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Kazakhstan is stepping into digital finance by letting firms pay regulatory fees with stablecoins pegged to the US dollar.
AIFC Launches Stablecoin Pilot
The Astana Financial Services Authority (AFSA), regulator of the Astana International Financial Centre, launched the project during Astana Finance Days 2025. Bybit became the first crypto exchange to sign on. AFSA chief Evgeniya Bogdanova called it a “first-of-its-kind” step toward making Kazakhstan a digital finance hub.
Moving Beyond Fiat Payments
Until now, companies paid fees through bank transfers in dollars or local currency. That system worked, but it was slow, costly, and rigid. Bybit says using stablecoins like Tether’s USDT or Circle’s USDC makes payments faster, cheaper, and easier.
Who Can Join the Program?
Participation requires signing a memorandum of understanding with AFSA. Bybit was the first signatory, with CEO Mazurka Zeng joining Bogdanova at the signing. AFSA will publish the names of other approved providers soon.
Stablecoins Gain Ground in Kazakhstan
Industry players say the move highlights stablecoins’ importance in tokenized markets. Bitfinex Securities’ Jesse Knutson noted Kazakhstan is once again an early mover, having also built rules for tokenized securities.
The push comes as Kazakhstan ramps up its crypto role. The country recently saw Central Asia’s first spot Bitcoin ETF and is even exploring a state-backed crypto reserve.
