Kazakhstan’s Astana Financial Services Authority, on the opening day of Astana Finance Days 2025, said it will let participants at the Astana International Financial Centre and applicants pay regulatory fees with U.S. dollar-pegged stablecoins.
The move was unveiled in Astana and signed as a Multilateral Memorandum of Understanding by AFSA CEO Evgeniya Bogdanova and Bybit COO Mazurka Zeng.
Officials said the plan aims to bring digital assets into mainstream finance by letting licensed providers execute stablecoin transfers and then send the fiat equivalent to AFSA’s bank account.
New payment framework
AFSA described the scheme as a first for the region. Licensed Digital Asset Service Providers will be able to act as agents for payers.
Those providers must sign an MoU with AFSA and meet eligibility rules. AFSA will list approved providers on its website. Bybit Limited was the first firm to sign the document at the event.
How will the process work?
Providers will handle stablecoin transactions on behalf of users. They will convert the stablecoins and remit the fiat value to AFSA’s designated bank account.
AFSA said this will let companies settle fees in a compliant way while keeping cash flows transparent. The regulator will publish a list of providers that meet its criteria.
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Industry context and market size
Stablecoins have grown rapidly in recent years. Market capitalisation reached about $286.67 billion at press time, and fiat-backed tokens such as Tether and USD Coin make up most of that supply.
AFSA officials said the new framework positions the AIFC as a hub for digital finance and innovation. Bybit’s COO said the change will expand Kazakhstan’s payment choices with secure and compliant digital tools.
Exchanges and licensing
Kazakhstan has already moved to formalise its crypto market. In September 2024, Bybit and Binance won full authorisation from AFSA to operate as Digital Asset Trading Facilities.
Binance also secured external audits and ISO certifications and became the first DASP to gain full regulatory consent. Those approvals let the exchanges offer trading, custody, and investment services in Kazakhstan and across the Commonwealth of Independent States region.
Crackdown on unlicensed operators
Regulators have also tightened enforcement, and over the past two years, the Financial Monitoring Agency blocked nearly 1,000 illegal platforms and froze crypto tied to pyramid schemes and scams worth more than $75 million.
In January 2025, authorities closed several unregistered exchanges accused of enabling money laundering and cybercrime. Officials say those steps aim to clear the field for licensed players.
Central bank digital currency progress
Kazakhstan is also testing a central bank digital currency, and the National Bank started CBDC pilots in 2021 and ran its first retail payments in 2023. Officials plan a full rollout by the end of 2025.
The digital tenge will offer offline payments and is meant to sit alongside cash and non-cash payments in daily use.
National cryptocurrency reserve
The government has moved further into a digital asset strategy. National Bank Governor Timur Suleimenov announced plans to create a national cryptocurrency reserve.
He said research is underway on how to structure and run that reserve. The idea is part of a broader push to link sovereign finance with new digital tools.
What this could mean?
By pairing tighter oversight with new payment options, Kazakhstan aims to attract compliant operators and institutional activity.
The AIFC framework may give global firms a clearer route to work in Central Asia.
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