Kazakhstan Paves New Financial Path with Stablecoin Regulation

Kazakhstan has made a groundbreaking move by enabling regulatory fee payments using U.S. dollar–pegged stablecoins, marking a pivotal development in the integration of digital assets into formal financial systems. The Astana Financial Services Authority (AFSA), which oversees the Astana International Financial Centre (AIFC), announced the initiative during the Astana Finance Days 2025 event. The regulatory framework allows AIFC participants to settle fees via stablecoins, with Bybit Limited becoming the first signatory to a multilateral memorandum of understanding (MMoU) under the program [1].

The initiative was signed by AFSA Chief Executive Officer Evgeniya Bogdanova and Bybit Chief Operating Officer Mazurka Zeng, signaling a strategic collaboration to streamline financial operations within the AIFC. The agreement enables licensed Digital Asset Service Providers (DASPs) to act as agents, processing stablecoin transactions on behalf of fee-payers and converting the digital assets into fiat currency for AFSA’s bank account [3]. This mechanism aims to replace traditional payment methods, such as wire transfers and bank deposits, which often face challenges like high fees, processing delays, and limited flexibility for firms primarily operating in digital assets [2].

Bybit Kazakhstan, a subsidiary of the world’s second-largest cryptocurrency exchange by trading volume, will support the initiative with a customized QR Pay solution and a dedicated stablecoin wallet for invoicing. The move underscores Bybit’s role in developing compliant digital asset infrastructure and aligning with AFSA’s vision to modernize the AIFC’s payment ecosystem. “This initiative is a strategic milestone that reflects AFSA’s forward-looking vision and Bybit’s trusted status as a compliant partner,” said Zeng [1].

AFSA’s adoption of stablecoin payments aligns with broader trends in the global digital asset market, where stablecoins have increasingly become a vital component of cross-border transactions and financial infrastructure. With a market capitalization of $251.7 billion in mid-2025, stablecoins such as Tether (USDT) and USD Coin (USDC) dominate trading volumes and circulation [4]. The initiative not only positions Kazakhstan as a leader in regulated digital finance but also reinforces the AIFC’s role as a global hub for innovation in financial services.

The move reflects part of a larger regulatory framework that has seen Bybit and Binance obtain full authorization to operate as Digital Asset Trading Facilities (DATFs) in the region. In parallel, the Kazakh government has intensified oversight of unlicensed crypto platforms, blocking nearly 1,000 illegal services and freezing over $75 million in assets linked to scams and pyramid schemes [4]. The regulatory environment is evolving to support innovation while ensuring compliance and investor protection.

Source:

[1] Bybit Kazakhstan and AFSA Pioneer Stablecoin Payments for AIFC Regulatory Fees (https://www.prnewswire.com/in/news-releases/bybit-kazakhstan-and-afsa-pioneer-stablecoin-payments-for-aifc-regulatory-fees-302547534.html)

[2] Kazakhstan's AFSA To Adopt Stablecoins for Regulatory Fee Payments (https://cointelegraph.com/news/kazakhstan-accept-regulatory-fees-usd-stablecoins)

[3] Kazakhstan Permits Regulatory Fee Payments in Stablecoins (https://forklog.com/en/kazakhstan-permits-regulatory-fee-payments-in-stablecoins/)

[4] Kazakhstan Ignites Crypto Adoption, Approving Stablecoins as Regulatory Payment Method (https://finance.yahoo.com/news/kazakhstan-ignites-crypto-adoption-approving-181155986.html)