s net assets for Assessed Professional Client status.
The commencement date is 1 January 2026.
The AIFC Rules on Digital Asset Activities and the AIFC Glossary with the relevant amendments are available on the AIFC and AFSA websites.
The Feedback Statement on the outcomes of public consultation is available here: Feedback Statement On Consultation Paper AFSA-P-CE-2025-0002 Amendments to the AIFC Digital Assets Framework.
- Amendments to the AIFC Crowdfunding Framework
The amendments to the AIFC Crowdfunding Framework are intended to address key regulatory and operational issues, strengthen investor protection, and enhance transparency and integrity across the AIFC crowdfunding market. Key changes include:
- Strengthened due diligence requirements for Borrowers and Issuers;
- Enhanced framework for defaults, overdue payments and failures;
- Restriction on new lending proposals for borrowers in default;
- Disclosure of results of creditworthiness grading or rating;
- New annual lending and investment limits for retail clients;
- Improved financial literacy and education via enhanced risk disclosure;
- Introducing loan restructuring disclosure requirements;
- Aligning client classification with the broader AIFC regulatory framework.
During the public consultation, AFSA received extensive feedback on the initial proposals, which led to certain refinements, including changes to due diligence requirements and the framework for defaults, overdue payments and failures, as well as other clarifications. In addition, the initially proposed suitability assessment requirement for retail clients was removed, and a transition period to align with the amended requirements was permitted to provide adequate time to make necessary adjustments, align internal processes, and prepare for compliance with the new requirements.
The commencement date is 1 January 2026, with a six-month transition period for existing Authorised Crowdfunding Platforms.
The AIFC Authorised Market Institution Rules, AIFC Conduct of Business Rule and AIFC General Rules with the relevant amendments are available on the AIFC and AFSA websites.
The Feedback Statement on the outcomes of public consultation is available here: Feedback Statement On Consultation Paper AFSA-P-CE-2025-0003 Amendments to the AIFC Crowdfunding Framework.
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 4,800 firms from more than 90+ 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]
