AIFC · CAPITAL MARKETS
AFSA Licensing — Capital Markets
Bond Stone advises on AFSA capital markets licensing within the AIFC — Multilateral Trading Facilities (MTF), Organised Trading Facilities (OTF), and access to the Astana International Exchange (AIX) for bond and equity listings.
Capital market activities within the AIFC are classified as Market Activities — regulated under a distinct framework from Regulated Activities and subject to AFSA Market Rules. The Astana International Exchange (AIX) serves as the AIFC’s primary regulated exchange, with listings of government bonds, corporate bonds, green bonds, and Sukuk. The Development Bank of Kazakhstan has listed Eurobonds on AIX, and Caspian Solar Ltd listed green bonds in 2026.
Governed by: AIFC Financial Services Framework Regulations; AFSA Market Rules; AIFC Authorised Market Institution Rules; AFSA Fees Rules (as amended 1 December 2025). Authority: afsa.aifc.kz
Capital Market Activities
| Market Activity | Description | Use Case |
|---|---|---|
| MTF — Multilateral Trading Facility | Operating a non-discretionary trading system that brings together multiple buyers and sellers of financial instruments under defined rules. An alternative to a regulated exchange — lower regulatory burden than a full exchange licence. | OTC bond trading, alternative equity platforms, SME capital raising platforms |
| OTF — Organised Trading Facility | Discretionary trading system for non-equity instruments — bonds, structured finance instruments, and derivatives. OTF operators may exercise discretion in order execution within parameters set by AFSA. | Bond trading, derivatives, structured products |
| DATF — Digital Asset Trading Facility | Operating a centralised digital asset exchange — classified as a Market Activity under AFSA rules. The most capital-intensive digital asset licence. See the Digital Assets page for full details. | Centralised crypto exchanges, digital asset trading platforms |
AIX — Astana International Exchange
The Astana International Exchange (AIX) is the AIFC’s licensed regulated exchange. Bond Stone advises on AIX listing requirements, prospectus preparation, ongoing disclosure obligations, and sponsor arrangements for debt and equity issuers seeking an AIX listing.
Debt listings
Corporate bonds, government bonds, Eurobonds, green bonds, Sukuk. Development Bank of Kazakhstan Eurobonds and Caspian Solar Ltd green bonds are recent AIX listings. English-language prospectus under AIFC Prospectus Rules.
Equity listings
Primary and secondary equity listings for AIFC-registered companies. AIX equity listing provides access to international institutional investors and enables price discovery under an English common law market framework.
Green finance
Green bonds and green Sukuk listed on AIX. The AIFC has positioned itself as a regional green finance hub — with AIFC strengthening cooperation with ICAO in the field of environmentally sustainable aviation development (2025).
Ongoing disclosure
Post-listing ongoing disclosure obligations under AIX Listing Rules — periodic reporting, material information disclosure, and regulatory announcements. Bond Stone advises on ongoing compliance for listed entities.
Why Bond Stone
✦ AIFC RLA — Corporate & M&A and Regulatory & Compliance specialisations
✦ AFSA Market Activity licensing advisory — MTF, OTF, and DATF application strategy
✦ AIX listing advisory — prospectus preparation, ongoing disclosure, and sponsor liaison
✦ Ranked Legal 500 EMEA and IFLR1000 — offices in Almaty and Astana
Primary authority: afsa.aifc.kz · AIX: aix.kz
Discuss your capital markets licence or AIX listing
Contact Bond Stone for a confidential discussion about AFSA capital markets licensing or AIX listing requirements.
📧 info@bondstonelaw.com
📞 +7 (701) 729 76 72
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