What happened?
Kazakhstan has approved the use of U.S. dollar-pegged stablecoins for regulatory fee payments, a first in the region. The Astana Financial Services Authority (AFSA) announced this initiative during Astana Finance Days 2025, offering a new framework that allows participants of the Astana International Financial Centre (AIFC) and applicants to settle fees in stablecoins. Bybit Limited is the inaugural participant in this initiative.
Who does this affect?
This approval impacts Digital Asset Service Providers (DASPs) licensed by the Astana Financial Services Authority to operate money services or trading facilities related to digital assets. As these providers can now act as agents for payers, executing stablecoin transactions and remitting the fiat equivalent to AFSA’s designated bank account. This helps in expanding Kazakhstan’s payment ecosystem with secure solutions built for digital assets.
Why does this matter?
The move signifies a significant step toward mainstreaming the use of digital assets in financial operations, and could have an impact on the market dynamics of digital currencies. As the role of stablecoins in the crypto economy continues to expand rapidly, this regulatory approval could potentially drive further growth and adoption of such digital assets. Further, it can position the AIFC as a hub for digital finance and innovation.