The Astana Financial Services Authority (AFSA), the regulator for the Astana International Financial Centre (AIFC) in Kazakhstan, announced the launch of a pilot project that allows regulatory fees to be paid using USD-pegged stablecoins. The initiative was announced at the Astana Finance Days conference on September 4, 2025.
Goals and Mechanism of the Project
Under the new project, licensed Digital Asset Service Providers (DASPs) can sign a Multilateral Memorandum of Understanding to act as intermediaries. These providers will accept stablecoin payments from AIFC participants and applicants and then remit the equivalent fiat currency to AFSA’s bank account. The goal of the project is to facilitate the payment process within the financial centre and explore the integration of digital assets in a controlled environment.
Expert Opinions
Evgeniya Bogdanova, AFSA’s Chief Executive Officer, stated that the project underscores Kazakhstan’s ambition to establish the AIFC as a hub for digital finance. "This initiative represents a first-of-its-kind regulatory framework for payments in stablecoins in the region… while aligning with global trends in stablecoin adoption," said Bogdanova. Bybit, the first DASP to join the pilot, echoed this sentiment. Mazurka Zeng, the exchange’s Chief Operating Officer, noted that the collaboration aims to help businesses capture "borderless opportunities in the stablecoin-powered payment revolution."
Prospects for Stablecoin Usage
The stablecoin market continues to grow, with its total market capitalization reaching an all-time high of $251.7 billion in June 2025. By integrating stablecoins into its official fee collection process, the AIFC is testing a practical use case for digital assets beyond trading and speculation. This project marks a significant step towards the acceptance of stablecoins by regulators and their practical use in the real world.
The launch of AFSA’s pilot project to accept stablecoin payments could serve as a model for other countries and financial centres looking to integrate digital assets into their systems. Success in this initiative would position the AIFC as a forward-thinking financial hub in Central Asia.
