The Astana Financial Services Authority (AFSA) has launched a pilot project allowing USD-pegged stablecoin payments for regulatory fees at the Astana International Financial Centre (AIFC). The announcement came during Astana Finance Days 2025.
The project enables members of the AIFC to settle license and supervision fees in stablecoins instead of fiat currencies. According to AFSA, participation requires signing a multilateral memorandum of understanding (MMoU) and meeting defined eligibility criteria.
Before this pilot, companies mainly used bank transfers and wire payments in US dollars or Kazakhstani tenge. AFSA said stablecoin payments would add a faster and more transparent method while remaining subject to the authority’s oversight.
Bybit Signs First Agreement With AFSA
Bybit became the first participant in the pilot project. The exchange signed the inaugural MMoU during the launch event. AFSA CEO Evgeniya Bogdanova and Bybit CEO Mazurka Zeng formalized the agreement at Astana Finance Days 2025.
Bybit confirmed that stablecoin settlement would apply to fees owed under AFSA’s supervision. The exchange noted that stablecoin payments reflect its treasury management, which relies significantly on digital assets.
The project accepts Tether’s USDt (USDT $0.9999) and Circle’s USD Coin (USDC $0.9997). AFSA stated these assets provide a reliable option for denominating and transferring regulatory fees at the AIFC.
AFSA Defines Oversight and Framework
Meanwhile, AFSA said participation is subject to financial stability, compliance with regulations, and use of approved USD-pegged stablecoins. The regulator explained that firms must sign an MMoU before making payments.
Bogdanova said:
“This initiative represents a first-of-its-kind regulatory framework for payments in stablecoins in the region, signaling Kazakhstan’s ambition to position the AIFC as a hub for digital finance.”
The names of firms approved under the pilot will be listed on AFSA’s official website once agreements are signed. Until then, Bybit remains the only confirmed participant.
Industry Response to Stablecoin Payments in Kazakhstan
Jesse Knutson, head of operations at Bitfinex Securities, commented on AFSA’s decision. He said stablecoins such as USDt now play a central role in the development of tokenized markets. Knutson also noted that AFSA was among the first regulators to establish rules for tokenized securities in Kazakhstan.
Other institutions are also expanding in the region. BitGo, a US-regulated custodian, supported Fonte Capital in launching Central Asia’s first spot Bitcoin ETF in August. That milestone showed growing use of regulated crypto products alongside Kazakhstan’s stablecoin project.
Kazakhstan continues to expand its position in digital finance. The country is already one of the largest centers for cryptocurrency mining. In June, regulators reported examining the idea of a state-run crypto reserve, potentially funded with mined or seized assets.
The new stablecoin payments pilot at the AIFC strengthens Kazakhstan’s approach to regulated digital finance. By integrating USD-pegged stablecoins into official oversight, AFSA broadens the country’s payment options for regulated entities.
