Overview
- AFSA unveiled the pilot at Astana Finance Days, allowing AIFC participants to settle licensing and supervision fees in USD‑pegged stablecoins, which officials describe as a regional first.
- Participation is limited to AFSA‑licensed Digital Asset Service Providers that sign a memorandum of understanding to act as agents, with approved provider names to be published after eligibility checks.
- Bybit Kazakhstan is the inaugural agent facilitating on‑chain payments and remitting the fiat equivalent to the regulator’s designated bank account.
- The initial setup uses a customized Bybit QR Pay solution and a dedicated stablecoin wallet for invoicing and settlements to streamline processing.
- The initiative builds on AFSA’s January 2024 stablecoin framework and subsequent licensing steps and aligns with Kazakhstan’s digital tenge pilot and broader moves to formalize crypto activity.