In a notable advancement in the integration of digital currencies into traditional finance, Kazakhstan has launched a pilot program that allows regulatory fees to be paid using U.S. dollar-pegged stablecoins. This initiative is being led by the Astana Financial Services Authority (AFSA) and marks a significant moment for digital assets in Central Asia.
The pilot program, announced during the prestigious Astana Finance Days conference, is the culmination of months of preparation following the publication of AFSA’s new rulebook tailored to stablecoins. Only select licensed Digital Asset Service Providers (DASPs) that meet specific criteria are eligible to participate, ensuring a controlled implementation of this innovative payment method.
As part of this pilot, Bybit Kazakhstan, a local affiliate of the global cryptocurrency exchange Bybit, will take on the role of the inaugural licensed agent. They are responsible for facilitating on-chain payments for other AIFC participants, converting and remitting the final amounts to the AFSA’s traditional bank account. This collaboration underscores a proactive approach towards modernizing regulatory payment protocols through the incorporation of blockchain technology.
“Stablecoins are reshaping global finance, and by accepting regulatory fees in USD-pegged stablecoins we make the AIFC faster, more open, and firmly connected to the future,” stated Evgeniya Bogdanova, the chief executive of AFSA. This statement reflects a broader ambition of not only modernizing the payments infrastructure but also fostering a more agile regulatory environment that is conducive to the growth of digital finance.
With this pilot program, Kazakhstan joins a select group of countries paving the way for the use of digital currencies in regulatory frameworks. This initiative builds upon foundational work that began in January 2024 when AFSA approved one of the region’s first regulatory frameworks dedicated to stablecoins. Among other milestones, it also facilitated the issuance of the country’s first fiat-backed stablecoin license to AnchorX.KZ Limited.
As the digital economy continues to evolve, Kazakhstan’s approach to stablecoin regulation and payment modernization exemplifies how national strategies can effectively integrate digital assets. The groundwork laid by AFSA is indicative of a larger vision to not only attract investment but also streamline operations for digital asset firms operating within its jurisdiction.
