Посты с тэгом: AFSA

AFSA informs about its plans to undertake reviews of important regulatory frameworks throughout 2025.

AFSA continues its work on enhancing the securitisation[1] framework, building on the proposed amendments initiated last year, which require further review. The proposed changes relate to the structuring and operation of “orphan” Special Purpose Companies (SPCs)[2], the pool of beneficiaries and the administration of SPCs.

AFSA is currently developing proposals within its review of frameworks in the capital markets, digital assets, and crowdfunding sectors, with public consultations expected to commence in mid-2025:

• Capital markets. The focus is on reviewing the regulation related to the offering, listing and trading of securities, while also considering additional amendments to improve access for market participants.
• Digital assets. Further enhancements to the digital assets regulatory framework are being considered, drawing on feedback and regulatory experience since the framework’s introduction in 2024.
• Revising the crowdfunding regulatory framework to strengthen investor protection through enhanced disclosure requirements on default histories and other improvements.

Later in the year, AFSA also anticipates commencing work on additional framework revisions in the fund management, Islamic finance, and insurance sectors. Further details will be communicated as the projects advance.

Stakeholders wishing to contribute early proposals in advance of public consultation within the above frameworks are encouraged to send them to [email protected]. AFSA will take these contributions into account during the drafting process.

AFSA notes that these projects represent our current regulatory agenda, reflecting initial plans and tentative scope, which may be subject to revision as we progress through 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.

Over 3,800 firms from 85 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]

[1] The securitisation is a structured finance transaction whereby banks and other credit institutions package loans into securities.

[2] In general, a Special Purpose Company (SPC) is a legal entity that is created by a parent company (Initiator/originator) for a limited purpose: often to be a participant in a securitisation transaction with a pre-arranged counterparty. Depending on the Initiator/originator’s purposes, the ownership of an SPC could be structured through a direct shareholding, where shares of the SPC are held by its parent company directly, so the SPC will be a wholly owned subsidiary of a parent company; or an “orphan”, where the SPC is owned by an unconnected third party that has control over the SPC, so the SPC is legally separated from its originator.

Astana —The Asian Infrastructure Investment Bank (AIIB) hosted a panel discussion on “Mobilizing Finance for Sustainable Infrastructure” on April 29 at the Astana International Financial Centre (AIFC) as part of a series of lead-up events for the tenth Annual Meeting of the AIIB Board of Governors, to be held on June 24-26, 2025 in Beijing.

The discussion, led by AIIB in collaboration with Kazakhstan’s Ministry of National Economy and Ministry of Transport and key financial market participants, focused on enhancing investment in resilient infrastructure and green projects within Kazakhstan. It explored how AIIB can strengthen its presence and investment activities in Kazakhstan and Central Asia, especially by helping attract private capital into sustainable infrastructure projects.

Speakers and panelists highlighted how AIIB and other multilateral development banks, commercial banks and asset managers can work together to foster sustainable and inclusive growth through infrastructure and green financing. These partnerships bring in both expertise and financing, ensuring projects are not only economically viable but also aligned with broader sustainability goals. Another focus of the event was the ESG standards and how they are becoming essential for responsible investment in infrastructure.

The opening remarks were delivered by Mr. Konstantin Limitovskiy (AIIB), Mr. Satzhan Ablaliyev, (Ministry of Transport of Kazakhstan) and Ms. Evgenia Bogdanova (AFSA). Key participants of the event included Ms. Saadat Asanseitova, Director of International Economic Cooperation at the Kazakhstan Ministry of National Economy; Ms. Zamira Sundetova, CEO of Skybridge Invest; Mr. Wang Xianming, Senior Executive Officer of China Construction Bank, AIFC branch; and other senior representatives.

“As a multilateral development bank, AIIB is uniquely positioned to help bridge the gap between public sector priorities and private sector expertise in Kazakhstan. This approach enables us to drive infrastructure investments that are critical for the country’s sustainable economic growth,” said Konstantin Limitovskiy, AIIB Chief Investment Officer, Public Sector (Region 2) & Project and Corporate Finance (Global) Clients. “Kazakhstan is already accelerating infrastructure and green investments, supported by proactive government policies and a dynamic private sector.”

“The Government of Kazakhstan has made sustainable infrastructure and clean energy central pillars of our national development strategy,” said Satzhan Ablaliyev, Vice Minister of Transport. “We greatly value AIIB’s continued support in mobilizing the capital and expertise needed to realize this vision.”

“Infrastructure isn’t just about building; it’s about enabling opportunity. The infrastructure of the future must be adaptable and offer long-term value, requiring innovative financing and conditions that reward sustainability. At AFSA, we are committed to enabling this transition. Our regulatory framework is designed to support a stable, transparent, and innovative financial environment. We recognize that responsible finance and investor confidence go hand in hand. That is why we continue to strengthen our supervisory approach, enhance market integrity, and create space for new financial products—particularly those linked to sustainability and climate resilience,” said Evgeniya Bogdanova, AFSA Chief Executive Officer.

As a founding member of AIIB, Kazakhstan played an important role in the Bank’s establishment, including hosting the Chief Negotiators’ Meeting in Almaty in March 2015. To date, AIIB has seven projects in Kazakhstan with a total value of over USD2 billion. Its projects are in various sectors, including transport, energy and healthcare. Key projects include helping finance the Zhanatas 100MW, Shokpar 100MW and 220MW Akmolar wind power plants, and the reconstruction of M-32 Highway (Aktobe-Karabutak-Ulgaisyn Section) as well as the Jezkazgan-Karagandy section of Trans-Caspian international transport route.

The AIIB Tenth Annual Meeting will take place on June 24-26, 2025, in Beijing under a theme “Connecting for Development, Collaborating for Prosperity”. For more details and registration information, visit https://2025am.aiib.org.

For reference:

About AIIB 

The Asian Infrastructure Investment Bank is a multilateral development bank dedicated to financing “infrastructure for tomorrow,” with sustainability at its core. AIIB began operations in 2016, now has 110 approved members worldwide, is capitalized at USD100 billion, and is AAA-rated by major international credit rating agencies. AIIB collaborates with partners to mobilize capital and invest in infrastructure and other productive sectors that foster sustainable economic development and enhance regional connectivity. 

About AFSA

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 3,800 firms from 85 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

About AIFC

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/ 

The Astana Financial Services Authority (“AFSA”) wishes to alert members of the financial services community and the public to the misleading use of AFSA’s name.

AFSA has identified a group of social media accounts under the names:

• Instagram account “p2pcrypto_exchange”;
• Telegram channel “P2P CRYPTO Криптообменник”, and,
• Telegram account “p2pcrypto_manager”

that are falsely representing themselves as the AFSA authorised entities providing cryptocurrency exchange services.

We would like to inform you that no entity under the names of “p2pcrypto_exchange”, “P2P CRYPTO Криптообменник”, and “p2pcrypto_manager” or similar names are, or have ever been, registered in the AIFC or licensed by AFSA. Therefore, the activities of these social media accounts display characteristics of criminal offenses, potentially falling under Fraud (Article 190) and Illegal Business Activity (Article 214) of the Criminal Code of the Republic of Kazakhstan.

AFSA urges the public to consult its Public Register, which provides up-to-date information about entities registered in the AIFC and firms authorised by AFSA. Verifying a firm’s authorisation before using any financial services or products is essential to minimising risks, ensuring your security and compliance.

AFSA strongly advises against engaging with individuals claiming to represent these social media accounts, and under no circumstances should you enter into any contractual relationships with, or transfer funds to, any parties associated with it.

If you have any concerns about the authenticity of any correspondence or suspect that you have been contacted by someone involved in a scam, we suggest that you address your concerns directly to AFSA. You can do this by using the online form available on our website.

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 3,800 firms from 85 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]

The Astana Financial Services Authority (“AFSA”) issues this alert concerning the alleged fraudulent activities of an individual presenting himself as Nurlan Asilbekov.

It has come to AFSA’s attention that this individual is allegedly promoting financial services via a private Telegram channel using a forged version of a licence (No. AFSA-G-LA-2023-0004) issued to Bybit Limited by AFSA on 07 June 2023 to conduct the following Market Activity: Operator of a Digital Asset Trading Facility.

The forged licence contains the alleged name of the individual, which is NOT present on authentic AFSA Licences. AFSA does NOT grant Licences to natural persons – it only grants Licences to legal entities.

AFSA warns the public to exercise utmost caution in dealing with entities claiming to provide financial services on the basis of an AFSA licence, and encourages the public to check the Public Register which contains business information on companies authorised and/or registered by AFSA. This is a crucial step to verify that a firm is properly authorised before engaging with any of its financial services or products.

Bybit Limited offers the following tool on its website that allows users to check the authenticity of Bybit sources: Bybit Authenticity Check.

Members of the public who deal with unauthorised persons do so at their own risk and may not be protected under the legal and regulatory framework of the Astana International Financial Centre.

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 3,800 firms from 85 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]

The Astana Financial Services Authority (“AFSA”) wishes to alert members of the financial services community about the unauthorised use by the project ‘Ya Sobral’ (Я Собрал) of AFSA’s name and the impersonation of a legitimately registered and licensed firm.

The website https://ya-sobral.com/ falsely claims to be regulated by AFSA. Additionally, a firm incorporated within the Astana International Financial Centre and regulated by AFSA – InvestRoom Ltd (Licence AFSA-G-LA-2022-0005 authorising to carry on the Market Activity of Operating a Loan Crowdfunding Platform) – has been impersonated through the use of the name “Investroom Ltd” in the Investor Agreement and Loan Agreement published on the website.

We would like to inform you that no entity under the name of ‘Ya Sobral’ or a similar name is, or has ever been, registered in the AIFC or licensed by the AFSA. Therefore, the activities of “Ya Sobral” display characteristics of criminal offenses, potentially falling under Fraud (Article 190) and Illegal Business Activity (Article 214) of the Criminal Code of the Republic of Kazakhstan.

AFSA urges the public to consult its Public Register, which provides up-to-date information about entities registered in the AIFC and firms authorised by AFSA. Verifying a firm’s authorisation before using any financial services or products is essential to ensuring your security and compliance.

AFSA strongly advises against engaging with individuals claiming to represent this project, and under no circumstances should you enter any contractual relationships with, or transfer funds to, any parties associated with it.

If you have any concerns about the authenticity of any correspondence or suspect that you have been contacted by someone involved in a scam, we suggest that you address your concerns directly to AFSA. You can do this by using the online form available on our website.

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 3,700 firms from 85 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]

The Astana Financial Services Authority (“AFSA”) alerts the public to the unauthorised use of its logo by “MBus Exchange,” which may mislead by suggesting that “MBus Exchange” is regulated by AFSA.

AFSA has identified a group of social media accounts operating under the name “MBus Exchange” offering cryptocurrency exchange services without authorisation. We would like to inform that “MBus Exchange” is not licensed by AFSA.

Following an investigation, AFSA has established that no entity under this or a similar name is registered in the Astana International Financial Centre (AIFC) or holds a financial services licence issued by AFSA. Therefore, the activities of “MBus Exchange” display characteristics of criminal offenses, potentially falling under Fraud (Article 190) and Illegal Business Activity (Article 214) of the Criminal Code of the Republic of Kazakhstan.

AFSA urges the public to consult its Public Register, which provides up-to-date information about entities registered in the AIFC and firms authorised by AFSA. Verifying a firm’s authorisation before using any financial services or products is essential to ensuring your security and compliance.

AFSA strongly cautions against engaging with any communications from any individuals affiliated with this project. You should not under any circumstances enter into any contracts, or transfer funds to, any parties associated with this scam.

If you have any concerns about the authenticity of any correspondence or suspect that you have been contacted by someone involved in a scam, we suggest that you address your concerns directly to AFSA. You can do this by using the online form available on our website.

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 3,700 firms from 85 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]

We would like to draw your attention to the following important matter regarding the conduct of any registration, licensing, supervisory, enforcement, or disciplinary action by the Astana Financial Services Authority (the “AFSA”).

Please be aware that AFSA does not offer, endorse, or permit any form of “fast-track,” accelerated, or preferential treatment services in relation to any AFSA decision including, but not limited to, the review, processing, or approval of the following applications:

• registration of a legal entity;
• licensing of Authorised Persons and Ancillary Service Providers;
• post-licensing approvals, including appointments of Approved Individuals, Principal Representatives, Controllers, and similar roles;
• waivers and modifications of the legal and regulatory requirements; or
• any other regulatory or enforcement decision-making process under the AIFC Acts.

All requests and applications are assessed in accordance with established regulatory procedures, and on the basis of their merits, completeness, accuracy, and compliance with the applicable legal and regulatory requirements specified in the AIFC Acts. The review process is conducted independently and impartially by authorised officials only.

If any individual or third-party service provider claims to have the ability to accelerate or influence the outcome of your request or application in exchange for payment or other benefits, such claims are false and fraudulent. This may include but is not limited to:

• Offers to “fast-track” your request or application;
• Claims of having special influence over, or privileged access to, decision-makers at AFSA; and
• Assurances of guaranteed or expedited approval.

We urge all applicants to be vigilant and cautious. Engaging with such individuals or entities may expose you to fraud, corruption, financial loss, reputational damage, or other serious risks.

We would like to remind you that the list of authorised Ancillary Service Providers is available on the AFSA website. You can access the official Public Register here: https://publicreg.myafsa.com/ancillary/.

AFSA’s official fees and charges for registration and authorisation are published in the AIFC Fees Rules available at the following link: https://orderly.myafsa.com/articles/feesrules.

Before submitting your applications, you may contact the Participant Support & Sales team of the AIFC Authority, who are at hand to support and guide organisations through the processes of authorisation and registration. They can be reached at [email protected] or by phone at +7 7172 959 000.

If you are approached by anyone offering services mentioned above — or if you believe you may have been a victim of such a scheme — please notify us immediately by submitting a complaint through our website: https://afsa.aifc.kz/afsa-hotline-services/ or  https://afsa.aifc.kz/consumers/complaints/. Any such report will be treated confidentially.

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 3,700 firms from 85 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]

The Astana Financial Services Authority (AFSA) has closed 2024 with strong results, further showing that AIFC’s regulations are helping transform the Centre into an attractive destination for fund managers, FinTech and capital markets players.

Registration

AFSA welcomed 1,174 new participant companies, nearly doubling the 600 registrations compared to 2023. As a result, the total number of registered companies within the AIFC has surpassed 3,500, representing 85 countries, including the USA, UK, China, Türkiye, and Singapore.

AFSA is constantly working to further digitalise its registration services. In 2024, we introduced digital post-registration services, allowing companies to register share transfers and modify or reduce their shared capital online. Previously, these applications had to be submitted offline. With the new online system, processing times have significantly improved, reducing from 7-10 business days to just 1-5 business days, depending on the accuracy and completeness of the submitted information.

Authorisation

In 2024, AFSA issued licences to 49 financial service providers within the AIFC—double the number from 2023—bringing the total to 126 licensed financial companies. Additionally, 21 ancillary service providers received licenses, increasing the total number of licenced consultants to over 130.

Over one-third of authorised companies have received a fund management licence, reflecting a strong interest in this sector within the AIFC. Furthermore, there have been three successful cases of migration from the sandbox environment to the full regulatory regime, illustrating a clear pathway for the graduation of companies from the FinTech Lab to full authorisation.

In 2024 AFSA recognised 12 jurisdictions as equivalent. The list includes Georgia, Qatar Financial Centre, Dubai International Financial Centre, Abu Dhabi Global Market, United Kingdom, United States of America, Singapore, European Member States, Switzerland, Australia, Malaysia and Hong Kong. This recognition streamlines the process for firms applying to be recognised as Foreign Fund Managers in the AIFC by eliminating the need for a gap analysis, thereby expediting the application process.

Asset and Fund Management

The fund and asset management industry within the AIFC is one of the fastest-growing sectors. Over the past 3.5 years, assets under management have surged by 865%, growing from $115 million in early 2021 to over $1.1 billion by end of 2024.

Similarly, the number of funds registered in the AIFC went up from 42 at the beginning of 2024 to 101 at the end of 2024, and the number of fund and asset managers from 46 to 65. The majority focused on hedge funds[1], followed by private equity funds[2], venture capital funds, and other categories such as Real Estate Trust Funds[3], fixed-income, commodity, crypto, credit and umbrella funds[4].

2024 was marked by several significant “firsts”: AFSA registered the first non-exempt fund for retail investors and the first Shariah-compliant fund – ITS Shariah ETF Fund OEIC PLC, as well as the first umbrella fund in AIFC – Fonte Emerging Markets Umbrella Fund OEIC Limited. AFSA also allowed listing of exempt funds[5] on an Authorised Investment Exchange, with 3 exempt funds listed on Astana International Exchange.

FinTech and Digital Assets

In 2024, four new digital asset exchanges were registered within the FinTech Lab regulatory sandbox, while Binance (BN KZ Technologies Limited) and Bybit (Bybit Limited) successfully transitioned from the FinTech Lab sandbox to the full regulatory status. Among the global exchanges WhiteBIT – one of Europe’s biggest cryptoexchanges – was a new arrival.

The trading volume of digital asset service providers (DASPs) operating within the AIFC was over $1.4 billion, with a client base growing to over 140,000 individuals. This is a significant increase from 2023, when the trading volume amounted to $324 million, and the client base stood at 53,000.

JSC QazPost, Kazakhstan’s national postal operator, was authorised to conduct fiat transactions with digital assets after it was officially added to the list of organisations permitted to provide these services alongside commercial banks (second-tier banks – STBs) in Kazakhstan.

Capital Markets

In 2024 alone, AIX achieved a major milestone with 140 new listings, bringing the total number of securities traded on the exchange to more than 250. This reflects the increasing interest from issuers in listing on AIX, reinforcing its role as a key listing venue for both local and international companies. This growth is driven by a robust market infrastructure and a regulatory framework that aligns with global standards.

International Trading System Ltd. (ITS), the first company that received a license from AFSA to operate a Multilateral Trading Platform (MTF), resumed its operations during 2024 after establishing an AIFC-based and AFSA-authorised clearing and settlement infrastructure. Key accomplishments include adding around 3,000 tradable securities such as shares, depository receipts, as well as Exchange-Traded Funds[6], with a primary listing on the leading global exchanges such as NYSE and NASDAQ; the launch of the first AIFC non-exempt fund listed on AIX and admitted to trading on ITS (ITS World ETF)[7], reaching a total trading volume of USD 200 million with the highest daily turnover of $16 million. ITS obtained Qualified Intermediary (QI) status[8] from the US Internal Revenue Service (IRS), allowing reduced tax rates on income from US-registered securities.

Policy and Regulatory Developments

In 2024, a regulatory foundation was developed for the following areas: regulation of family offices, corporate treasury centers, venture studios, and the issuance of green and sustainability-linked bonds and sukuks. Amendments were also made to the AIFC regulations to oversee tokenised commodities and tokenised investments, to the Rules for multilateral and organised trading facilities, while acts governing legal entities were revised.

We also introduced amendments to Anti-Money Laundering, Terrorist Financing and Sanctions framework and additional amendments were provided to Insolvency regulations. AFSA also introduced enhancements to Derivatives, Asset Management and Credit Rating Agencies frameworks.

Additionally, we presented a simplified regulatory framework for low-risk financial services firms in the AIFC, developed guidance on voluntary ESG disclosures, and eased capital requirements for Islamic financial service providers.

International Cooperation

Throughout this year, agreements were signed with four regulators, including the National Commission for Digital Assets of El Salvador (CNAD), the Central Bank of the Republic of Azerbaijan (CBAR), the Insurance and Private Pension Regulation and Supervision Agency of Türkiye, and the Swedish Financial Supervisory Authority (Finansinspektionen).

Roadmaps for expanded cooperation were signed with the Financial Services Authority of the Sultanate of Oman, the National Agency for Perspective Projects of the Republic of Uzbekistan, the financial regulator of the Kyrgyz Republic (Finnadzor), and the Central Bank of Hungary.

Overall, since its inception, AFSA has signed 57 agreements and memorandums of understanding.

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 3,600 firms from over 80 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]

[1] an investment instrument with pooled funds that is managed to outperform average market returns

[2] a fund that pools money from investors and primarily invests in unlisted businesses

[3] a company that owns, operates, or finances income-generating real estate and sells shares to raise capital to do so.

[4] an investment vehicle comprising several Sub-Funds, each with its unique investment objectives and strategies, while remaining as a single legal entity.

[5] a Collective Investment Scheme whose Units are Offered in the AIFC only by way of a private placement to Professional Clients and in the minimum subscription amounts of US$50,000.

[6] An exchange-traded fund is an investment vehicle that pools a group of securities into a fund. It can be traded like an individual stock on an exchange.

[7] This ETF is designed to track the performance of the ITS World index, which comprises a diversified portfolio of 50 leading companies from various global regions, including the Americas, Europe, Asia, and significant players in the Kazakhstani economy.

[8] Qualified Intermediary (QI) status is a special designation given by the U.S. Internal Revenue Service (IRS) to financial institutions, such as banks or trading platforms, outside the United States. It allows them to handle U.S.-sourced investment income (like dividends or interest from U.S. stocks) on behalf of their clients while ensuring proper tax compliance.