AFSA Digital Asset Licensing

The Astana Financial Services Authority (AFSA) operates one of the most comprehensive digital asset regulatory frameworks in the region. AFSA issues licences for Digital Asset Trading Facilities (exchanges), Digital Asset Custodians, Digital Asset Advisers, Digital Asset Managers, and operators of Digital Asset Lending Platforms. The AIFC Digital Assets Framework (2023), the AIFC Digital Asset Issuance Rules, and the AFSA AML/CFT Guidance for Virtual Asset Service Providers set the core compliance obligations.

Bond Stone assists applicants through the full AFSA licensing cycle — from regulatory strategy and business plan alignment through to application drafting, compliance framework design, AML/CFT policy documentation, and post-licence regulatory maintenance. Bond Stone’s AIFC Legal Adviser registration enables our lawyers to file directly with AFSA and appear before the AIFC Court on licence disputes and enforcement matters.

Payment Services & E-Money

Kazakhstan’s Law on Payments and Payment Systems (Law No. 11-VII, 2021) regulates payment service providers, e-money operators, and payment infrastructure operators operating within or through the Republic of Kazakhstan. The National Bank of Kazakhstan (NBK) is the primary regulator for national payment licences. Cross-border payment flows between Kazakhstan, Uzbekistan, and Kyrgyzstan are subject to currency control rules and bilateral settlement frameworks. AIFC-licensed payment platforms benefit from regulatory passporting within the AIFC perimeter but require separate national licences for retail operations targeting Kazakhstan residents.

Bond Stone advises payment companies on national payment licences, cross-border remittance structures, currency control compliance, and NBK regulatory engagement. In Uzbekistan, we assist clients with payment operator registration under the Central Bank of Uzbekistan’s fintech licensing framework.

Blockchain Infrastructure & Web3

Kazakhstan has emerged as a significant destination for blockchain infrastructure companies and Web3 projects, in part due to competitive energy pricing and a government-backed technology development agenda linked to the Digital Kazakhstan programme. The AIFC’s smart contract recognition framework and its flexibility on token classification have attracted decentralised finance (DeFi) projects, NFT platforms, and tokenisation ventures seeking a regulated Central Asian base. The Law on Digital Assets in the Republic of Kazakhstan (2023) established national-level recognition of digital assets, digital tokens, and blockchain-based transaction records.

Bond Stone advises on token structuring and classification analysis, AIFC smart contract governance frameworks, DAO structuring, and technology agreements for blockchain infrastructure deployments in Kazakhstan and across the region.

Digital Lending & Neobanks

The rapid growth of digital lending platforms, buy-now-pay-later operators, and neobank ventures in Kazakhstan and Uzbekistan has outpaced the formal regulatory framework in several areas. The Agency for Regulation and Development of the Financial Market of Kazakhstan (ARDFM) exercises supervisory authority over microfinance organisations, credit bureaux, and consumer lending platforms operating in the national market. Uzbekistan’s Central Bank has introduced an accelerated licensing pathway for fintech companies under its 2024 Digital Finance Strategy. Bond Stone monitors regulatory developments across both jurisdictions and advises clients on compliant product structuring, licensing strategy, and data localisation obligations under the Law on Personal Data (Kazakhstan) and the Law on Personal Data (Uzbekistan).

Cryptocurrency Mining

Kazakhstan became the world’s second-largest Bitcoin mining hub following China’s 2021 mining ban, drawing large-scale mining operations due to low electricity costs and geographic access to stranded energy sources. The government subsequently introduced a digital mining tax (Law No. 53-VII, 2022) and licensing requirements for mining operators through the Ministry of Energy. Electricity allocation, grid connection agreements with KEGOC (the national grid operator), and import duties on mining hardware require specialist structuring. Bond Stone advises mining operators on legal entity structuring, energy supply contracts, equipment importation, and tax optimisation within Kazakhstan’s mining regulatory framework.

AFSA Digital Asset Exchange — Licensing Application, AIFC
Advised an international cryptocurrency exchange group on its AFSA Digital Asset Trading Facility licence application, covering licence category selection, governance framework design, AML/CFT programme development, and technology systems regulatory review under AFSA’s Digital Asset Rulebook.

FinTech Holding Structure — AIFC Incorporation, Chinese Group
Advised a Chinese-backed fintech group on the establishment of an AIFC-incorporated holding company for its Central Asian payment and digital lending operations, including AIFC entity formation, intercompany agreements, and structuring of the technology licensing arrangements to the Kazakhstan operating subsidiary.

Cryptocurrency Mining Operations — Kazakhstan Tax & Regulatory Advisory
Advised a cryptocurrency mining operator establishing a mining facility in the East Kazakhstan region on the application of Kazakhstan’s digital mining tax framework (2022 Law on Digital Assets amendments), electricity tariff classification for mining operations, equipment importation procedures, and MDDKZ registration requirements.

Payment Organisation Licensing — Kazakhstan NBK, E-Money Operator
Advised an international e-money operator on its licence application under Kazakhstan’s Law on Payments and Payment Systems, including capital requirement compliance, payment system registration, AML/CFT programme development, and coordination with the National Bank of Kazakhstan during the review period.

Digital Asset Custody — AFSA Licensing Strategy, AIFC
Advised a regulated custodian seeking to extend its digital asset custody services to AIFC-domiciled clients, covering AFSA Digital Asset Custodian licence requirements, segregation obligations, internal control frameworks, and client onboarding documentation adapted for the AIFC common law environment.

Why Bond Stone for FinTech & Digital Assets

—Bond Stone holds AIFC Legal Adviser status — our attorneys are authorised for direct AFSA engagement and AIFC Court proceedings on digital asset matters

—Deep understanding of the AFSA licensing process across all digital asset activity categories — exchanges, custodians, advisers, and lenders

—Experience structuring AIFC holding vehicles for international fintech groups seeking a regulated Central Asian base

—Track record advising cryptocurrency mining operators on energy agreements, equipment importation, and Kazakhstan’s digital mining tax framework

—Cross-jurisdictional capability across AIFC, Kazakhstan, and Uzbekistan — covering both the regulated and emerging fintech markets of the region

—Fluency in common law digital asset concepts (token classification, smart contracts, DAOs) as well as the civil law national frameworks applicable in Kazakhstan and Uzbekistan

—Ranked by Legal 500 EMEA and IFLR1000 — recognised practice for financial services and technology-sector mandates

What AFSA licences are required to operate a digital asset exchange in the AIFC?

To operate a digital asset trading facility (exchange) in the AIFC, a company must hold a Digital Asset Trading Facility (DATF) licence issued by AFSA under the AIFC Digital Assets Framework (2023). The application requires a detailed business plan, governance documentation, AML/CFT programme compliant with FATF standards, technology systems review, and capital adequacy evidence. AFSA also issues separate licences for Digital Asset Custodians, Advisers, Managers, and Lending Platform operators. Bond Stone assists applicants through the full AFSA licensing cycle, including pre-application regulatory strategy and post-licence compliance.

How does token classification work under the AIFC Digital Assets Framework?

Under the AIFC Digital Assets Framework (2023), tokens are classified based on their economic function: Digital Assets (utility tokens and cryptocurrencies), Digital Securities (equity/debt tokens regulated as securities under AFSA Investment Services Rules), and Digital Payment Tokens (stablecoins and payment instruments). The classification determines which AFSA licence is required and what regulatory obligations apply. Bond Stone advises on token classification analysis, structuring issuances to achieve the desired regulatory outcome, and preparing regulatory submissions to AFSA on classification matters.

What is the difference between an AIFC licence and a Kazakhstan national fintech licence?

An AIFC licence issued by AFSA authorises operation within the AIFC perimeter — a special jurisdiction applying common law and AFSA rules. It does not automatically grant the right to offer services to Kazakhstan retail customers outside the AIFC. For retail payment services, e-money operations, or lending to Kazakhstan residents, a separate national licence from the National Bank of Kazakhstan (NBK) or ARDFM is required under Kazakhstan’s Law on Payments and Payment Systems (2021). Bond Stone advises on dual-track licensing strategies combining AIFC and national licences for optimal market coverage.

What AML/CFT obligations apply to digital asset businesses in Kazakhstan and the AIFC?

AIFC digital asset businesses are subject to AFSA’s AML/CFT Guidance for Virtual Asset Service Providers, implementing FATF Recommendation 15, including the Travel Rule for transfers above USD 1,000. AFSA-licensed entities must implement risk-based KYC/CDD procedures, transaction monitoring systems, and suspicious transaction reporting. In Kazakhstan, national digital asset operators are subject to the Law on Combatting Money Laundering (Law No. 191-IV, 2009 as amended), overseen by the Financial Monitoring Agency of Kazakhstan. Bond Stone designs AML/CFT programmes for VASPs covering both AFSA and national Kazakhstani requirements.

How is cryptocurrency mining regulated in Kazakhstan?

Cryptocurrency mining in Kazakhstan is regulated under the Law on Digital Assets (2023) and the digital mining tax amendments (Law No. 53-VII, 2022). Mining operators must register with the Ministry of Digital Development (MDDKZ) and pay a digital mining tax per kilowatt-hour of electricity consumed. Electricity supply requires Ministry of Energy authorisation and grid connection agreements with KEGOC. Equipment importation benefits from reduced import duty rates for qualifying mining hardware. Bond Stone advises mining operators on entity structuring, regulatory registration, energy supply agreements, and tax optimisation within Kazakhstan’s mining framework.

Entering the Central Asian FinTech or Digital Asset Market?

Bond Stone advises on AFSA licensing, AIFC structuring, payment licensing, AML/CFT compliance, and digital asset dispute resolution across Kazakhstan, the AIFC, and Uzbekistan. AIFC Legal Adviser status enables direct AFSA engagement and AIFC Court proceedings.