AFSA informs about plans on regulatory framework development in 2025

AFSA informs about its plans to undertake reviews of important regulatory frameworks throughout 2025.

AFSA continues its work on enhancing the securitisation[1] framework, building on the proposed amendments initiated last year, which require further review. The proposed changes relate to the structuring and operation of “orphan” Special Purpose Companies (SPCs)[2], the pool of beneficiaries and the administration of SPCs.  

AFSA is currently developing proposals within its review of frameworks in the capital markets, digital assets, and crowdfunding sectors, with public consultations expected to commence in mid-2025:

  • Capital markets. The focus is on reviewing the regulation related to the offering, listing and trading of securities, while also considering additional amendments to improve access for market participants.
  • Digital assets. Further enhancements to the digital assets regulatory framework are being considered, drawing on feedback and regulatory experience since the framework’s introduction in 2024.
  • Crowdfunding. Revising the crowdfunding regulatory framework to strengthen investor protection through enhanced disclosure requirements on default histories and other improvements.

Later in the year, AFSA also anticipates commencing work on additional framework revisions in the fund management, Islamic finance, and insurance sectors. Further details will be communicated as the projects advance.

Stakeholders wishing to contribute early proposals in advance of public consultation within the above frameworks are encouraged to send them to [email protected]. AFSA will take these contributions into account during the drafting process.

AFSA notes that these projects represent our current regulatory agenda, reflecting initial plans and tentative scope, which may be subject to revision as we progress through the year.

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 3,800 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] The securitisation is a structured finance transaction whereby banks and other credit institutions package loans into securities.

[2] In general, a Special Purpose Company (SPC) is a legal entity that is created by a parent company (Initiator/originator) for a limited purpose: often to be a participant in a securitisation transaction with a pre-arranged counterparty. Depending on the Initiator/originator’s purposes, the ownership of an SPC could be structured through a direct shareholding, where shares of the SPC are held by its parent company directly, so the SPC will be a wholly owned subsidiary of a parent company; or an “orphan”, where the SPC is owned by an unconnected third party that has control over the SPC, so the SPC is legally separated from its originator.

AIFC Services Assistant