Kazakhstan Pilots Stablecoin Payments for Regulatory Fees
Kazakhstan’s financial regulator, the Astana Financial Services Authority (AFSA), has launched a pilot initiative allowing entities within the Astana International Financial Centre (AIFC) to pay regulatory fees using USD-pegged stablecoins. This marks a significant step toward integrating digital assets into traditional financial regulatory processes.
Project Launch and Partnership with Bybit
The project was formally introduced during the Astana Finance Days 2025 event, where AFSA signed a multilateral memorandum of understanding (MMoU) with centralized crypto exchange Bybit. AFSA CEO Evgeniya Bogdanova described the initiative as a pioneering regulatory framework within the region, reflecting Kazakhstan’s ambition to position the AIFC as a regional hub for digital finance.
Advantages Over Traditional Payment Methods
Currently, regulatory fees are paid primarily through bank transfers in fiat currencies such as the US dollar and Kazakhstani tenge. A Bybit spokesperson highlighted that while these methods are functional, they often entail delays, higher transaction costs, and limited flexibility, especially for firms holding assets primarily in digital currencies.
Using stablecoins like Tether (USDT) or Circle’s USDC offers faster, more cost-effective, and transparent payment options, addressing these inefficiencies.
Participation Criteria and Future Developments
Participation in the pilot requires entities to sign the MMoU and meet AFSA’s eligibility criteria. Bybit is the first signatory to this agreement, signed by AFSA CEO Evgeniya Bogdanova and Bybit CEO Mazurka Zeng. The AFSA plans to publish a list of participating providers on its official website as the project expands.
Requests for further details on eligibility criteria from Cointelegraph were unanswered at the time of publication.
Industry Response and Broader Context
Jesse Knutson, head of operations at Bitfinex Securities—which has operated in Kazakhstan since 2021—commended AFSA’s approach, noting that the project underscores the central role of stablecoins like USDT in advancing tokenized financial markets. He emphasized that AFSA has been a pioneer in developing regulatory frameworks for tokenized securities and is again leading by accepting stablecoins for regulatory payments.
This initiative coincides with growing crypto activity in Kazakhstan, including the launch of Central Asia’s first spot Bitcoin ETF by Fonte Capital, supported by US-regulated custodian BitGo. Kazakhstan has also been exploring the establishment of a state crypto reserve funded by mined or seized digital assets, reflecting its increasing engagement with the crypto sector.
