Посты с тэгом: AFSA

The Astana Financial Services Authority (AFSA) announces the adoption of its revised Enforcement Policy, replacing the version that has been in effect since 13 October 2019.

The updated Policy is now officially in effect and reflects the ongoing developments in regulatory practice, alignment with international best standards, and AFSA’s commitment to providing clear and transparent guidance on the use of its enforcement powers.

Key enhancements introduced include:

• improved clarity of processes in the conduct of investigations;
• refinements to the approach in determining sanctions and financial penalties;
• new provisions on restitution and actions for damages;
• strengthened consistency with AFSA’s statutory powers.

AFSA encourages all market participants to review the revised Policy to support informed and responsible business conduct.  Greater awareness of the updated approach will help any Person carrying on activities in or from the AIFC align more effectively with regulatory expectations, enhance operational practices, and contribute to a well-functioning AIFC ecosystem.

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 4,400 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) is pleased to announce a milestone in its pilot project – the successful receipt of the first regulatory fee payment in stablecoins pegged to USD. The project enables Astana International Financial Centre (AIFC) Participants, as well as applicants seeking authorisation or registration in the AIFC, to pay regulatory fees using USD pegged stablecoins.

SkyBridge Digital Finance Ltd., a licensed Digital Asset Service Provider and FinTech Lab Participant in the AIFC paid the first regulatory fees to AFSA in stablecoins under this initiative.

The pilot project, officially launched during Astana Finance Days 2025, introduced an innovative payment framework designed to expand the range of settlement options for AIFC market participants. The pilot represents the first regulatory mechanism of its kind in the region, demonstrating Kazakhstan’s ambition to position the AIFC as a hub for digital finance and innovation while aligning with global trends in stablecoin adoption.

Bybit Limited, the first signatory to the Multilateral Memorandum of Understanding (MMoU) with AFSA, facilitated the first stablecoin payment through its role as a Provider.

From now on, AIFC Participants and applicants applying for authorisation or registration within the AIFC will be able to pay regulatory fees to AFSA in stablecoins through verified providers. The list of Providers will be published on the AFSA website.

Under the framework, Digital Asset Service Providers licensed by AFSA to operate a Digital Asset Trading Facility or provide Money Services in relation to Digital Assets may join the project as Providers. In this role, they act on behalf of Payers to process stablecoin payments and transfer the equivalent fiat currency to AFSA’s designated bank account. Companies interested in participating as a Provider may contact AFSA via e-mail at [email protected].

Evgeniya Bogdanova, Chief Executive Officer of AFSA, said:
“The acceptance of our first fee in stablecoins marks a significant milestone toward a future-oriented financial ecosystem. It highlights AFSA’s commitment to driving innovation and establishing secure, transparent, and adaptive regulatory frameworks that evolve with the pace of global financial transformation.”

Bybit Kazakhstan is honored to collaborate with the Astana Financial Services Authority (AFSA) in enabling the first successful regulatory fee payment through our secure digital asset infrastructure. The inaugural payment, made by SkyBridge Digital Finance Ltd., marks a significant milestone that underscores AFSA’s progressive vision and our shared commitment to fostering compliant, transparent, and innovative payment solutions that strengthen Kazakhstan’s financial ecosystem,” said Ablaikhan Aubakir, Country Manager at Bybit Kazakhstan

“Our team is proud to participate in a milestone that marks the next step in the evolution of global finance. The first regulatory fee paid in USDT sets a precedent comparable in scale to the first payment made with a magnetic stripe card. This achievement strengthens financial inclusivity and opens access to banking for the unbanked,” said Yessengeldy Rakhimbekov, CEO of SkyBridge Digital Finance Ltd.

The stablecoin sector continues to play an increasingly important role in global finance. According to CoinMarketCap Data[1], as of September 2025, the total market capitalisation of stablecoins reached an all-time high of $307.6 billion, with fiat-backed stablecoins accounting for the majority of trading activity.

Important:

This initiative applies only to regulatory fees payable by AIFC Participants and applicants for authorisation and registration in the AIFC and does not include taxes or other government payments in the Republic of Kazakhstan. Kazakhstan’s Tenge (KZT) is the sole legal tender in 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.

Over 4,400 firms from more than 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] Top Stablecoin Tokens by Market Capitalization | CoinMarketCap

The Astana Financial Services Authority (AFSA) has opened a consultation on proposed updates to its regulatory fee framework within the Astana International Financial Centre (AIFC).

The planned changes are designed to ensure the framework remains proportionate, transparent, and aligned with the sustainable growth of the AIFC. They include an overall adjustment of fixed fees and the introduction of new variable components for certain activities, reflecting the growing scale and complexity of financial markets.

These adjustments are necessary for AFSA to continue sustaining its high-quality regulatory oversight as well as to advance new approaches, including new financial technologies and SupTech[1] for further safeguarding market integrity.

Since the fee framework was last updated in 2017, AFSA’s supervisory responsibilities have grown significantly. Today, the AIFC is home to more than 4,400 participants from over 85 countries. In the first half of 2025 alone, assets under AFSA’s supervision reached USD 1.85 billion.

“AIFC has evolved into a sophisticated financial ecosystem. To protect consumers, address emerging risks such as cyber resilience and financial crime, and maintain high standards of supervision, it is vital that our funding model keeps pace with market realities. This consultation gives stakeholders the opportunity to help shape a fair and transparent framework for the future,” said AFSA Chief Executive Officer, Evgeniya Bogdanova.

AFSA encourages all stakeholders to review the Consultation Paper, available here and to submit feedback by 2 November 2025 by e-mailing to [email protected]. All responses will be carefully considered before the final framework is confirmed.

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 4,400 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 use of innovative technologies by financial regulators and supervisors to improve how they monitor and oversee financial markets and institutions.

The Financial Monitoring Agency together with the Astana Financial Services Authority (AFSA) have held a Compliance Council meeting focused on strengthening the national anti-money laundering system.

The meeting focused on contemporary approaches to risk management in the context of emerging financial technologies and digital assets, along with measures to further strengthen the supporting infrastructure within the AIFC. Particular emphasis was placed on implementing priority actions to enhance Kazakhstan’s rating under FATF Recommendation 15.

The importance of enhancing internal monitoring mechanisms was emphasised, including improving the quality of customer due diligence procedures and the identification of beneficial owners.

As a result of the discussions, a decision was made to strengthen cooperation between the Agency and AFSA to enhance the resilience of the national financial system and reduce the risk of financial platforms being used for illicit purposes.

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 4,300 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) is delighted to invite you to join the Regulatory Townhall meeting to be held on 26 September 2025 at 15:00 Astana time via Zoom.

The discussion will focus on the practical application of the newly introduced Rules and the revised scope of regulated money services under the framework. Particular attention will be given to the provision of Money Services involving Digital Assets.

The townhall will serve as a platform to raise questions directly with AFSA regarding the Rules, as the first phase of their implementation begins on 13 October 2025. All interested stakeholders are encouraged to join and actively participate in the discussions.

Welcoming remarks:

Yerkegali Yedenbayev, Chief Authorisation and FinTech Officer, AFSA

Presenter:

Merdan Altyyev, Senior Associate of the FinTech Division, AFSA

To attend, please register via this link by 12:00 on 26 September 2025. Once you complete your registration, a confirmation email will be sent to you with details on how to join the meeting.

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 4,300 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) today announced the launch of an innovation-driven initiative enabling Participants of the Astana International Financial Centre (AIFC), as well as applicants seeking authorisation or registration in the AIFC, to pay regulatory fees in USD-pegged stablecoins[1].

The project was officially launched at Astana Finance Days 2025. Bybit Limited became the inaugural signatory to the MMoU, which was signed during Astana Finance Days 2025 by AFSA Chief Executive Officer Evgeniya Bogdanova and Bybit Chief Operating Officer Mazurka Zeng.

Under the project, Digital Asset Service Providers (DASPs) licensed by AFSA to carry on the Regulated Activities of Providing Money Services in relation to Digital Assets and Operating a Digital Asset Trading Facility will be able to join the initiative as Providers. The Provider shall act as an agent on behalf of each Payer intending to settle regulatory fees to AFSA using stablecoins. The Provider is responsible for executing the payment order and remitting the equivalent amount in fiat currency to AFSA’s designated bank account.

Participation requires signing a Multilateral Memorandum of Understanding (MMoU) with AFSA, subject to meeting AFSA’s eligibility criteria. The names of the Providers will be published on the official AFSA website upon signing an MMoU.

AFSA Chief Executive Officer Evgeniya Bogdanova said: “This initiative represents a first-of-its-kind regulatory framework for payments in stablecoins in the region, signaling Kazakhstan’s ambition to position the AIFC as a hub for digital finance and innovation while aligning with global trends in stablecoin adoption.”

Bybit Chief Operating Officer Mazurka Zeng said: “Bybit Kazakhstan is proud to contribute to expanding the payment ecosystem at the beating heart of financial innovation in Kazakhstan, the AIFC. With compliant, secure, and frictionless solutions built for digital assets, Bybit and AFSA share the vision of empowering entrepreneurs, consumers, and businesses to capture borderless opportunities in the stablecoin-powered payment revolution.”

The role of stablecoins in the digital asset ecosystem has grown significantly in recent years. According to CoinDesk data, stablecoin market capitalisation reached an all-time high of $251.7 billion as of mid-June 2025. Fiat-backed stablecoins continue to represent the vast majority of market share and trading volume.

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 4,000 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] A USD-pegged stablecoin is a type of cryptocurrency that is designed to maintain a stable value by being pegged to the US dollar, typically at a 1:1 ratio