Kazakhstan enables stablecoin payments for management fees at the Astana International Financial Center (AIFC), with Bybit exchange the first to join the groundbreaking initiative.
The Astana Financial Services Authority (AFSA), which regulates the AIFC, has officially launched a pilot project that will allow members to pay licensing and supervision fees in USD- Peg stablecoins. The announcement was made at the Astana Finance Days 2025 event, which also saw AFSA sign a multilateral memorandum of Mnemonics (MMoU) with centralized crypto-asset exchange (CEX) Bybit. The move makes Kazakhstan one of the first countries to integrate stablecoins into public finance management.
Previously, businesses at AIFC mainly paid fees via bank transfers in USD or Tenge, which required long processing times, high fees, and limited flexibility. According to a Bybit representative, this was especially disadvantageous for companies whose main source of Capital was digital assets.
The adoption of popular stablecoins such as Tether (USDT) or USD Coin (USDC) is expected to bring faster, lower-cost and more transparent payment options, in line with the nature of the digital economy.
To participate in the project, entities must sign an MMoU and meet the criteria set by AFSA. Bybit is the first entity to sign the agreement. “ This is the first initiative in the region to develop a legal framework for stablecoin payments, demonstrating Kazakhstan’s ambition to position AIFC as a leading digital financial center,” said Evgeniya Bogdanova, CEO of AFSA.
Experts also appreciated this move. Mr. Jesse Knutson, Head of Operations at Bitfinex Securities – a unit operating in Kazakhstan since 2021 – said that the initiative shows the key Vai of stablecoins in the development of the Tokenize financial market.
AFSA’s initiative is not a stand-alone move, but rather part of an overall strategy to elevate Kazakhstan’s position on the global crypto-asset map. The Central Asian country has become a major crypto mining hub, and will see the region’s first spot Bitcoin ETF launch in August 2025, issued by Fonte Capital with custody support from U.S.-based BitGo.
Authorities also recently said they are exploring the establishment of a state crypto asset reserve fund, reflecting a long-term vision and growing recognition of the Vai of digital assets in the economy.
