The pilot, introduced by the Astana Financial Services Authority (AFSA) during the Astana Finance Days forum, allows companies operating in the Astana International Financial Centre (AIFC) to settle licensing and regulatory fees using stablecoins pegged to the U.S. dollar. This marks the first time Kazakhstan has enabled stablecoin use for official payments, positioning the AIFC as a pioneering hub for fintech experimentation in Central Asia.
The Astana Financial Services Authority (AFSA) 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.
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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/
[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
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