AFSA Kazakhstan Updates Virtual Asset Regulations
The Astana Financial Services Authority publishes comprehensive updates to its virtual asset regulatory framework, enhancing requirements for licensed VASPs.
The Astana Financial Services Authority (AFSA) has published significant updates to its virtual asset regulatory framework, strengthening requirements for Virtual Asset Service Providers operating within the Astana International Financial Centre (AIFC).
Key Regulatory Updates
Enhanced Capital Requirements - Custody providers: Minimum capital increased to USD 100,000 - Exchange operators: Minimum capital increased to USD 250,000 - Multi-service VASPs: Tiered requirements based on service scope
Operational Requirements - Mandatory cold storage for 90%+ of client assets - Enhanced cybersecurity standards - Regular third-party audits required
Consumer Protection - New disclosure requirements for retail clients - Mandatory risk warnings - Complaint handling procedures
Transition Timeline
Existing licensees must comply with the new requirements by June 30, 2026.
AIFC Advantages
Despite enhanced requirements, AIFC remains attractive due to: - English common law jurisdiction - 0% corporate tax until 2066 - Straightforward licensing process - No restrictions on foreign ownership
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Zitadelle AG provides comprehensive AIFC licensing and corporate support services.
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