The reform positions the country’s Astana International Financial Centre (AIFC) as a frontrunner in Central Asia’s push toward financial innovation.
For years, companies doing business under the AIFC relied on slow and costly wire transfers in dollars or tenge to settle licensing and supervision fees. That model is now being challenged: firms will be able to transfer the same payments instantly using USD-pegged tokens such as USDT or USDC, giving them a faster and cheaper alternative.
The shift was unveiled at the Astana Finance Days 2025 conference, with AFSA chief Evgeniya Bogdanova framing it as a deliberate attempt to make the AIFC a digital finance hub. “This isn’t about novelty—it’s about efficiency and competitiveness,” she said at the launch.
Crypto exchange Bybit became the first company to sign the memorandum of understanding tied to the program. CEO Mazurka Zeng described the initiative as a game changer for firms whose treasuries are already largely crypto-based. More participants are expected to follow, with names published once they pass AFSA’s eligibility screening.
Executives from across the industry welcomed the decision. Bitfinex Securities’ Jesse Knutson, whose firm has operated in Kazakhstan since 2021, said the step underlines how central stablecoins have become in tokenized finance. “Kazakhstan was among the first to regulate tokenized securities, and now it’s among the first to accept stablecoins for government fees,” he noted.
The development follows a wave of crypto activity in Kazakhstan. In August, Fonte Capital launched Central Asia’s first spot Bitcoin ETF, with custody services provided by U.S.-based BitGo. Authorities have also floated the idea of a state crypto reserve, potentially built from seized or mined coins.
By formally accepting stablecoins, Kazakhstan has done more than streamline payments—it has carved out a competitive advantage in attracting fintechs and exchanges looking for a regulatory home. While Europe debates MiCA implementation and the U.S. struggles with fragmented oversight, Kazakhstan is quietly positioning itself as a laboratory for crypto policy in the region.
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