Kazakhstan’s AFSA Embraces Stablecoins for Regulatory Fees
Months after establishing its framework, Kazakhstan’s AFSA is now operationalizing its stablecoin regulations. The authority is accepting license and oversight costs via USD-pegged digital assets through designated agents.
The pilot program, introduced at Astana Finance Days, enables participating entities to pay regulatory fees using USD-pegged stablecoins. Bybit Kazakhstan, a branch of the global crypto platform, leads as the first approved agent.
Bybit will administer on-chain settlements before converting amounts to traditional currency and forwarding them to AFSA’s bank account. selected Digital Asset Service providers, licensed to manage digital assets or run trading facilities, qualify for the pilot.
- AFSA initiates program with Bybit Kazakhstan
- USD-pegged stablecoins used for regulatory fees
- Specific licensed firms can participate
Evgeniya Bogdanova,AFSA’s CEO,says,”adopting stablecoins for fees makes the finance sector quicker and more open. It integrates Kazakhstan with global digital finance trends.”
This effort follows AFSA’s introduction of a stablecoin framework in early 2024 and the issuing of the country’s first fiat-backed stablecoin license later that year. Meanwhile, Kazakhstan’s central bank is piloting a digital tenge, aiming for a full rollout by 2025. These initiatives signify the nation’s push to modernize its financial infrastructure.
