AFSA launches consultations on regulatory amendments to Capital Markets, Digital Assets and Crowdfunding frameworks in the AIFC
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 September 15, 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 a leading financial hub in the Eastern Europe and Central Asia region, designed to connect global capital with the vast opportunities of emerging markets. Positioned at the crossroads of Europe and Asia, the AIFC combines international best practices with innovative approaches to create a world-class platform for investment, business, and financial services. www.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.
