Kazakhstan’s AFSA starts accepting stablecoins for regulatory fees, partnering with Bybit to modernize payments and boost digital finance innovation.
Kazakhstan is taking a big step toward digital finance. The Astana Financial Services Authority (AFSA) has officially started accepting stablecoins for license and supervision fees. This is now possible because these payments are made in U.S. dollar-pegged digital assets by choosing representatives. The move follows only a few months since AFSA launched its new stablecoin rulebook.
Bybit Introduces QR Pay and Stablecoin Wallet for AFSA
The first company that has participated in the program is Bybit Kazakhstan. The exchange will serve as an intermediary on behalf of AFSA and facilitate the payment of regulatory fees in stablecoins. It was implemented at the Astana Finance Days conference, which is one of the most important financial industry events in the country.
As per the contract, Bybit will supply AFSA with a tailor-made QR Pay solution and a specific stablecoin wallet. This will enable easy invoicing and quick payments. Moreover, it will enhance the effectiveness and transparency of the regulation process.
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Bybit Chief Operating Officer Mazurka Zeng was excited about the new partnership. She wrote, Bybit Kazakhstan is pleased to be collaborating with AFSA to form a regulatory-first model to adopt stablecoins. She also noted that this partnership represents a significant milestone for both Bybit and the emerging digital economy in Kazakhstan.
This collaboration also emphasizes that Kazakhstan is the foremost in the area of controlled digital money. In close collaboration with AFSA, Bybit intends to build a system to facilitate innovation at the same time remaining fully compliant with local regulations. Consequently, the collaboration creates a connection between legacy finance and digital assets.
Notably, the CEO of AFSA, Evgeniya Bogdanova, had something to say about the decision. She opined, Stablecoins are changing the face of global finance. This ensures the AIFC is even faster, more open, and tied directly to the future by accepting regulatory fees in USD pegged stablecoins. The given statement represents the vision of the agency.
Kazakhstan Eyes Digital Finance Leadership with Stablecoin Adoption
The choice of AFSA is also to be included in an extended plan to transform the Astana International Financial Centre (AIFC) into a modern finance centre. The launch of the stablecoin program will bring additional international competitors into the market, mostly those willing to use digital currencies.
Bybit was the first signatory of the multilateral memorandum of understanding (MMoU), which provides support to this project. This proves that the company is a reliable partner in the financial transformation of Kazakhstan. It also demonstrates how crypto exchanges could operate in a good regulatory framework.
Finally, this step is a major advancement in the adoption of digital assets in Central Asia. Through innovation and excellent regulation, Kazakhstan is setting an example that other nations can emulate. The country expects to increase trust, speed, and convenience in financial services through this pilot program.
Since stablecoins are increasingly gaining popularity, the early adoption of stablecoins in Kazakhstan could enable the country to be at the forefront in defining the future of digital finance. In the meantime, AFSA and Bybit are collaborating to keep the system running safely and smoothly for all users.
