Посты с тэгом: AFSA

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

The Astana Financial Services Authority (AFSA) adopted a comprehensive Providing Money Services framework, introducing the AIFC Rules on Providing Money Services alongside consequential amendments to the AIFC General Rules, AIFC Glossary, AIFC Conduct of Business Rules, AIFC Banking Business Prudential Rules, and AIFC Rules on Digital Asset Activities.

Please note that the new Rules will enter into force in two phases:

• On 13 October 2025 for the provisions related to definitions, capital requirements and the use of digital assets in money services;
• On 13 January 2026 for the provisions on Client protection and cyber resilience.

The framework responds to the demands of a growing number of AIFC Participants providing money services as a primary activity — currently, ten authorised Money Service Providers (MSPs). It is designed to ensure a safe and secure environment for consumers while enabling the development of a competitive and innovative financial market. The new framework consolidates existing requirements into a single, clear and consistent rulebook, streamlining the regulation of money services.

A key feature of the framework is that it broadens the regulatory scope. The revised list of regulated money services now encompasses arranging currency exchange[1], providing or operating payment accounts[2], acquiring payment transactions[3], payment initiation services[4], and account information services[5]. The framework also clarifies which activities fall outside the regulatory perimeter. These include technical support services like cloud infrastructure and identity verification tools, transactions between digital asset service providers (DASPs), including foreign DASPs, for liquidity purposes, and user-initiated transfers of digital assets between their own accounts, among others.

The framework also provides clarity on the perimeter of AFSA regulation. Once in effect, AFSA will regulate payment transactions using digital assets that function like traditional money services — such as digital asset remittances and acquiring. It will also cover non-custodial service providers with business models similar to payment initiation services, like MetaMask[6] or Trust Wallet[7].

To reflect the growing use of digital assets, the framework introduces two ways MSPs can operate:

• Bridge model: the MSP handles digital assets in its own name—it sends, receives, or holds assets on behalf of clients but under the provider’s control.
• Direct model: The MSP acts like an intermediary — helping clients send or receive digital assets directly between Clients’ own wallets to or from wallets of MSP.

To strengthen consumer confidence, the framework introduces enhanced Client protection measures, including mandatory disclosures in Client agreements, refund provisions, liability for unauthorised transactions, and clear rules on the rights of recourse.

_

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 4000 firms from over 84 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://afsa.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] Arranging currency exchange refers to facilitating currency exchange services for clients by connecting them with firms authorised to provide such services under the AIFC Rules on Currency Regulation and Provision of Information.

[2] Providing or operating a payment account involves opening, closing, and managing accounts that enable clients to hold funds and perform payment operations—such as transfers, deposits, and withdrawals—offered by firms authorised under the AIFC rules.

[3] Acquiring payment transactions refers to facilitating payments on behalf of merchants, enabling them to accept methods such as credit or debit cards from customers (e.g. for online purchases).

[4] Payment initiation services are online services—typically offered by fintech firms—that allow customers to initiate payments directly from their accounts held with other financial service providers (e.g., banks), often providing a more user-friendly and convenient experience.

[5] Account information services provide aggregation of financial data—such as account balances and transaction history—from multiple financial service providers (e.g., banks).

[6] MetaMask is a non-custodial digital wallet that allows users to store cryptocurrencies and interact directly with blockchain-based applications. It enables users to initiate transactions from their own accounts without relying on third-party intermediaries.

[7] Trust Wallet is a non-custodial mobile wallet that enables users to store, manage, and transfer a wide range of cryptocurrencies. It also allows direct access to decentralized applications (dApps) and supports transaction initiation without third-party intermediaries.

The Astana Financial Services Authority (AFSA) has released three Consultation Papers inviting market participants to comment on the proposed regulatory amendments aimed at enhancing the effectiveness, proportionality and international alignment of the AIFC regulatory framework. The proposals focus on three key areas: Capital Markets, Digital Assets, and Crowdfunding.

The Consultation Paper on Amendments to the Capital Markets Framework focuses on securities offerings, governance of reporting entities, and disclosure requirements.

Key proposals include:

• Streamlining disclosure and approval processes;
• Applying corporate governance requirements solely to issuers of equity securities and disapplying them for the issuers of debentures;
• Expanding Membership Eligibility of an Authorised Market Institution;
• Aligning Client classification with the broader AIFC framework;
• Raising the cap for the maximum amount of fungible securities[1] to be traded or offered on an Authorised Investment Exchange without requiring a Prospectus;
• Increasing the threshold that determines whether an individual or entity is considered a Related Party[2].

The full paper is available here: Consultation Paper on the amendments to the AIFC Capital Market Framework.

The Consultation Paper on Amendments to the Digital Assets Framework underscores AFSA’s commitment to maintain a proportionate and innovation-friendly regulatory environment.

The proposed changes have been informed by supervisory experience, international best practices, and engagement with market participants.

Key proposals include:

• Amending the regulatory treatment of Digital Asset Service Providers (DASPs) whose business models do not involve holding or controlling Digital Assets, or using distributed ledger technology by exempting them from certain obligations;
• Revising capital requirements for Digital Asset Trading Facility (DATF) Operators;
• Expanding eligibility for DATF membership;
• Revising the notification process for admitting Digital Assets to trading.

The full paper is available here: Consultation Paper on the amendments to the AIFC Digital Assets framework.

 The Consultation Paper on Amendments to the Crowdfunding Platforms Framework aims to address key regulatory and operational issues, balancing innovation with investor protection and market integrity.

Key proposals include:

• Strengthening client protection through expanded disclosure requirements, more comprehensive borrower and issuer eligibility requirements, new investment limit for retail clients, restriction on funding for borrowers with payment issues, along with enhanced risk warnings;
• Harmonising client classification to standardised “Retail Client” and “Professional Client” categories;
• Permitting sole proprietors to use crowdfunding services as borrowers and issuers, with AFSA approval;
• Removing the “Providing Private Financing Platform” licence from the regulatory framework.

The full paper is available here: Consultation Paper on the amendments to the AIFC Crowdfunding Platforms Framework.

AFSA invites feedback from all stakeholders. Please submit your comments on the proposed amendments by 15 September 2025 via email to [email protected]. We will review all responses and consider any necessary adjustments to the proposals.

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 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] Securities which are interchangeable with others of the same series or class (as per the definition by Thomson Reuters (https://shorturl.at/jDrXt)

[2] A Related Party refers to any individual or entity that has a close relationship with a company, including senior management, major shareholders, close family members, or others with significant influence or control. This definition is provided for broader understanding. For an exact AIFC term please refer to the AIFC Glossary.

The Astana Financial Services Authority (AFSA) has joined IOSCO[1]’s International Securities and Commodities Alerts Network (I-SCAN), a global cooperation platform for securities regulators to exchange information and coordinate efforts to combat online investment fraud and illegal financial activity. Joining I-SCAN provides AFSA with the opportunity to publish its fraud warnings in IOSCO’s global alert system.

The I-SCAN platform was established by IOSCO to address the growing risks associated with the rapid digitalisation of financial markets. As retail investors increasingly engage in capital markets via mobile applications, social media and online platforms, the prevalence and sophistication of fraudulent schemes are also rising. I-SCAN enables regulators to identify, flag and remove illegal investment offers more effectively, thereby strengthening investor protection and fostering greater trust in financial markets.

“AFSA’s participation in I-SCAN is an important step towards enhancing the security and transparency of the financial environment. By working alongside the international regulatory community and local authorities, we are reinforcing efforts to protect investors from fraud and raise awareness of unauthorised schemes and deceptive practices. Our priority is to maintain market stability and promote confidence in the financial system through timely alerts, increased transparency, and coordinated cross-border actions,” said Evgeniya Bogdanova, Chief Executive Officer of AFSA.

The I-SCAN initiative promotes strict oversight of investment products advertised online, close cooperation among regulators, and proactive removal of fraudulent content across digital platforms.

AFSA encourages local online platforms in the Republic of Kazakhstan to explore opportunities to engage with the I-SCAN framework. Cooperation between platforms and supervisory authorities supports the timely identification and prevention of misconduct. In line with IOSCO’s position, effective measures against online scams require effective internal controls, compliance with national regulations and prompt information sharing with regulators.

Joining I-SCAN will further enhance AFSA’s supervisory capabilities in the area of digital financial services and strengthen AIFC’s standing as a jurisdiction aligned with international standards.

AFSA is actively working to help investors reduce risks. Here are some key steps you can take to protect yourself:

1. Beware of unauthorised financial firms. All financial services firms in the AIFC must be authorised by AFSA. If they’re not, it may be a scam. Check our official Public Register to confirm if a firm or individual is authorised, and always access the Register directly through this official website aifc.kz – never through email links or third-party websites.
2. Know your rights. Be cautious when using online financial services. Share details only with verified providers. Read the terms of any offer carefully and know how your data will be used. Regularly review your bank statements for unusual activity. Only authorised firms can offer financial services and must clearly explain products, assess suitability, and provide key information, written agreements, and regular updates.
3. Make informed decisions when dealing with digital assets. This is a higher-risk sector. Transactions are often irreversible, making losses hard to recover if you deal with unverified providers. In Kazakhstan, trading digital assets is only permitted on crypto exchanges licensed by AFSA.
4. Stay vigilant. If you suspect you have been contacted by an unauthorised firm or individual offering AFSA-regulated services, report it to us using this form.
5. Use multiple sources for verification. Always cross-check a firm’s legitimacy through trusted sources. Tools like I-SCAN offer international data to help you identify unauthorised activities and red flags before investing.

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 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] IOSCO (International Organization of Securities Commissions) is the international body that brings together securities regulators from over 100 jurisdictions with the aim of coordinating efforts to uphold the integrity, efficiency, and transparency of global financial markets.