Посты с тэгом: AFSA

23 companies received a licence from the Astana Financial Services Authority (AFSA) in 2021 to carry out financial activities, which is twice as many as in the previous year. Firms under AFSA’s supervision help create jobs in the banking, investment and insurance sectors of Kazakhstan. Overall, since AIFC’s inception 46 companies that prefer to do business through the Astana International Financial Centre have received a license to carry out financial activities. Their assets have totaled USD 1 bln.

“The increase in the number of firms choosing the jurisdiction of the Astana International Financial Center indicates growing confidence in the AIFC as an international business hub and shows the expansion of its activities. For example, in 2021 there was a significant increase in interest in the asset management and investment fund industry in the AIFC,” said Mukhtar Bubeyev, Chief Executive Officer of the Astana Financial Services Authority.

In total, 550 new AIFC participants were registered in 2021. The top five international jurisdictions with the biggest presence in the AIFC are China (9.4%), the European Union (5.6%), Russia (5.5%), the United Kingdom (3%) and the United States (2.5%). 75% of new firms that received a licence in 2021 to provide financial services showed an interest in the investment business (asset management, investment funds, brokerage services etc.).

The AIFC acts adopted in 2021 will give a significant impetus to the further development of the AIFC financial system. Thus, together with national regulators, the Currency Regulation Rules were adopted, which for the first time determined the terms of access of AIFC participants to the financial market of Kazakhstan.  The Substantial Presence Rules for AIFC participants applying tax exemptions for the payment of corporate income tax and value added tax were the result of work on further bringing  standards of transparency for tax purposes in AIFC in line with the best world practices.

In terms of international relations, AFSA has strengthened cooperation with regulators in Europe and Asia, and following the Meeting with Central Asian Regulators, the regulators of the AIFC, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan adopted a Joint Declaration. Through the Declaration, the participants of the Meeting confirmed the possibility of using the potential of the AIFC for the joint development of the financial system, as well as agreed to create a Group of Central Asian Regulators and hold its meetings annually at the AIFC premises.

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 1,200 firms from 63 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 that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz

As expressed in  the Supervisory Policy Statement on Branch Supervision, supervisory approach applied towards AIFC participants (whether it is a bank, an insurer, or an investment firm) operating as branches in the AIFC implies that the following  general factors should be considered:

• whether the whole firm (including Head Office) meets the minimum threshold conditions[1];
• whether the home jurisdiction’s prudential supervision regime is sufficiently equivalent to the AIFC regime; and
• whether there is sufficient supervisory cooperation between the AFSA and the home state supervisor.

In case if these minimum expectations are met, the branch could be considered as capable of being effectively supervised as a branch and AFSA may rely on home jurisdiction’s prudential regime for supervision.

Should the minimum expectations be met partially, the overseas firm may operate in the AIFC as a branch with additional requirements, such as a need to apply specific regulatory requirements at a branch level, additional branch liquidity requirements, restrictions on business activity and others.

When the minimum expectations cannot be met to a significant extent, the branch should be required to operate as a subsidiary, and the AFSA will supervise it on a standalone basis.

AFSA may also follow the approach of this Statement in making decisions on recognition of overseas brokers (Recognised Non-AIFC Members), exchanges (Recognised Non-AIFC Market Institutions), Equivalent Recognised Exchanges (for issuer prospectus purposes), Foreign Fund Managers (for managing Domestic Funds domiciled in the AIFC), and any other entity for which AIFC rules require some form of recognition.

The Supervisory Policy Statement reflects AFSA’s expectations in relation to supervision of branches in order to ensure the safety and soundness of authorised firms particularly by seeking to avoid adverse effects on the stability of the financial system of the AIFC.

The Supervisory Policy Statement entered into force on 12 December 2021.

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 1,200 firms from 62 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 that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz

[1] For a branch, the threshold conditions – which are the minimum conditions for authorisation – apply to the international firm as a whole and not just the AIFC branch, since a branch office is not a separate legal entity in its own right but an extension of a firm incorporated outside of the AIFC. In broad terms, the AFSA requires firms to have an appropriate amount and quality of liquidity, to have appropriate resources to monitor, measure, and manage the risks to which it is or may be exposed, to be fit and proper, to conduct their business prudently and to be capable of being effectively supervised by the AFSA (https://authority.aifc.kz/files/legals/425/file/supervisory-policy-statement-on-afsas-approach-to-branch-supervision.pdf)

Nur-Sultan, Kazakhstan – The Astana Financial Services Authority (AFSA) informs that the following companies may have released information in the public domain that risk misleading persons into believing that these persons are authorised by the AFSA to advice on or manage investments:

• Hitbeat Music Representative Office;
• Extrum Limited;
• KBI Partners Limited;
• S-Capital Limited

The four firms mentioned above are registered in the AIFC but are NOT AUTHORISED BY AFSA TO CONDUCT REGULATED ACTIVITIES[1] of offering financial services to consumers.

AFSA has advised the companies to correct the public record in any public resources of these Companies, including their websites and in other publicised resources. As this information was released in the public domain, AFSA considers it appropriate to set the public record straight to protect the interests of the Astana International Financial Centre (“AIFC”) community and members of the public.

Consumer enquiries in relation to any of the four companies may be directed to https://afsa.aifc.kz/submit-your-complaint/ or by email to [email protected].  

AFSA advises consumers to only deal with AIFC companies in Kazakhstan that are appropriately authorised to provide financial services and therefore properly regulated. The jurisdiction of the AIFC is attractive for doing business, therefore consumers are advised to check the status of authorisation on AFSA’s website at https://publicreg.myafsa.com/authorised/, and avoid dealing with firms not permitted by AFSA to carry out the activities they market.

AFSA requests consumers to exercise caution when dealing with firms claiming links with the AIFC who are soliciting investments in Cryptocurrencies and other investments without holding the relevant licence or authorisation from AFSA. The message from AFSA is for consumers to be careful, and only invest with authorised firms that are appropriately regulated by the AFSA.  It is important to note that the AIFC Participant status does not allow offering financial services without obtaining a licence for carrying on regulated financial activities from the AFSA. It is also critical that consumers distinguish between an entity registered/incorporated within the AIFC from an entity that is authorised to carry on regulated activities or other permitted activities.

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 1,200 firms from 62 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 that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz

[1] A list or Regulated Activities is in Schedule 1 of the AIFC General Rules 2017 https://afsa.orderly.kz/articles/schedule-1:-regulated-activities

AFSA is happy to invite potential applicants, law and consultancy firms and AIFC participants to the webinar on the new amendments to the AIFC Legal Entities Framework and online post-registration process. The webinar will be held online (via Zoom) on 28 January 2022 at 15:00-16:00 hrs Nur-Sultan time. Language of webinar is English.

Interested participants shall register via the following link.

Agenda:

15.00 – 15.10

I. Introduction

Laura Nurgaliyeva, Supervisor, Registration Division, AFSA

15:10 – 15:25

II. Introduction of the new amendments to the AIFC Legal Entities Framework

 Laura Nurgaliyeva, Supervisor, Registration Division, AFSA

– Extending Powers of Board of Directors

– Clarity of “allotment” and “issue” concepts

– Standard constitutional documents

– New audit requirements for Private Companies, LLPs and NPIOs

– Status of Director of a Company

– Registration fees

15:25 – 15:30

III. Q&A session

15.30 – 15.45

IV. Online post-registration process 

Anara Omarova, Senior Associate, Registration Division, AFSA

– Automated post-registration processes

15:45 – 15:55

V. Q&A session

AFSA has made amendments to the AIFC Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Rules (the Rules) to increase adherence of the AIFC AML/CFT framework to Recommendations of the Financial Action Task Force (FATF).

The amendments to the Rules cover the following areas:

Regulatory and supervisory powers.  Regulatory and supervisory powers of the AFSA in respect of Designated Non-Financial Business and Professions (DNFBPs) are more clearly defined.  The AFSA ensures compliance of the relevant AIFC Participants with this regime that addresses requirements regarding Anti-Money Laundering, Counter-Terrorist Financing, and the proliferation of weapons of mass destruction. (AML/CFT) responsibilities by using its various regulatory powers including by conducting reviews and inspections.  It is also clarified that the AFSA may impose disciplinary sanctions and other actions if AML Rules are contravened.

Risk-based approach.  The proposed amendments considerably expand the responsibility of Relevant Persons in a risk-proportionate manner. Thus, Relevant Persons will be responsible for managing and mitigating country-wide risks identified in the published reports and guidance given by the financial intelligence unit regarding the FATF mutual evaluations and follow-up reports and implementing enhanced measures where higher risks are identified. It is also proposed to explicitly require firms to manage and mitigate risks they identify during their risk assessment

Customer due diligence (CDD).  The proposed amendments specifically underline the need to conduct CDD for occasional transactions the value of which singularly or in several linked operations (whether at the time or later), equal or exceed $15,000.  In addition to conducting CDD it is required to conduct Enhanced Due Diligence when there are business relationships and transactions with persons from countries with high geographical risk factors.

Obligations to verify the identity of the customer and its Beneficial Owner (BO) have been explicitly stressed.

Politically Exposed Person (PEP).  Relevant Persons are obliged to obtain an approval from their senior management to continue its business relationship with an existing customer if the customer or its BO becomes a PEP.  For these purposes a new guidance is introduced explaining who is to be considered as senior management under the AML Rules.

Reliance and outsourcing.  The responsibility of Relevant Persons for reliance’ compliance was expanded.  It was specified that Relevant Persons must ensure that the third party has an existing business relationship with the customer and that relationship is independent from the relationship to be formed by the customer with the Relevant Person.

To make the reliance coherent with the FATF Recommendations the set of documents and data that Relevant Persons should obtain from the third party was extended.  Client and BO identification and verification documents, as well as the information on the nature and purpose of the business relationship have been included.

As to reliance on a Group member, the Group’s AML policies must adequately mitigate any high geographical risk factors.

Wire Transfers.  The Wire Transfer Chapter has been extensively amended by introducing two thresholds (below and above $1,000) for cross-border and domestic transactions and defining obligations of Authorised Persons when executing wire transfers which are above or below the introduced thresholds. 

Thus, Authorised Persons must ensure that cross-border and domestic wire transfers contain specific details of the payer and payee (such as identification documents, individual identification numbers, addresses, etc), i.e., the information that allows traceability of the transaction.

There are also provisions introduced regulating operations of money or value transfer services (MVTS) operators.  Giving that under the AIFC Law only legal entities can obtain license allowing provision of money or value transfer services it is clearly stipulated that natural persons cannot be persons carrying out MVTS.

Sanctions.  It is explicitly stated that Relevant Persons must comply with prohibitions from conducting transactions with designated persons and entities in accordance with the obligations set out in the relevant resolutions of the United Nations Security Council and Republic of Kazakhstan.

It is also stressed that Relevant Persons should be able to independently apply countermeasures that are effective, appropriate and proportionate to the risks whether or not they are called upon to do so.

MLRO and suspicious transactions.  Obligations for Relevant Persons to register with the Financial Intelligence Unit of the Republic of Kazakhstan (FIU) for submitting Suspicious Transactions Report (STRs) and Threshold Transactions Reports (TTRs) before commencement of the business relationships are introduced.  When a STR is submitted, the AFSA must be notified of such a submission.

The time for submission of the annual AML Return form has been changed.  A Relevant Person must complete and submit the form within 2 months after the end of each year instead of 4 months period.

In respect of STR filing it was also clearly stated that Relevant Persons must not disclose information contained in a STR or the fact that a STR may be or has been filed with the FIU or a suspicious transaction is being investigated.

Group policies.  Relevant Persons have a new requirement on the policies and procedures content and information sharing between Group entities.

A Relevant Person which is part of a Group must ensure that its branches and majority-owned subsidiaries in host countries implement the requirements of the AIFC, to the extent that host country laws and regulations permit. If the host country does not permit the proper implementation of the measures above, financial groups should apply appropriate additional measures to manage the money laundering risks and inform the AFSA of such measures.

Protection for disclosure.  In respect of the protection of the persons who file STRs it is clearly stated now that those who file STRs are not subject to any civil liability or criminal prosecution under the Kazakhstan law resulting from the submission of the STR.

Astana Financial Services Authority’s Registrar of Companies introduces series of amendments to the Legal Entities Framework which will come into force from 1 January 2022. These latest amendments relate to following:

1. Extending powers of Board of Directors

New amendments to the AIFC Companies Regulations extend the powers of the Board of Directors to issue new shares in addition to its right to allot shares.

2. Clarity of “allotment” and “issue” concepts

New amendments also bring clarity to the understanding of “issue” and “allotment” concepts for Private and Public Companies. Sections 43 (Minimum share capital) and 98 (General provisions about meetings and votes) of the AIFC Companies Regulations have been revised to support the concept that “allotment” refers to the giving of the shares to a new shareholder, whereas “issue” covers the additional step of actually registering a new shareholder so that they can enjoy legal governance rights. Thus, section 43 (Minimum share capital) states that a Public Company must have an allotted share capital (instead of “issued and allotted”) of no less than 100,000 USD at any time and section 98 (General provisions about meetings and votes) states that quorum at the meetings dealing with a variation of any class rights is the number of shareholders holding or representing by proxy at least 1/3 in nominal value of the issued shares of the class (instead of issued and allotted).

3. Standard constitutional documents available for more legal entities

From 1 January 2022 standard constitutional documents will be available for such types of legal entities as:

• Foundations – Standard Foundation Charter and By-laws
• General Partnerships – General Partnership Agreement
• Limited Partnership – Limited Partnership Agreement
• Limited Liability Partnerships – Limited Liability Partnership Agreement.

Currently, standard articles of association and charter exist only for Public Companies, Private Companies and Non-Profit Incorporated Organisations (NPIOs).

4. New audit requirements for Private Companies, Limited Liability Partnerships and NPIOs as part of their obligations to the Registrar of Companies

New amendments also apply to audit requirements in relation to Private Companies, Limited Liability Partnerships and NPIOs. Thus, Private Companies and Limited Liability Partnerships whose annual turnover is not more than $5,000,000 USD will be subject to audit exemption. The current Shareholders requirement (an average of not more than 20 Shareholders) for Private Companies will be excluded. NPIOs will be exempted from audit if their gross annual income is not more than $500,000 USD.

5. New AML/CFT requirements for NPIOs and Foundations

Foundations and NPIOs will carry new obligations related to anti-money laundering and combatting the financing of terrorism (AML/CFT). This means that Foundations and NPIOs will have to:

• carry out transactions through financial institutions under AML/CFT supervision;
• notify the AFSA on complex or unusual transactions etc.;
• keep records and file report on suspicious activities to the Financial Intelligence Unit of Kazakhstan.

6. Amendments to status of Director

Under the new amendments, Companies will decide themselves if they want their Director to be called an Employee and have a contract of employment or have a Director perform their duties without getting into an employment relationship. Currently, the AIFC Companies Regulations considers a Director as an Employee.

7. Online and offline registration fees

There is also going to be a distinction in the registration fee for documents submitted online and offline. The fee for online registration will stay the same (300 USD), while a paper-based one will cost 500 USD. From 1 September 2020 registration process for applicants has been fully digitalised.

The Astana International Financial Centre (AIFC) has approved amendments to AIFC Conduct of Business Rules and Authorised Market Institution Rules.

The amendments proposed by the Astana Financial Services Authority (AFSA) sets the limits to ensure a greater client protection level of buyers of Digital Assets and aim at facilitating access for Authorised Digital Asset Trading Facilities (crypto–exchanges) to the local banking services, licenced and regulated by the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (Agency) and the National Bank of Kazakhstan (NBK).

A retail client can now only invest up to US$1,000 per month without providing proof of income or assets or up to either (i) 10 percent of the annual income or (ii) 5 percent of the net worth of such retail client totalling to a maximum aggregate of US$100,000 provided that income or assets are confirmed, whichever is lesser.

You can find the newly introduced amendments here https://afsa.orderly.kz/articles/6.7.-clients-of-an-authorised-digital-asset-trading-facility-and-investment-limits

The Astana International Financial Centre (AIFC) has introduced a new AIFC Act, the Rules on the Substantial Presence of the AIFC Participants Applying Tax Exemptions for the payment of Corporate Income Tax, Value Added Tax.

The Act was adopted by the Astana Financial Services Authority (AFSA) in coordination with the Ministry of Finance of the Republic of Kazakhstan.

According to the Rules, AIFC participants enjoying tax benefits for the payment of corporate income tax and value added tax must confirm their presence at the AIFC. This is corroborated by implementing requirements in relation to core income-generating activities in the AIFC, and by ensuring that the expenses incurred and the number of full-time employees involved are commensurate with the volume of activities.

Adoption of the Rules is an important step towards ensuring that the AIFC is compliant with global transparency standards for tax purposes and that the AIFC jurisdiction is not used for harmful tax practices.

In January 2017, Kazakhstan joined the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) under which it commits to comply with minimum four standards contained in OECD Action 5, including Harmful tax practices. To comply with this standard and prevent tax base erosion and profit shifting, the AIFC has implemented the “substantial presence” Rules in this new Act.

The Rules apply to certain Centre Participants who are exempt from corporate income tax and value added tax in accordance with the Constitutional Statute of the Republic of Kazakhstan dated 7 December 2015 “On the Astana International Financial Centre” and commence starting from the 1 January 2022.

You can find the newly introduced act here [Rules on the Substantial Presence of the AIFC Participants applying tax exemptions for the payment of CIT, VAT].

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 authorization, registration, recognition and supervision of financial firms and market institutions in the AIFC. 

www.afsa.kz 

Over 1,100 companies from 60 countries are registered in AIFC. These companies provide banking, insurance, investment, professional and other services. The range of financial services offered at 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. AIFC participants from Central Asian states are mainly represented in the sectors that are unrelated to financial activities.

Astana International Financial Centre was established on the initiative of the First President of the Republic of Kazakhstan – Elbasy Nursultan Nazarbayev as part of the National Plan “100 steps to implement five institutional reforms”. On July 2, 2020, as part of the meeting of the AIFC Management Council, the Center’s Development Strategy was adopted until 2025. According to it, the vision of the AIFC is to become a leading international financial centre in the region, including Central Asia, the Caucasus, the EAEU countries, Western China, Mongolia and Eastern Europe.

The mission of AIFC is to promote the sustainable long-term development of the region. As the Head of State noted, K.Tokayev, “The AIFC with its unique capabilities can act as a universal platform connecting the countries of the region.” aifc.kz

A high-level meeting involving financial regulators of AIFC’s independent jurisdiction, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan, as well as a number of international financial organizations was held on December 3, 2021 at the AIFC premises.

The meeting was an important step towards the implementation of the Joint Statement adopted at the meeting of the Consultative Group of the Heads of Central Asian States, held on August 6 this year in Turkmenbashi city (Turkmenistan). The Joint statement underlined the importance of joint development of the financial system and attraction of investment to the region. AIFC was identified as an economic platform connecting the countries of the Central Asian region, as well as with foreign investors.

The purpose of the Meeting of Regulators was to develop regional cooperation in the area of financial supervision and exchange of experience in the regulation of the stock, banking and insurance markets. The event will promote the role of the financial sector in supporting the region’s economic development.

The Governor of AIFC Kairat Kelimbetov noted the importance of mutual understanding and strengthening regulatory cooperation at the regional level.

“The analysis of the impact of coronavirus pandemic and the crisis caused by it showed the need to integrate economies and strengthen cross-border interaction. This also applies to the Central Asian region, where deepening economic ties can give new impetus to the development of all five countries. The AIFC platform can provide access for neighboring countries to the world capital markets to attract investment, with countries to be able to cooperate more actively with foreign partners to implement new projects”.

“The development of regulatory cooperation between Central Asian countries can contribute to reducing the fragmentation of regulatory requirements in support of cross-border economic initiatives, for example in the field of financial technologies, payment systems, issuance of Islamic securities, green financing, etc. A region with close economic ties and rapidly developing markets will be even more interesting to investors, Mukhtar Bubeyev, the Chief Executive Officer of the Astana Financial Services Authority said.

Following the meeting, the financial regulators of Central Asia adopted a joint declaration, confirming the possibility of using the potential of the AIFC in order to jointly develop the financial system, support cross-border economic initiatives in the field of financial services, attract investment to the region and strengthen cooperation between regulators in accordance with the spirit of the Joint Statement. The parties also agreed to create a Group of Central Asian Regulators and hold its meetings annually on the basis of the AIFC. 

 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 authorization, registration, recognition and supervision of financial firms and market institutions in the AIFC. www.afsa.kz 

 Over 1,100 companies from 60 countries are registered in AIFC. These companies provide banking, insurance, investment, professional and other services. The range of financial services offered at 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. AIFC participants from Central Asian states are mainly represented in the sectors that are unrelated to financial activities.

 Astana International Financial Centre was established on the initiative of the First President of the Republic of Kazakhstan – Elbasy Nursultan Nazarbayev as part of the National Plan “100 steps to implement five institutional reforms”. On July 2, 2020, as part of the meeting of the AIFC Management Council, the Center’s Development Strategy was adopted until 2025. According to it, the vision of the AIFC is to become a leading international financial centre in the region, including Central Asia, the Caucasus, the EAEU countries, Western China, Mongolia and Eastern Europe.

The mission of AIFC is to promote the sustainable long-term development of the region. As the Head of State noted, K.Tokayev, “The AIFC with its unique capabilities can act as a universal platform connecting the countries of the region.” aifc.kz