Warning concerning Representative Office of HITBEAT MUSIC INC. in the AIFC

The Astana Financial Services Authority (“AFSA”) informs that Representative Office of HITBEAT MUSIC INC. in the AIFC (“Hitbeat Music”), registered in the Astana International Financial Centre (the “AIFC”), continues to release information in the public domain which risks misleading persons into believing that this firm is authorised by AFSA to carry on such Regulated Activities as Advising on or Managing Investments.

On its website www.xetrade.mu the firm offers access to high yield investments on the U.S. stock market. However, Hitbeat Music is not authorised to offer these activities in the AIFC.  The firm advertises AFSA as a ‘partner’ when this is a false statement and is not the case.

AFSA has previously advised the firm to correct the public record in any public resources of the firm. As this information continues to be released into the public domain, AFSA considers it appropriate to set the public record straight to protect the interests of the AIFC community and members of the public.

Consumer enquiries in relation to Hitbeat Music may be directed to https://afsa.aifc.kz/submit-your-complaint or by email to [email protected].

AFSA requests consumers to exercise caution when dealing with firms claiming links with the AIFC who are soliciting investments in Cryptocurrencies and other investments without holding the relevant licence or authorisation from AFSA. The message from AFSA is for consumers to be careful, and only invest with authorised firms that are appropriately regulated by the AFSA.  It is important to note that the AIFC Participant status does not allow offering financial services without obtaining a licence for carrying on regulated financial activities from the AFSA. It is also critical that consumers distinguish between an entity registered/incorporated within the AIFC from an entity that is authorised to carry on regulated activities or other permitted activities. Consumers are advised to check the status of authorisation on AFSA’s website at https://publicreg.myafsa.com/authorised/, and avoid dealing with firms not permitted by AFSA to carry out the activities they market.

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 1,400 firms from 64 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 that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz