Stablecoin Issuer License in Kazakhstan (AFSA) – Assistance by Zitadelle AG

Stablecoin Issuer License in Kazakhstan (AFSA) – Assistance by Zitadelle AG

Why Zitadelle AG?

Zitadelle AG is a leading consultancy specializing in financial licensing and regulatory compliance. Through Zitadelle Advisory Group, we provide end-to-end support for fintech, crypto, and digital asset projects across multiple jurisdictions, including the Astana International Financial Centre (AIFC) in Kazakhstan.

Our expertise ensures that your business can successfully obtain a Stablecoin Issuer License under the Astana Financial Services Authority (AFSA) framework, while remaining fully compliant with international best practices.

Stablecoin Issuer License – What It Means

The AFSA has introduced a dedicated licensing framework for fiat-backed stablecoins issued out of the AIFC. This license allows companies to issue stablecoins backed by a single fiat currency.

One example is the AxCNH stablecoin, pegged 1:1 to the offshore Chinese yuan (CNH).

What is CNH?
The offshore yuan (CNH) is a freely convertible version of the Chinese yuan, used for international trade and settlements outside mainland China.
Why does this matter?
The AIFC creates new opportunities for cross-border payments between China, Kazakhstan, and Silk Road countries, supporting trade, investment, and Belt & Road initiatives.

Key Requirements for the Stablecoin Issuer License (AFSA)

A. Legal and Corporate Setup

Company registration within the AIFC jurisdiction.
A physical office presence in the AIFC.
A corporate bank account in Kazakhstan.

B. Capital and Fees

Minimum capital: sufficient to cover 6–12 months of operational expenses.
Regulatory fees:
- License application fee: approx. USD 70,000 (reduced to ~USD 7,000 if issued under the AFSA FinTech Lab sandbox).
- Registration fee: approx. USD 300.
- Annual supervisory fee: approx. USD 25,000–35,000.

C. Staff and Key Positions

Applicants must appoint qualified management and compliance staff, including:

Chief Executive Officer (CEO)
Chief Financial Officer (CFO)
Chief Technology Officer (CTO)
Compliance Officer
Anti-Money Laundering Reporting Officer (MLRO)

Depending on the scale of operations, AFSA may also require roles such as Internal Auditor, Risk Manager, or IT Security Officer.

D. Documentation

Applicants must prepare a comprehensive set of corporate documents, including:

Business plan with 3-year financial projections.
AML/CFT and KYC policies.
Cybersecurity and IT risk management frameworks.
Internal governance policies (conflict of interest, continuity, reporting, etc.).

E. Licensing Process

In-Principle Approval (IPA): preliminary review by AFSA.
Company incorporation within the AIFC.
Submission of all policies and documents.
Regulatory assessment and payment of fees.
Final approval and license issuance.

F. Ongoing Obligations

Annual external audits.
Regular financial and compliance reporting.
Continuous staff training and IT security updates.

Why Work with Zitadelle AG?

Regulatory Expertise: We know AFSA and AIFC requirements inside-out.
End-to-End Support: From business planning and document drafting to staffing and direct liaison with AFSA.
Local & Global Knowledge: We combine regional experience in Kazakhstan with international compliance standards.
Custom Solutions for stablecoin/ yuan: We help structure reserves, capital models, and operational procedures to ensure a smooth and compliant launch of a CNH-pegged stablecoin.

Quick Overview: Stablecoin Issuer License (AFSA)

Requirement	Description
Incorporation	AIFC entity, office, local bank account
Capital	6–12 months of operating expenses
Fees	~USD 70k license, ~USD 300 registration, ~USD 25–35k annual
Personnel	CEO, CFO, CTO, Compliance, MLRO (minimum)
Documentation	3-year business plan, AML/KYC, cybersecurity, internal policies
Procedure	In-Principle Approval → Incorporation → Application → License
Ongoing Compliance	Annual audit, reporting, staff training

How Zitadelle Advisory Group Can Help

With Zitadelle AG, you receive:

Initial consultation and feasibility assessment.
Tailored roadmap for licensing with AFSA.
Drafting of all necessary corporate and compliance documents.
Assistance in recruiting qualified local staff.
Direct support through the application, review, and approval process.

Conclusion

The Stablecoin Issuer License in Kazakhstan (AFSA) offers a unique opportunity for businesses to issue fiat-backed stablecoins. This creates strong prospects for cross-border trade and settlements across China, Kazakhstan, and Silk Road economies.

With Zitadelle AG, you gain a trusted partner to navigate the full licensing process — ensuring your project is structured, compliant, and ready to operate in a regulated financial center.

Contact Zitadelle Advisory Group today to explore your stablecoin licensing options in Kazakhstan.