{"id":4512,"date":"2026-07-12T18:15:27","date_gmt":"2026-07-12T13:15:27","guid":{"rendered":"https:\/\/bondstonelaw.com\/?page_id=4512"},"modified":"2026-07-12T21:21:55","modified_gmt":"2026-07-12T16:21:55","slug":"afsa-licensing","status":"publish","type":"page","link":"https:\/\/bondstonelaw.com\/ru\/afsa-licensing\/","title":{"rendered":"AFSA Licensing Hub"},"content":{"rendered":"

AIFC  \u00b7  AFSA LICENSING<\/p>\n

AFSA Licensing in the AIFC \u2014 Complete Guide<\/h1>\n

Bond Stone advises on the full spectrum of AFSA licensing within the Astana International Financial Centre \u2014 digital assets, payment services, investment management, banking, insurance, Islamic finance, and capital markets. We hold AIFC Registered Legal Adviser status with active mandates across the most in-demand licence categories.<\/p>\n

The Astana Financial Services Authority (AFSA) is the independent regulator of financial services within the AIFC. In 2025, AFSA authorised 29 financial services firms, with strong interest in investment-related activities such as fund management, brokerage, and advisory services. AFSA’s 2025 Annual Report covers its activities across capital markets, asset management, digital assets, banking, and insurance.<\/p>\n

Governed by: AIFC Financial Services Framework Regulations; AFSA Conduct of Business Rules; AFSA AML\/CTF Rules; AFSA Fees Rules (as amended 1 December 2025); AIFC Rules on Digital Asset Activities (as amended 13 October 2025). Authority: afsa.aifc.kz<\/a><\/p>\n

<\/p>\n

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Jump to licence category<\/p>\n

\n Digital Assets (DASP \u00b7 DATF \u00b7 Stablecoin \u00b7 STO)<\/a>  \u00b7 
\n Payment Services (MSP \u00b7 EMI)<\/a>  \u00b7 
\n Investment Management<\/a>  \u00b7 
\n Banking & Credit<\/a>  \u00b7 
\n Insurance<\/a>  \u00b7 
\n Islamic Finance<\/a>  \u00b7 
\n Capital Markets<\/a>\n <\/p>\n<\/div>\n

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Licence Category Guides<\/h2>\n\n\n\n\n\n
\n <\/p>\n

Digital Assets & Crypto<\/p>\n

DASP, DATF, Stablecoin, STO, FinTech Lab, Discontinuance<\/p>\n

<\/a>\n <\/td>\n

\n <\/p>\n

Payment Services<\/p>\n

MSP, EMI, dual MSP + EMI application<\/p>\n

<\/a>\n <\/td>\n<\/tr>\n

\n <\/p>\n

Investment Management<\/p>\n

Fund managers, advisers, dealers, arrangers, custodians, trust services<\/p>\n

<\/a>\n <\/td>\n

\n <\/p>\n

Banking & Credit<\/p>\n

Deposit-taking, credit provision, credit advisory and arranging<\/p>\n

<\/a>\n <\/td>\n<\/tr>\n

\n <\/p>\n

Insurance<\/p>\n

Effecting, management, intermediation, Takaful, representative office<\/p>\n

<\/a>\n <\/td>\n

\n <\/p>\n

Islamic Finance<\/p>\n

Islamic banking, Takaful, Islamic financing, Mudaraba accounts<\/p>\n

<\/a>\n <\/td>\n<\/tr>\n

\n <\/p>\n

Capital Markets<\/p>\n

MTF, OTF, DATF, AIX bond and equity listings, green finance<\/p>\n

<\/a>\n <\/td>\n

\n <\/p>\n

AIFC Entity Formation<\/p>\n

Company, LLP, SPC \u2014 AIFC Company Regulations 2017<\/p>\n

<\/a>\n <\/td>\n<\/tr>\n<\/table>\n

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Requirements common to all AFSA licence applications<\/p>\n

\u2726  AIFC entity first<\/strong> \u2014 AFSA licences may only be held by AIFC-registered entities (Company or LLP). Incorporation must precede or run in parallel with the AFSA application.<\/p>\n

\u2726  Non-refundable application fees<\/strong> \u2014 AFSA does not refund application fees regardless of outcome. The application is not regarded as submitted until the fee is paid in full. AFSA issues an invoice upon receipt of the completed fee request form.<\/p>\n

\u2726  Approved Individuals<\/strong> \u2014 Key personnel (CEO\/SEO, Finance Officer, Compliance Officer, MLRO, Deputy MLRO) must be individually registered with AFSA. Fit-and-proper assessment required for each.<\/p>\n

\u2726  AML\/CTF framework<\/strong> \u2014 All AFSA-licensed firms must implement AML\/CTF policies compliant with AFSA AML\/CTF Rules and FATF Recommendations before licence grant.<\/p>\n

\u2726  Multiple activities \u2014 fee discount<\/strong> \u2014 Where an applicant seeks more than one Regulated Activity, the highest fee applies in full and each additional activity is charged at 50%.<\/p>\n<\/div>\n

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Digital Assets<\/h2>\n

The digital assets sector has been and continues to be one of the key priority areas for market development within the AIFC. In 2025, the AIFC was recognised by IOSCO as one of the leading jurisdictions in implementing global standards for crypto and digital asset markets. AFSA supervised 9 Digital Asset Service Providers (DASPs) under the full regulatory framework, and 19 DASPs operated under supervision within the FinTech Lab, generating a total transaction volume of USD 10.58 billion with approximately 215,000 users.<\/p>\n\n\n\n\n\n\n\n\n
Licence \/ Activity<\/th>\nDescription<\/th>\nMin Capital<\/th>\n<\/tr>\n
DASP \u2014 Digital Asset Service Provider<\/td>\nDealing in, managing, providing custody of, exchanging, or transferring digital assets. Covers crypto exchanges, custodians, brokers, and wallet service providers. Additional AFSA application fee: USD 2,800.<\/td>\nUSD 10,000\u2013200,000 depending on activity<\/td>\n<\/tr>\n
DATF \u2014 Digital Asset Trading Facility<\/td>\nMarket Activity licence for operating a centralised digital asset exchange. The most capital-intensive digital asset licence. Variable supervision fee capped at USD 250,000 effective 1 December 2025.<\/td>\nHigher of USD 200,000 or 12-month working capital<\/td>\n<\/tr>\n
Stablecoin Issuer<\/td>\nIssuance of stablecoins \u2014 digital assets pegged to a currency, commodity, or financial instrument. Reserve and disclosure requirements apply. Framework effective 1 January 2024.<\/td>\nDetermined by AFSA based on reserve model<\/td>\n<\/tr>\n
STO \u2014 Security Token Offering<\/td>\nIssuance of security tokens \u2014 digital representations of shares, bonds, or fund units. Subject to AIFC prospectus and disclosure rules. Framework effective 1 January 2024.<\/td>\nPer underlying regulated activity<\/td>\n<\/tr>\n
FinTech Lab<\/td>\nRegulatory sandbox. Licence issued for up to 2 years. Participants must migrate to the full AFSA supervisory regime by end of 2026. AML\/CTF obligations apply from day one.<\/td>\nReduced \u2014 per AFSA FinTech Lab terms<\/td>\n<\/tr>\n
AFSA Discontinuance<\/td>\nVoluntary surrender of an AFSA digital asset licence. Requires formal application, wind-down plan, client notification, and regulatory exit documentation.<\/td>\nN\/A<\/td>\n<\/tr>\n<\/table>\n
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Payment Services<\/h2>\n

Payment services within the AIFC are regulated under the Providing Money Services activity \u2014 covering money transmission, remittance, currency exchange, and electronic money issuance. Bond Stone has active experience across MSP and EMI mandates within the AIFC.<\/p>\n\n\n\n\n\n
Licence \/ Activity<\/th>\nDescription<\/th>\nMin Capital<\/th>\n<\/tr>\n
MSP \u2014 Money Services Provider<\/td>\nMoney transmission, remittance, currency exchange, and cross-border payment services. Primary AFSA vehicle for international remittance companies and payment platforms.<\/td>\nUSD 10,000\u201350,000 depending on scope<\/td>\n<\/tr>\n
EMI \u2014 Electronic Money Institution<\/td>\nIssuance of e-money stored electronically and issued on receipt of funds. Covers e-wallet providers, prepaid card issuers, and digital payment platforms. Client funds must be segregated.<\/td>\nPer AFSA safeguarding requirements<\/td>\n<\/tr>\n
Dual MSP + EMI<\/td>\nCombined money transmission and e-money issuance on one application. The second activity is charged at 50% of the standard single-activity fee.<\/td>\nHigher of the two individual requirements<\/td>\n<\/tr>\n<\/table>\n

Investment Management<\/h2>\n\n\n\n\n\n\n\n\n\n
Regulated Activity<\/th>\nDescription<\/th>\nMin Capital<\/th>\n<\/tr>\n
Managing Investments<\/td>\nDiscretionary management of investment portfolios on behalf of clients. Covers asset managers, hedge funds, family office managers, and private equity fund managers. Liquid assets must equal at least 25% of annual operating expenditure at all times.<\/td>\nUSD 150,000<\/td>\n<\/tr>\n
Managing a Collective Investment Scheme<\/td>\nEstablishing, managing, or winding up a Collective Investment Scheme (fund). Covers Exempt Funds (professional investors) and Non-Exempt Funds (full disclosure). Base capital: USD 50,000\u2013500,000 depending on fund type and nature.<\/td>\nUSD 50,000\u2013500,000<\/td>\n<\/tr>\n
Advising on Investments<\/td>\nGiving investment advice to clients on buying, selling, holding, subscribing for, or underwriting investments. Covers investment advisers and wealth managers. Additional digital asset fee of USD 2,800 if advice extends to digital assets.<\/td>\nUSD 10,000<\/td>\n<\/tr>\n
Arranging Deals in Investments<\/td>\nMaking arrangements for another person to buy, sell, subscribe for, or underwrite investments. Covers placement agents, fund distributors, and introducing brokers.<\/td>\nUSD 10,000<\/td>\n<\/tr>\n
Dealing in Investments as Principal \/ Agent<\/td>\nBuying, selling, subscribing for, or underwriting investments as principal (own account) or agent (on behalf of clients). Covers broker-dealers and market makers. Capital adequacy calculated on a risk-adjusted basis.<\/td>\nRisk-adjusted<\/td>\n<\/tr>\n
Providing Custody \/ Arranging Custody<\/td>\nSafekeeping and administration of investments (including digital assets) on behalf of clients. Arranging custody means arranging for another authorised firm to provide custody. Frequently combined with Managing Investments or DASP licences.<\/td>\nUSD 10,000\u2013150,000<\/td>\n<\/tr>\n
Providing Trust Services \/ Fund Administration<\/td>\nTrust services: acting as trustee or managing trust structures. Fund administration: providing back-office NAV calculation, accounting, transfer agency, and related services to funds. Frequently used by family offices and fund service providers.<\/td>\nUSD 10,000<\/td>\n<\/tr>\n<\/table>\n
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Banking & Credit<\/h2>\n

Advisory capacity \u2014 high capital requirements apply<\/p>\n

Banking and credit activities within the AIFC are among the most capital-intensive licences and require significant governance infrastructure. Bond Stone can advise on the licensing pathway and application structure for banking and credit activities, though these mandates typically involve specialist prudential advisers working alongside legal counsel.<\/p>\n\n\n\n\n\n\n
Regulated Activity<\/th>\nDescription<\/th>\nMin Capital<\/th>\n<\/tr>\n
Accepting Deposits<\/td>\nAccepting money from the public on terms that it will be repaid. The core banking activity. Subject to extensive prudential requirements, governance obligations, and ongoing AFSA supervision.<\/td>\nSet by AFSA on case-by-case basis<\/td>\n<\/tr>\n
Providing Credit<\/td>\nLending money or extending credit facilities to clients. Covers lending institutions, consumer credit providers, and trade finance companies operating within the AIFC.<\/td>\nSet by AFSA<\/td>\n<\/tr>\n
Advising \/ Arranging a Credit Facility<\/td>\nAdvising clients on or making arrangements for credit facilities \u2014 including syndicated loans, trade finance structures, and debt capital market transactions. Lower capital requirement than direct lending.<\/td>\nUSD 10,000<\/td>\n<\/tr>\n
Opening and Operating Bank Accounts<\/td>\nOpening and operating bank accounts on behalf of clients. Typically combined with custody or trust services mandates. Requires robust AML\/CTF framework and client onboarding procedures.<\/td>\nSet by AFSA<\/td>\n<\/tr>\n<\/table>\n
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Insurance<\/h2>\n

Advisory capacity<\/p>\n\n\n\n\n\n\n
Regulated Activity<\/th>\nDescription<\/th>\n<\/tr>\n
Effecting \/ Carrying on Contracts of Insurance<\/td>\nUnderwriting and carrying on insurance contracts \u2014 the core insurer activity. Subject to AFSA Insurance Business Rules and significant capital and solvency requirements.<\/td>\n<\/tr>\n
Insurance Management<\/td>\nManaging the business of an insurer \u2014 policy administration, claims management, and reinsurance arrangement. Note: minimum capital requirement revised by AFSA Notice AFSA-Q-OA-2020-0025.<\/td>\n<\/tr>\n
Insurance Intermediation<\/td>\nArranging insurance contracts between insurers and clients. Covers insurance brokers and agents operating within the AIFC.<\/td>\n<\/tr>\n
Operating a Representative Office<\/td>\nForeign insurance companies may establish a non-commercial representative office within the AIFC without a full insurance licence \u2014 for liaison, marketing, and research purposes only.<\/td>\n<\/tr>\n<\/table>\n
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Islamic Finance<\/h2>\n

Growing AIFC priority \u2014 advisory capacity<\/p>\n

The AIFC has made Islamic finance a strategic priority \u2014 establishing an international Islamic Finance Advisory Board with experts from the UAE, Saudi Arabia, Bahrain, Malaysia, Turkey, and Kazakhstan. The AIFC’s Islamic finance framework provides a full suite of Shariah-compliant financial services licences, positioning Astana as the Islamic finance gateway for Central Asia.<\/p>\n\n\n\n\n\n\n
Regulated Activity<\/th>\nDescription<\/th>\n<\/tr>\n
Islamic Banking Business<\/td>\nConducting banking business in compliance with Shariah principles \u2014 covering Murabaha, Ijara, Musharaka, and Mudaraba structures. Governed by AFSA Islamic Banking Business Rules.<\/td>\n<\/tr>\n
Providing Islamic Financing<\/td>\nProviding Shariah-compliant financing arrangements \u2014 covering trade finance, project finance, and structured finance using Islamic instruments.<\/td>\n<\/tr>\n
Managing a Restricted Profit Sharing Investment Account<\/td>\nManaging investment accounts where returns are based on profit-sharing (Mudaraba) arrangements rather than fixed interest. Shariah-compliant alternative to discretionary investment management.<\/td>\n<\/tr>\n
Takaful Business<\/td>\nShariah-compliant insurance \u2014 participants contribute to a pool that provides mutual indemnity. AIFC Takaful framework supports both Family Takaful (life-equivalent) and General Takaful (non-life) operations.<\/td>\n<\/tr>\n<\/table>\n
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Capital Markets<\/h2>\n

Market Activities \u2014 AIX listed venue<\/p>\n

Capital market activities within the AIFC are classified as Market Activities \u2014 regulated separately from Regulated Activities. The Astana International Exchange (AIX) is the AIFC’s licensed exchange, hosting listings of bonds, equities, and green finance instruments.<\/p>\n\n\n\n\n\n
Market Activity<\/th>\nDescription<\/th>\n<\/tr>\n
Operating a Multilateral Trading Facility (MTF)<\/td>\nOperating a non-discretionary trading system that brings together multiple buyers and sellers of financial instruments. Alternative to a regulated exchange \u2014 used for OTC bond trading, equity trading, and alternative investment platforms.<\/td>\n<\/tr>\n
Operating an Organised Trading Facility (OTF)<\/td>\nDiscretionary trading system for non-equity instruments \u2014 bonds, structured finance instruments, and derivatives. OTF operators may exercise discretion in order execution within defined parameters.<\/td>\n<\/tr>\n
Operating a Digital Asset Trading Facility (DATF)<\/td>\nSee Digital Assets section above. DATF is technically a Market Activity under AFSA rules \u2014 the most complex and capital-intensive digital asset licence category.<\/td>\n<\/tr>\n<\/table>\n
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<\/p>\n

Selected AFSA Licensing Experience<\/h2>\n

Bond Stone has advised on AFSA licensing mandates across digital assets, payment services, and investment management. Client confidentiality is maintained across all mandates.<\/p>\n

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International Digital Asset Exchange \u2014 AFSA Licence Discontinuance<\/p>\n

DATF \u00b7 AIFC \u00b7 2026<\/p>\n

Full AFSA discontinuance mandate \u2014 AFSA liaison, wind-down plan, regulatory exit documentation, and post-discontinuance confirmation.<\/p>\n<\/p><\/div>\n

\n

International Investment Bank \u2014 Dual MSP + EMI Application<\/p>\n

MSP + EMI \u00b7 AFSA \u00b7 2026<\/p>\n

Dual payment services AFSA application \u2014 Money Services Provider and Electronic Money Institution combined mandate with full AML\/CTF framework and Approved Individual registrations.<\/p>\n<\/p><\/div>\n

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AFSA-Licensed Digital Asset Provider \u2014 AIFC Court Proceedings<\/p>\n

DASP \u00b7 AIFC Court \u00b7 2026<\/p>\n

AIFC Court litigation on behalf of an AFSA-licensed digital asset service provider. Bond Stone holds automatic right of audience before the AIFC Court as an AIFC Registered Legal Adviser.<\/p>\n<\/p><\/div>\n

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Fintech Platform \u2014 Multi-jurisdiction AFSA Licensing<\/p>\n

DASP \u00b7 Multi-jurisdiction \u00b7 2026<\/p>\n

Multi-phase AIFC digital asset licensing mandate \u2014 AIFC entity structuring, AFSA application strategy, and cross-border regulatory advisory across multiple jurisdictions.<\/p>\n<\/p><\/div>\n<\/div>\n

<\/p>\n

\n

Why Bond Stone for AFSA Licensing<\/p>\n

\u2726  AIFC RLA \u2014 eight specialisations including Digital Assets & Blockchain, Banking & Finance, and Regulatory & Compliance<\/p>\n

\u2726  Active across all major licence categories \u2014 DASP, DATF, MSP, EMI, investment management, and discontinuance<\/p>\n

\u2726  AI-calibrated AFSA fee matrix \u2014 BSL_Fee_Matrix_AI_FINAL_June2026 for licensing cost analysis and planning<\/p>\n

\u2726  Entity formation + AFSA application on one mandate \u2014 no coordination across multiple providers<\/p>\n

\u2726  Ranked Legal 500 EMEA and IFLR1000 \u2014 offices in Almaty and Astana, with direct access to AFSA and the AIFC Registrar<\/p>\n<\/div>\n

Primary authority: afsa.aifc.kz<\/a>  \u00b7  aifc.kz<\/a><\/p>\n

Bond Stone Kazakhstan offices: Almaty<\/a>  \u00b7  Astana<\/a><\/p>\n

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Discuss your AFSA licence<\/h2>\n

Contact Bond Stone for a confidential discussion about AFSA licensing strategy, application preparation, and compliance requirements across all regulated activity categories.<\/p>\n

\n\ud83d\udce7 info@bondstonelaw.com<\/a>
\n\ud83d\udcde +7 (701) 729 76 72<\/a>\n<\/p>\n

\nRequest a Confidential Consultation<\/a>
\n\u2190 AIFC Hub<\/a>
\nAIFC Court Proceedings \u2192<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

AIFC  \u00b7  AFSA LICENSING AFSA Licensing in the AIFC \u2014 Complete Guide Bond Stone advises on the full spectrum of AFSA licensing within the Astana International Financial Centre \u2014 digital assets, payment services, investment management, banking, insurance, Islamic finance, and capital markets. We hold AIFC Registered Legal Adviser status with active mandates across the most […]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4512","page","type-page","status-publish","hentry"],"translation":{"provider":"WPGlobus","version":"3.0.2","language":"ru","enabled_languages":["en","ru"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"ru":{"title":false,"content":false,"excerpt":false}}},"_links":{"self":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/comments?post=4512"}],"version-history":[{"count":6,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4512\/revisions"}],"predecessor-version":[{"id":4570,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4512\/revisions\/4570"}],"wp:attachment":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/media?parent=4512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}