AFSA introduces stablecoin for taxes and licenses in AIFC: reduced times and costs up to 90% less

The Astana Financial Services Authority (AFSA) opens a new payment channel for taxes and licenses in the Astana International Financial Centre, allowing the use of dollar-pegged stablecoins to settle regulatory fees.
The initiative, recently presented during the Astana Finance Days 2025 event Astana Finance Days, aims to streamline flows, reduce costs, and send a positive political signal to the global market.
The news was confirmed in the official statement on September 5, 2025, published by PR Newswire and in the institutional updates published by AFSA.

According to the data collected by AFSA and the statement from September 5, 2025, the pilot phase was launched with Bybit Kazakhstan and includes the acceptance of stablecoins like USDT and USDC for AIFC fees.
Industry analysts monitoring the evolution of payment infrastructures note that settlement times could decrease from 48–120 hours (T+2/T+5) to less than 15 minutes in on‑chain mode, with a reduction in transaction costs that can reach up to 90% compared to traditional cross‑border transfers, depending on the network and congestion.

• News: tax payments and AFSA licenses with stablecoin USD (such as USDT and USDC) currently in pilot phase.
• Partner: Bybit Kazakhstan is the first signatory of a multilateral memorandum of understanding (MMoU) with AFSA for the acceptance infrastructure, as confirmed by PR Newswire.
• Impact: settlement times are reduced from days to minutes, ensuring greater transparency and lower operational costs.

The Announcement: AIFC Tests Regulatory Payments in Stablecoin

The AFSA has launched a project that allows members of the Astana International Financial Centre (AIFC) to settle fees and licenses using dollar-pegged stablecoins.
The first agreement, established with a multilateral memorandum of understanding (MMoU) signed by AFSA and Bybit Kazakhstan, paves the way for the acceptance of assets like USDT and USDC within the regulatory framework of the AIFC.

How it works: providers as payment agents

In the outlined model, authorized providers operate as payment agents for businesses registered with the AIFC.
Bybit provides dedicated solutions, including a customized QR Pay system and a wallet for invoicing in stablecoin. Companies will thus be able to pay taxes and licenses directly from authorized wallets, eliminating banking intermediation.

The AFSA Regulatory Framework: Custody, Liquidity, and Risk Management

The new AFSA framework defines roles and responsibilities across three critical axes: asset custody, operational liquidity, and procedures to adopt in case of de-peg.
Operational continuity measures and fiat conversion plans in stress scenarios are provided, along with security and fund segregation requirements.

Eligibility Criteria and Membership

• KYC/AML compliance and legal verification;
• Technical capability for issuance, custody, and settlement;
• Audit and periodic reporting to AFSA.

The AFSA will publish the list of approved providers on the official website after the ratification of the agreements; updates are expected in the coming weeks.

Key Numbers: Time and Costs Compared

The focal point of the initiative is operational efficiency. In general:

• Regulation: transition from traditional T+2/T+5 of international wire transfers to just a few minutes in on‑chain mode;
• Fees: reduction of costs, going from an average of $15–50 for cross-border transfers to less than $2 on major stablecoin networks, as highlighted by Cointelegraph (values vary depending on the network and congestion);
• Reconciliation: guaranteed traceability through authorized ledgers, with native audit trail.

The data presented is for illustrative purposes, as the actual values depend on the network, provider, and internal policies.

Why it matters: efficiency and market signal

For operators with digital treasury, the move allows for the reduction of delays, currency frictions, and banking costs. More broadly, the AIFC initiative represents a signal of openness towards compliant digital instruments, with a view to balancing innovation and risk control.

Risks and Critical Issues to Monitor

• Stability of the peg and market risk of the collateral;
• Reliability and resilience of technology providers;
• Prevention of regulatory arbitrage between fiat and stablecoin, in line with AML/CFT safeguards;
• Cyber-risk and management of security keys.

The planned mitigation measures

• Implementation of minimum liquidity requirements and stress tests;
• Independent audits and transparent reporting to the AFSA;
• Emergency clauses for conversion into fiat and maintaining service continuity.

International Implications: An Exportable Model?

The experiment conducted at AIFC could serve as a benchmark for other markets seeking solutions for digital regulatory payments.
Potential effects include the reduction of cross-border barriers, increased competitiveness among financial hubs for efficiency and compliance, and integration with both public and permissioned on-chain infrastructures.
Analysts, as reported by Cointelegraph, emphasize that the regulated adoption of stablecoins can accelerate B2G flows, provided that risk management mechanisms are adequately stringent.

Next Steps and Timeline

• Activation of the pilot phase with the first signing provider;
• Publication of the list of approved providers on the AFSA portal;
• Gradual extension of the service to additional categories of fees and operators, based on the outcomes of the initial phase;
• Possible interoperability with other circuits and regional standards, in case of positive test results.

What it means for AIFC businesses

For registered companies, innovation is practical: they will be able to pay taxes and licenses in USD stablecoin through authorized channels, benefiting from rapid settlements and simplified accounting management. Participation involves signing an MMoU and complying with AFSA requirements, including KYC/AML checks.

Useful Documents and Links

• Press Release: Bybit Kazakhstan and AFSA on stablecoin payments for AIFC fees.
• Institutional updates: AFSA – news section.
• Context AIFC: Official AIFC Website.

Editorial Note: Pending the publication of the final text of the AFSA regulation on stablecoin payments, regulatory references will be updated. A direct quote provided by AFSA and Bybit will be integrated with the release of the official document.

Read also: Stablecoin: what they are and how they work