ALMATY – Kazakhstan’s regulated crypto market continues its strong upward trajectory, with trading volumes on platforms licensed by the Astana International Financial Centre (AIFC) reaching $6.8 billion in the January-September 2025 period, Director of the Financial Technologies Department at the AIFC’s Astana Financial Services Authority (AFSA) Altay Slyamov said in an interview with the Kazinform news agency.
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According to Slyamov, the number of users participating in the digital asset ecosystem has grown accordingly, rising from 141,000 in 2024 to more than 192,000 by the third quarter of 2025.
“Today, 29 licensed Digital Asset Service Providers operate in the AIFC, including 12 digital asset exchanges. Overall, the industry is in an active formation stage, but it already has the necessary infrastructure and is showing signs of rapid maturation,” he said.
Growing list of approved digital assets
According to Slyamov, AFSA maintains a Green List of digital assets permitted for trading within the regulatory sandbox. Currently, 113 digital assets have been approved through this mechanism.
“Participants operating under the full regulatory regime determine the procedure for admitting digital assets to their platforms according to their internal rules, taking into account the regulatory requirements established by the AIFC Digital Asset Activities Rules,” he said.
The approval process involves a comprehensive risk analysis conducted by AFSA, evaluating the issuer, transparency, levels of anonymity, and traceability mechanisms. Recommendations are then reviewed by a collegial committee before an asset is either added to the Green List or rejected.
This framework, Slyamov noted, strikes a balance between “supporting innovation while preserving a necessary level of investor protection and financial stability.”
Developing a stablecoin ecosystem
The AIFC also operates a distinct regime for issuers of fiat-backed and commodity-backed stablecoins. Issuers must obtain a dedicated license for digital-asset payment services, ensuring robust safeguards, including protection of client reserves and oversight of investment practices.
“One company is testing services under this license, while there is significant interest in issuing proprietary stablecoins within the AIFC, primarily from businesses in Southeast Asia,” he said.
The AIFC allows the issuance of stablecoins pegged to G10 currencies, with the possibility of extending the list of eligible currencies upon regulatory approval. AFSA continues to apply a risk-based approach, he noted, seeing stablecoins as a promising area that should grow “within a controlled and sustainable environment.”
Retail participation is rising rapidly
Slyamov emphasized that public engagement in digital assets has increased sharply. Over just nine months, more than 50,000 new clients joined AIFC-licensed platforms.
“This reflects heightened demand from both retail and professional users for regulated crypto services, contrasting with the previously unregulated environment that had dominated the region,” he said.
Global leader in crypto regulation
AFSA’s approach has received international recognition. According to Slyamov, a thematic review published by the International Organization of Securities Commissions (IOSCO) in October 2025 identified the AIFC as one of the world’s leading jurisdictions for digital-asset oversight, fully aligned with all 10 of IOSCO’s priority recommendations.
“In September 2025, during Astana Finance Days, AFSA and Bybit launched a pilot enabling payment of regulatory fees in stablecoins. The first such payment was processed in October,” he said.
Deepening regulation and expanding use cases
Looking ahead, the AIFC plans to continue refining its framework based on global standards and outcomes from sandbox projects. The overarching priority remains safeguarding investors while cultivating an innovative, productive market environment.
As Kazakhstan positions itself as a regional hub for digital finance, the momentum of 2025 suggests that its crypto market is transitioning from early-stage experimentation to a more structured, regulated, and scalable phase of development.
