Kazakhstan is taking a bold step toward integrating digital assets into mainstream finance, with its top financial regulator now allowing certain payments in stablecoins.
At the Astana Finance Days conference on September 4, 2025, the Astana Financial Services Authority (AFSA) announced a pilot program enabling participants of the Astana International Financial Centre (AIFC) to pay regulatory fees using USD-pegged stablecoins. Bybit became the first exchange to join the initiative, highlighting its commitment to the country’s growing fintech ecosystem.
Under the framework, licensed Digital Asset Service Providers (DASPs) will act as intermediaries. These firms will accept stablecoin payments from AIFC participants and applicants, then remit the equivalent in fiat currency to AFSA’s bank accounts. According to the regulator, the project is designed to simplify payments, test real-world utility for stablecoins, and explore how digital assets integrate with existing financial infrastructure in a controlled environment.
AFSA CEO Evgeniya Bogdanova said the initiative underscores Kazakhstan’s ambition to position the AIFC as a digital finance hub. “This project introduces a first-of-its-kind regulatory framework for stablecoin payments in the region, aligning Kazakhstan with global adoption trends,” she noted.
Bybit Kazakhstan’s COO, Mazurka Zeng, added that the collaboration supports businesses seeking “borderless opportunities in the stablecoin-powered payment revolution.”
Stablecoins have become one of the fastest-growing corners of crypto, with their total market cap hitting a record $251.7 billion in June 2025, according to Reuters data. By adopting them for official fee collection, the AIFC is experimenting with a practical application beyond speculation—one that could attract global fintech players to its jurisdiction.
If successful, the program could set a precedent for other regulators in Central Asia and beyond, showing how public and private sectors can work together to build a more adaptable financial system.
