Kazakhstan’s monetary regulators have allowed license and supervision charges to be paid in USD-pegged stablecoins.
Kazakhstan’s Astana Monetary Providers Authority (AFSA), a chosen monetary authority for the Astana Worldwide Monetary Centre (AIFC), has launched a challenge enabling AIFC members to pay regulatory charges in USD-pegged stablecoins.
The regulator introduced on Thursday that the challenge was formally launched on the native occasion Astana Finance Days 2025, signing a associated multilateral memorandum of understanding (MMoU) with the centralized crypto trade (CEX) Bybit.
“This initiative represents a first-of-its-kind regulatory framework for funds in stablecoins within the area, signaling Kazakhstan’s ambition to place the AIFC as a hub for digital finance […],” AFSA CEO Evgeniya Bogdanova stated.
Changing fiat-only funds
At the moment, corporations pay regulatory charges primarily by way of conventional strategies corresponding to financial institution transfers and wire funds in fiat currencies such because the US greenback and the Kazakhstani tenge, a spokesperson for Bybit advised Cointelegraph.
“These strategies are practical however typically contain delays, excessive transaction prices and restricted flexibility, particularly for corporations whose main treasury is held in digital property,” the consultant stated.
With stablecoins like Tether USDt (USDT) or Circle’s USDC (USDC), the events are supplied with a quick, cost-efficient, and clear fee possibility, the Bybit spokesperson famous.
Participation is topic to eligibility standards
Based on the official assertion from the AFSA, the challenge’s participation requires signing an MMoU, topic to assembly the authority’s eligibility standards.
Bybit grew to become the inaugural signatory of the MMoU, which was signed throughout Astana Finance Days 2025 by AFSA’s Bogdanova and Bybit CEO Mazurka Zeng.
AFSA CEO Evgeniya Bogdanova and Bybit CEO Mazurka Zeng signed a MMoU on stablecoin charges on the Astana Finance Days 2025. Supply: AIFC
The names of the suppliers collaborating within the new challenge might be printed on the official AFSA web site after signing an MMoU, the regulator stated.
Cointelegraph approached the AFSA for remark relating to the challenge particulars, together with eligibility standards, however had not acquired a response on the time of publication.
Associated: ECB president calls to deal with dangers from non-EU stablecoins
The information got here amid crypto gaining momentum in Kazakhstan, with the US-regulated crypto custodian BitGo aiding the launch of Central Asia’s first spot Bitcoin ETF by the native firm Fonte Capital in August.
Kazakhstan has emerged as a significant participant within the crypto business, together with cryptocurrency mining. In June, native authorities additionally reported learning the idea of a state-run crypto reserve, possible funded by digital property mined or seized by the federal government.
Journal: Korean invoice to legalize ICOs, Chinese language agency’s Ethereum RWAs thriller: Asia Specific
