AFSA Grants First Stablecoin Issuer License
The Astana Financial Services Authority (AFSA) has granted its first license for fiat-backed stablecoin[1] issuance, authorising AnchorX.KZ Limited to carry on the Regulated Activity of Providing Money Services in relation to Digital Assets as the Issuer of a Fiat Stablecoin.
The regulatory approval, granted under AFSA’s comprehensive Stablecoin Framework, marks a significant milestone for digital assets ecosystem in Kazakhstan. It underscores AFSA’s and AIFC’s commitment to fostering innovation through a clear and robust regulatory approach, while empowering trusted institutions to explore new frontiers in compliant digital asset services.
The initiative is part of a broader effort to enhance financial innovation and infrastructure in the region. AnchorX aims to support future cross-border financial solutions that align with Kazakhstan’s growing economic ties, particularly with China, where bilateral trade reached $43.8 billion in 2024 .
AFSA introduced its Stablecoin Framework in January 2024, which allows fiat-backed stablecoins pegged 1:1 to currencies[2] that are recognised under the framework—like US Dollar, Euro, RMB, Norwegian Krone, and others.
Speaking at the “AIFC CONNECT: HONG KONG” conference, AnchorX CEO Hill Wang highlighted the strategic importance of regulatory clarity in driving innovation within the digital asset sector. “We are honored and excited to embark on this journey within the forward-looking regulatory framework established by AFSA,” Wang stated.
Regulatory Disclaimer: This content is not intended as financial or investment advice. Always consult with a qualified professional before making investment decisions.
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.
Around 4,000 firms from 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://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] Stablecoin is a crypto asset that aims to maintain a stable value against a specific asset, pool or basket of assets. Stablecoins maintain value stability in a highly volatile crypto market.
[2] Fiat-backed stablecoins are digital coins tied 1:1 to real currencies (e.g., USD), keeping their value stable by being backed with actual money.
