AFSA and Bybit launch pilot allowing USD-pegged stablecoin transactions in the Astana International Financial Centre
Kazakhstan has taken a major step toward digital finance adoption by piloting regulatory fee payments in USD-pegged stablecoins. The initiative, launched by the Astana Financial Services Authority (AFSA) in collaboration with crypto exchange Bybit, marks the first time companies in the Astana International Financial Centre (AIFC) can use digital assets instead of fiat for licensing and supervision fees.
Stablecoin adoption in regulatory payments
The announcement was made during Astana Finance Days 2025, where AFSA signed a multilateral memorandum of understanding (MMoU) with Bybit. According to AFSA CEO Evgeniya Bogdanova, the project signals Kazakhstan’s ambition to position the AIFC as a global hub for financial innovation.
“This initiative represents a first-of-its-kind regulatory framework for payments in stablecoins in the region,” Bogdanova said.
Until now, firms in the AIFC primarily relied on bank transfers and wire payments in U.S. dollars or Kazakhstani tenge. However, these methods often involve delays, higher costs, and less flexibility—a challenge for businesses whose treasuries are held largely in crypto.
By enabling payments in Tether (USDT) and USD Coin (USDC), AFSA aims to provide companies with a faster, cheaper, and more transparent settlement option.
Industry perspectives
A Bybit spokesperson explained: “These methods are functional but often involve delays, high transaction costs, and limited flexibility. Stablecoins allow firms to manage obligations more efficiently, particularly if their reserves are already digital.”
Crypto analysts see the move as an important bridge between traditional financial oversight and the growing role of blockchain-based assets.
Participation and eligibility
The AFSA clarified that participation requires signing an MMoU and meeting specific eligibility criteria. Bybit became the first platform to join, with its CEO Mazurka Zeng signing the agreement alongside AFSA leadership.
The names of additional providers will be published on AFSA’s official website as more participants join the pilot.
Broader crypto momentum in Kazakhstan
The stablecoin initiative comes amid broader crypto developments in Kazakhstan. In August, the country introduced Central Asia’s first spot Bitcoin ETF with support from U.S.-regulated custodian BitGo. Authorities have also been studying the concept of a state-backed crypto reserve, potentially funded through mined or seized digital assets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.