AFSA NOTICE AFSA-T-OA-2024-0037 Freedom Finance Global PLC FFG

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT: 

Rule 6.2.3 (d) of the AIFC Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Rules (AML Rules), “Establishing a business relationship before Customer Due Diligence is complete” is modified to Freedom Finance Global PLC as specified in the right-hand column of Table A under the certain conditions set by this written notice.

TABLE A – RULES MODIFIED

The Rule specified in the left-hand column of the table below is modified to the extent shown in the right-hand column of the table below. In Table A, underlining indicates new text; otherwise, the Rule remains unaltered.

Table A. Modified AIFC Rule

CONDITIONS 

1. To provide an undertaking letter assuring that all new clients originating from Freedom Securities Trading Inc. incorporated in Belize will undergo Customer Due Diligence (CDD) procedures, with measures in place to minimise the risk of engaging with sanctioned individuals.

2. To adopt risk management procedures with respect to the conditions under which a customer may utilise the business relationship prior to verification, envisaged by Rule 6.2.3.

3. To split the CDD procedures into two stages: The first stage involves checking all customers against sanctions lists to prevent the establishment of relationships with sanctioned individuals or entities. Once the authorised firm has completed the first stage and received approval from the AFSA, the company may proceed with the next steps of CDD, albeit considering the risks associated with deferring customer verification, including limitations on transactions and close monitoring of activities.

4. To promptly terminate any business relationships with customers listed on the sanctioned lists of the United States, European Union, and United Kingdom. (OFAC, EU, HMT UK inclusive but not limited to).

5 To submit a monthly report to the AFSA (in addition to the register already required to be maintained) with a list of all relevant customers, originating from Freedom Securities Trading Inc.  incorporated in Belize, whose business relationship has been terminated for whatever reasons, stating the reason for the termination of the relationship, the total balance of the client’s account with FFG and the date that the client’s relationship commenced with the Freedom Securities Trading Inc.. 

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains effective until further Notice.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-OA-2024-0008 ON CLASS MODIFICATION

CLASS MODIFICATION NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT: 

The Rules specified in the Table herein apply to Authorised Firms licensed to carry out the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds under the certain conditions set by this notice.

To have control over the financial risks and market stability in short- and mid-term periods the AFSA will keep its intervention power, outlined in Rule 2.2.3 of PRU INV.

The other requirements set by PRU INV, including chapters 4 and 6, remain applicable for Authorised Firms authorised to carry out the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds.

TABLE – RULES MODIFIED

Chapter 3 of the AIFC Prudential Rules for Investment Firms (“PRU INV”), Minimum Capital Requirement, is applicable to Authorised Firms licensed to carry out the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds, from the authorisation stage until the date of Risk Mitigation Programme closure and 24 months after it, as specified in the right-hand column of Table below.

In this Table, bold* indicates specific applications described below, otherwise, the Rule remains unaltered.

Table. Modified AIFC Rule

CONDITION

The Authorised Firms licensed to carry out the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds enjoying such grace period are required to disclose the grace period applied expressly in their Offering Materials for Unitholders and disclose the Firms’ capital resources, calculated according to the Chapter 3 of PRU INV.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA Notice № AFSA-O-EC-2024-1353 On striking Grove Regulatory Consultancy Limited - AIFC Branch off the Register

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 167(1) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike Grove Regulatory Consultancy Limited - AIFC Branch off the Register.

FACTS AND MATTERS RELIED UPON

The Registrar of Companies has a reasonable ground to believe that:

×        the Company is not conducting business or is not in operation pursuant to Section 167 (1-1) of the AIFC Companies Regulations;

The proposed decision comes into effect within 2 months of the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

THIS NOTICE IS ISSUED PURSUANT TO SCHEDULE 2 (Decision-Making Procedures for Registrar of Companies) OF THE AIFC COMPANIES RULES.

AFSA NOTICE № AFSA-F-NB-2024-0006 ON EXTENSION OF LICENCES IN FINTECH LAB OF ASTANA FINANCIAL SERVICES AUTHORITY

AFSA NOTICE No. AFSA-F-NB-2023-0006 ON EXTENSION OF LICENCES IN FINTECH LAB OF ASTANA FINANCIAL SERVICES AUTHORITY.

NOTICE No. AFSA-F-NB-2024-0006

THE AFSA HEREBY GIVES NOTICE THAT:

The extension of the validity of licences in the Fintech Lab is applicable only to those AIFC Participants who can provide a justified and reasoned case for their extension request. The AFSA recognises the importance of supporting innovation in the financial technology sector. However, it is also committed to ensuring that all licenced entities meet the necessary standards and requirements. Therefore, the decision to extend a licence will be made on a case-by-case basis, considering the merits of each individual application.

Licence holders seeking an extension are required to submit a detailed report outlining the reasons for their request. This report should include:

1)      The specific challenges or circumstances necessitating the extension.

2)      The steps taken to address these challenges or circumstances.

3)      The proposed timeline for achieving full compliance with the licencing requirements.

Please note that the submission of a report does not guarantee the approval of an extension. The AFSA will review each application thoroughly and make a decision based on the strength of the case presented.

The AFSA encourages all AIFC Participants who are holding licences to continue striving for excellence and compliance, as these are the cornerstones of a robust and innovative financial technology sector.

EFFECTIVE PERIOD

This notice comes into effect from 12 April 2024 and remains effective until further Notice.

INTERPRETATION

Defined terms are identified in this notice by the capitalization of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalization of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 and 32 OF THE ASTANA INTERNATIONAL FINANCIAL CENTRE FINANCIAL SERVICES FRAMEWORK REGULATIONS AND 3.2.2(b)(v)(i) AIFC FINANCIAL TECHNOLOGY RULES BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-NB-2024-0002 ON MODIFICATION (BRILLINK BANK)

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT: 

The Rules specified in the left-hand column of the Table A are modified to the extent shown in the right-hand column of the Table A apply to Brillink Bank Corporation Limited as specified in the right-hand column of Table A under the certain conditions set by this written notice.

Table A. Modified AIFC Rule

CONDITION 

This notice comes remains in force for correspondent accounts and remains effective until 31 December 2025.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-N-NB-2024-0002 ON STANDARD WAIVER (Astana International Exchange Central Securities Depository Ltd)

NOTICE No. AFSA-N-NB-2024-0002 

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left-hand column of the Table does apply to the above-mentioned Person as modified to the extent shown in the right-hand column of the Table herein. In this Table, underlining indicates new text, and striking through indicates deleted text, otherwise, the Rule remains unaltered.

TABLE – RULES Waived:

AFSA NOTICE AFSA-O-EC-2024-1234 ON THE WAIVER (SKYBRIDGE INVEST JSC)

Written notice on the waiver

THE REGISTRAR OF COMPANIES OF THE ASTANA INTERNATIONAL FINANCIAL CENTRE HEREBY GIVES NOTICE THAT:

With regard to the Waiver application submitted by SkyBridge Invest JSC doing business in the AIFC as “Branch of SkyBridge JSC in the AIFC” dated 12 March 2024, the decision was made that subsection 3 of section 43 (Minimum share capital) of the AIFC Companies Regulations does not apply to SBI Active Fund Open-Ended Investment Company PLC (hereinafter – the Fund), a Public Investment Company proposed to be incorporated in the AIFC by Skybridge Invest JSC doing business in the AIFC as "Branch of Skybridge JSC in the AIFC", as specified in the right-hand column of Table A.

Pursuant to section 195 of the AIFC Companies Regulations, the Registrar of Companies has the power to modify or waive provisions of the AIFC Companies Regulations, the Rules, and any other Legislation Administered by the Registrar on the application or with the consent of a Person.

Table A. Waived AIFC Rule

EFFECTIVE PERIOD

This notice comes into effect on the date of incorporation of the Fund and remains in force   until is revoked by the Registrar of Companies of by the Fund or its Fund Manager. 

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES.

AFSA NOTICE AFSA-F-NB-2024-0005 ON ASTANA FINANCIAL SERVICES AUTHORITY’S EXPECTED APPROACH TO DIGITAL ASSET PRODUCTS AND SERVICES PROVIDED BY FINTECH LAB PARTICIPANTS

THE AFSA HEREBY GIVES NOTICE THAT:

The Astana Financial Services Authority (“AFSA”) pursues fostering the development of financial technologies in the Astana International Financial Center (“AIFC”) according to its Regulatory Objective under the AIFC Rules and Regulations. The recent two years were pivotal in the development of the digital asset industry in the AIFC and generally, in Kazakhstan. The AFSA along with the state authorities of the Republic of Kazakhstan completed number of significant projects to test the activity of Digital Asset Service Providers (“DASP”) and develop a comprehensive regulatory framework for providing Digital Asset services in the AIFC.

Notably, the key driver for the developments in digital asset sector in the AIFC was the launch of the “Pilot Project on Interaction of AIFC cryptoexchanges with Commercial Banks of Kazakhstan” in June 2022. The 1,5 year-long project successfully ended on 01 January 2024, and provided feedback that was instrumental in the development and enactment of the AIFC Rules “On Digital Asset Activities” and “The Rules and mechanisms of cooperation of Unbacked Digital Asset Exchanges and/or Centre Participants authorised to carry out digital assets-related activities with second-tier bank of the Republic of Kazakhstan” (“AIFC Rules”) at the end of 2023. The AIFC Rules became effective on 1 January 2024 establishing comprehensive requirements (e.g. in relation to conduct of business, prudential, market integrity) that AIFC authorised DASPs must comply with when providing services in relation to Digital Assets, as well as key measures that commercial banks and DASPs must implement in relation to fiat transactions.

The results of the Pilot Project also laid down robust regulatory foundation for DASPs and can now serve as a leverage for DASPs and the AFSA for further crypto innovations in the AIFC. AFSA witnesses global rapid development of the DLT-related technologies, wider assets tokenisation trend and offerings of the multitude of the financial services in relation to Digital Assets

Following the receipt of market feedback on the need to expand the Digital Asset related services by new services to keep up with market trends and global competitiveness, the AFSA is committed to support further development of the Digital Asset sector in the AIFC to become a regional crypto-hub.

In light of above, with the purpose of further promotion of FinTech innovation in the AIFC, the AFSA invites all Digital Asset Service Providers authorised in its FinTech Lab to test the new types of products and services in relation to Digital Assets. These new types of Digital Asset services and products may include Digital Asset margin trading, peer-to-peer, derivatives trading, staking, non-fungible trading, Digital Asset loans and other services. AFSA notes that the list of products is non-exhaustive given the ever-evolving nature of DLT-related technologies.

It must also be noted that no complete taxonomy has been done by the AFSA in relation to the additional services. The AFSA aims to complete it throughout the testing period of these new services. By issuing this Notice, AFSA gives its expected approach to Digital Asset products and services that is provided below (see “Astana Financial Services Authority’s Expected Approach to Digital Asset products and services provided by Fintech Lab Participants”).

At the same time, AFSA recognizes that the innovative fintech services may bring novel risks and therefore, the testing of new Digital Asset services/products will be conducted under conditions, boundary limits and safe environment of the AFSA’s FinTech Lab (regulatory sandbox) to ensure consumer protection and market integrity.

If you as a DASP are interested to test your new product or services, as a first step  please contact the AFSA (relevant case officer) for further guidance on the launch of the new Digital Asset products or services, while those persons willing to start authorised operations and simultaneously test new products and services in the AIFC needs to contact AFSA via following contact details:  +7 (7172) 64-73-72 or fintechlab@afsa.kz

AFSA notes that no standard conditions, boundary limits and other mitigating measures will be imposed on new products and services of an applicant, since each case will be considered individually on a risk-based approach taking into consideration risks level of the specific product and the applicant.   

ASTANA FINANCIAL SERVICES AUTHORITY’s EXPECTED APPROACH TO DIGITAL ASSET PRODUCTS AND SERVICES PROVIDED BY FINTECH LAB PARTICIPANTS

CHAPTER A. GENERAL

INTRODUCTION

1.1.   This “AFSA’s EXPECTED APPROACH TO DIGITAL ASSET PRODUCTS AND SERVICES PROVIDED BY AIFC LICENCED FINTECH LAB PARTICIPANTS” (“Approach”) sets out the AFSA’s expected approach regarding provision by the AIFC Digital Asset Service Provider (“DASP”) of new Digital Asset products and services under the environment of AFSA’s FinTech Lab, including the definitions for some types of products or services, types of licenсe that have to be obtained for the provision of certain services, the specific conditions for each product or service.

1.2.   This Approach is expected to apply to the AFSA’s FinTech Lab Participants that intends to provide Digital Asset services and products described in this Approach. However, AFSA notes that the list of products and services is non-exhaustive given the ever-evolving nature of DLT-related technologies.

1.3.   FinTech Lab Participants that intend to offer or provide the Digital Asset products and services specified under this Approach should seek AFSA’s approval to extend the activities and should rely on requirements, boundary conditions, and restrictions envisioned under this Approach. Additional requirements, boundary conditions, and restrictions will come into force following the FinTech Lab Participant’s application to the AFSA to modify its Licence Notice, including requirements, boundary conditions and restrictions, AFSA’s approval and issuance of a Licence Notice.

1.4.   The Digital Asset products and services are specified in Chapter C of this Approach. Some products and services may not be covered within this Approach, however, they may have features and characteristics of products and services envisaged in Chapter C of this Approach.

OBJECTIVES OF THE APPROACH

1.5.   Having published this Approach, the AFSA aims to promote FinTech innovation in the AIFC by providing AFSA’s expectations to the AIFC FinTech Lab Participants intending to offer or provide Digital Asset products and services to Clients. At the same time, AFSA addresses the risks of innovation by providing expectations on safeguards to protect the interests of Clients and maintaining market integrity, specifically by testing the Digital Asset products and services within the AFSA’s FinTech Lab environment and via additional requirements, boundary conditions, and restrictions. 

1.6.   The aim of this Approach is to help the AIFC FinTech Lab Participants to navigate the AIFC regulatory framework when offering or providing Digital Asset products and services and to provide AFSA’s expectations on definitions of new Digital Asset products and services, the expected type of licence(s) that might be required to obtain in order to conduct new activities.

CHAPTER B. DEFINITIONS OF THE DIGITAL ASSET PRODUCTS AND SERVICES UNDER THE APPROACH

2.          AFSA outlines following definitions that might be applicable to Digital Assets products and services under this Approach:

2.1.        Managing Digital Asset - means managing Clients’ Digital Assets for the purposes of investing them and distributing portion of the profit from investments to Clients.

2.2.        Digital Asset Margin - means pre-agreed amount a Client is required to pay (or deposit as a Collateral) to open and maintain a position relating to a Digital Asset Derivative.

2.3.        Operating a Peer-to-peer (“P2P) trading platform - means operating a platform that brings together multiple parties that allows buying, selling of Digital Assets for a Fiat Currency, where Clients post bid/ask quotes on the platform to trade directly with each other.

2.4.        Providing a Digital Asset Loan - means any arrangement or agreement which extends credit in Digital Assets to its Client.

2.5.        Providing Liquidity Mining (or Yield Farming) Services - means managing, investing, or locking Clients’ Digital Assets in decentralised finance and blockchain products, services and arrangements to earn rewards and distributing portion of rewards to Clients.

2.6.        Providing Digital Asset Margin Trading Services - means the financing made by a FinTech Lab Participant of a proportion or multiple of the market value of the Digital Assets financed on margin and secured as a Collateral by the Digital Assets or any other Collateral.

2.7.        Providing Staking Services - means locking of Clients’ Digital Assets in a blockchain(s) to earn rewards from validating transactions on that blockchain(s) and distributing portion of rewards to Clients.

CHAPTER C. DIGITAL ASSET PRODUCTS AND SERVICES

3.          Operating a Peer-to-peer (‘’P2P”) trading platform

3.1.             According to the Chapter B of this Approach Operating a Peer-to-peer trading platform (“P2P services”) is defined as:

“Operating a Peer-to-peer (“P2P”) trading platform - means operating a platform that brings together multiple parties that allows buying, selling of Digital Assets for a Fiat Currency, where Clients post bid/ask quotes on the platform to trade directly with each other.”

3.2.             P2P services may be provided under the Licence to Operate a Digital Asset Trading Facility.

3.3.             Transfer of the Digital Assets when P2P service is provided is enabled by the Operator of Digital Asset Trading Facility via “escrow services” by temporary locking of Clients’ Digital Assets on its facility. Therefore, it is expected that the Operator of Digital Asset Trading Facility will additionally hold a licence to Provide Custody services with Digital Assets.

3.4.             A FinTech Lab Participant that provides P2P services is expected to impose a time limit on T+1 basis for withdrawals exceeding US$ 10 000 or equivalent in Digital Assets.

3.5.             A FinTech Lab Participant that provides P2P services is expected to ensure that Fiat Currency settlement occurs on its bank account. Alternatively, a FinTech Lab Participant that provides P2P services may implement systems and controls that may ensure that verification of the “fiat leg” of transaction by exchange of information with bank(s) where Client has opened a bank account or that issued a payment instrument.

3.6.             A FinTech Lab Participant that provides P2P services should be able to match identity of its Client to the payment method used for the Fiat Currency settlement.

4.          Digital Asset Derivative

4.1.             According to AIFC Glossary Digital Asset Derivative is defined as:

“Digital Asset Derivative - A Derivative the value of which is determined by reference to:

(a) a Digital Asset; or

(b) an index that includes a Digital Asset.”

4.2.             A FinTech Lab Participant may operate a facility on which Digital Assets Derivatives are traded under the Licence to Operate a Digital Asset Trading Facility.

4.3.             For the purpose of this Approach Digital Asset Derivative should include an Option, a Future. Digital Asset Derivative that includes Contract for Differences should be provided only to the Professional Clients.

5.          Providing Digital Asset Margin Trading Services

5.1.             According to Chapter B of this Approach Digital Asset Margin and Providing Digital Asset Margin Trading Services are defined as:

“Digital Asset Margin - means the pre-agreed amount a Client is required to pay (or deposit as a Collateral) to open and maintain a position relating to a Digital Asset Derivative.”

“Providing Digital Asset Margin Trading Services - means the financing made by a FinTech Lab Participant of a proportion or multiple of the market value of the Digital Assets financed on margin and secured as Collateral by the Digital Assets or any other Collateral.”

5.2.             A FinTech Lab Participant may provide Digital Asset Margin Trading Services to Clients under the Licence to Operate a Digital Asset Trading Facility.

5.3.             FinTech Lab Participants should at all times ensure that they have sufficient Digital Assets to provide Digital Asset Margin Trading Services and can satisfy Client obligations.

5.4.             AFSA may approve an application for Providing Digital Asset Margin Trading Services, given that the FinTech Lab Participant can demonstrate, to the AFSA’s satisfaction, compliance with the following requirements:

a)       the FinTech Lab Participant has submitted for AFSA’s approval details of the terms and conditions upon which it proposes to offer Digital Asset Margin Trading Services to Clients, including a copy of the template margin trading agreement to be used by the FinTech Lab Participant, together with information relating to the FinTech Lab Participant’s financial condition;

b)      the Fintech Lab Participant is required to undertake preventative measures to ensure that its Client shall not owe to the FinTech Lab Participant;

c)       the FinTech Lab Participant should establish and should be able to demonstrate to AFSA upon request, appropriate policies and procedures as well as systems and controls with regards to Digital Asset Margin Trading Services, which should include but not be limited to:

                                                   i.            the Digital Asset Margin which may be called, the applicable Digital Asset Margin rates and the method of calculating the Digital Asset Margin;

                                                 ii.            the acceptable methods of Digital Asset Margin payment and forms of Collateral;

                                                iii.            the circumstances under which a Client may be required to provide  Digital Asset Margin and additional  Digital Asset Margin, and the consequences of a failure to meet a Digital Asset Margin call, including the actions which the FinTech Lab Participant may be entitled to take; and

                                                iv.            applicable escalation procedures where a Client fails to meet Digital Asset Margin calls

d)      the FinTech Lab Participant should be able to demonstrate to AFSA upon request, that Digital Assets collected as Collateral for initial Digital Asset Margin and maintenance Digital Asset Margin purposes are liquid and can be liquidated within a reasonable timeframe.

5.5.             Notwithstanding having an approval from the AFSA for offering and provision of Digital Asset Margin Trading Services, AFSA should have the power to direct FinTech Lab Participant to take any of the following actions, at its sole and absolute discretion from time to time, and Fintech Lab Participants should comply with such directions:

a)       suspend Digital Asset Margin Trading Services for specified Digital Assets or Clients, including cases when intervention needed to prevent Client losses; and,

b)      increase initial Digital Asset Margin and/or maintenance Digital Asset Margin requirements.

6.          “Over-the-counter trading” (or “OTC trading”)

6.1.             A FinTech Lab Participant may provide “Over-the-counter trading” (or “OTC services”) service under the Dealing in Investments as Agent or as Principal Licences.

6.2.             This modification allows DASPs to offer or provide “Over-the-counter trading” or broker-dealer services to Clients with Digital Assets.

6.3.             An Operator of Digital Asset Trading Facility permitted to conduct OTC trading by AFSA holding a licence of Dealing in Investments as Agent is not allowed to conduct transaction in the capacity of broker using Digital Asset Trading Facilities order book.

6.4.             DASP authorised to carry out Dealing in Investments as Agent and as Principal service should comply with relevant conduct of business (e.g. best execution), financial promotion and other applicable requirements of AIFC Rules and regulations applicable to a Fintech Lab Participant authorised to provide service of Dealing in Investment as Agent and as Principal.

6.5.             A Fintech Lab Participants that intends to provide OTC services with Digital Assets under the full regulatory regime should follow an applicable regulatory material which may be published by the AFSA separately.

7.          Non-fungible token (“NFT”) and related activities

7.1.             According to AIFC Glossary Non-fungible token (“NFT”) is defined as:

“Non-Fungible Token (“NFT”) - an Investment which:

(a) is unique and not fungible with any other Non-Fungible Token;

(b) related to an identified asset; and

(c) is used to prove the ownership or provenance of the asset.”

7.2.             NFT is a type of unique Token that relates to an identified asset (e.g., art, a collectible, other object of intellectual property) and is used to demonstrate the ownership or provenance of that asset. While these types of Tokens can be traded in various marketplaces, and be accumulated speculatively, they are not readily interchangeable and the relative value of one NFT to another, each being unique, cannot be ascertained by means of comparison to an existing market or equivalent assets.

7.3.             NFT related activities industry is developing fast, it requires imposing limited measures (see sections below) by AFSA to ensure safe innovation due to certain risks, such as money laundering and terrorist financing. 

7.4.             All NFT-related activities are captured for KYC and AML/CTF requirements, and in general, subject to AIFC AML Rules.

7.5.             FinTech Lab Participants that conduct NFT activities should submit monthly reports on trading volumes of NFT-related transactions as per terms and conditions of AIFC Rules and regulations and provide other information as per AFSA’s request.

7.6.             A Digital Asset Trading Facility Operator which is a FinTech Lab Participant should before admitting any NFT to trading be satisfied that the requirements under its Admission to Trading Rules, have been or will be fully complied with in respect of such NFT (collection of NFT’s) ensure that NFTs do not have features of  Digital Assets. 

7.7.             FinTech Lab Participants that conduct NFT activities should notify the AFSA 10 days prior to the date of the admission of the NFTs to trading.

8.          Managing Digital Asset

8.1.             According to Chapter B of this Approach Managing Digital Asset service is defined as:

“Managing Digital Asset - means managing Clients’ Digital Assets for the purposes of investing them and distributing portion of the profit from investments to Clients.”

8.2.             A FinTech Lab Participant may manage Digital Assets under Managing Investments Licence.

8.3.             Digital Assets held by FinTech Lab Participant are not depository liabilities or assets of the FinTech Lab Participant and should be managed on trust.

8.4.             A FinTech Lab Participant Managing Digital Assets should prominently disclose on its website (including on the relevant section of the service) and should include in its client agreement that:

a)         Digital Assets accepted by FinTech Lab Participant are not guaranteed by Government of Kazakhstan or any other government entity of Kazakhstan, by Astana International Financial Center and by Astana Financial Services Authority.

b)         a statement as to the ability of clients to have access to and withdraw their Digital Assets, particularly in times of extreme volatility;

c)         a statement explaining that Clients’ Digital Assets managed by the FinTech Lab Participants in the course of the provision of Managing Digital Assets services may be at risk, including the types and nature of such risks, and a statement on the likelihood and severity of any losses which may be suffered.

8.5.             A FinTech Lab Participant that provides Managing Digital Asset service should ensure compliance with conduct of business, financial promotion and other applicable requirements of AIFC Rules and regulations.

9.          Providing a Digital Asset Loan

9.1.             According to Chapter B of this Approach Providing a Digital Asset Loan is defined as:

«Providing a Digital Asset Loan – means any arrangement or agreement which extends credit in Digital Assets to its Client»

9.2.             Providing a Digital Asset Loan may be provided under Managing Investments Licence.

9.3.             Providing a Digital Asset Loan may include facilitating collateralised lending of Digital Assets only.

9.4.             Liquidity. FinTech Lab Participants providing Digital Asset Loans should at all times, ensure that sufficient Collateral has been posted by borrowers in accordance with agreed amounts, and that both are monitored and audited on a regular basis.

9.5.             Risk management. FinTech Lab Participants should ensure that liquidity, credit and market risks are each monitored and tested regularly, and appropriate measures should be put in place to address any such risk in a prompt manner.  FinTech Lab Participants should ensure that, to the extent that Digital Asset Collateral, is held by them, such Collateral is adequate and appropriately protects the FinTech Lab Participant against applicable risks. FinTech Lab Participants should monitor any such risk and record the assessment of such risk regularly and on an ongoing basis. FinTech Lab Participants should put appropriate measures in place as required to address any such risk in a prompt manner.

10.      Providing Liquidity Mining (or Yield Farming) Services

10.1.         According to AFSA’s Approach on Digital Asset products and services Providing Liquidity Mining (or Yield Farming) Service is defined as:

“Providing Liquidity Mining (or Yield Farming) Services - means managing, investing and/or locking Clients’ Digital Assets in decentralised finance and blockchain products, services and arrangements to earn rewards and distributing portion of rewards to Clients.”

10.2.         Providing Liquidity Mining (or Yield Farming) Services may be provided under Managing Investments Licence subject to AFSA’s Approach on Digital Asset products and services.

10.3.         Digital Assets held by FinTech Lab Participant are not depository liabilities or assets of the FinTech Lab Participant and should be managed on trust.

11.      Providing Staking Services

11.1.         According to Chapter B of this Approach Providing Staking Services is defined as:

“Providing Staking Services – means locking of Clients’ Digital Assets in a blockchain(s) to earn rewards from validating transactions on that blockchain(s) and distributing portion of rewards to Clients.”

11.2.         Providing Staking Services may be provided under Managing Investments Licence.

11.3.         Digital Assets held by FinTech Lab Participant are not depository liabilities or assets of the FinTech Lab Participant and should be managed on trust.

11.4.         FinTech Lab Participants should ensure before making investments that the blockchains used for staking purposes are secure and safe.

12.      Blockchain project launch platform services

12.1.         Advising in launching of the blockchain product and in raising of funds for Digital Asset products and services should be subject to obtaining Advising in Investments Licence.

12.2.         A FinTech Lab Participant that Advising in launching of the blockchain product and in raising of funds should ensure compliance with conduct of business, financial promotion and other applicable requirements of AIFC Rules and regulations.

13.      Management of Mining Pool Services

13.1.         Providing management of mining pool services, including facilitating mining of new Digital Assets remains outside AFSA regulatory oversight.

13.2.         FinTech Lab Participants providing management of mining pool services should ensure compliance with national Digital Asset mining legislation of the Republic of Kazakhstan or of other jurisdiction of its operation.

14.      Gift cards

14.1.         A gift card is an instrument issued by the FinTech Lab Participant for Clients, that can be transferred to other Clients only, and that gives rights to the recipient/holder of gift cart rights to claim Digital Assets.

14.2.         Issuance and transferring gift cards by FinTech Lab Participants are outside of AFSA’s regulatory perimeter.

14.3.         All gift card related activities should be captured for KYC and AML/CTF purposes, and subject to AIFC AML Rules.

CHAPTER C. OTHER REQUIREMENTS, BOUNDARY CONDITIONS AND RESTRICTIONS

15.      Miscellaneous

15.1.         FinTech Lab Participants should inform AFSA well in advance before they start providing services that are outside of the AFSA’s regulatory perimeter (gift card, management of mining pool services and others under this Approach) according to 4.2.11. AIFC GEN Rules.

Artificial Intelligence

15.2.         If a FinTech Lab Participant uses tools/software that enables automated provision of Digital Asset products and services in Chapter C of this Approach, including by use of artificial intelligence (“AI”) technology tools/software, it should appoint an independent third-party to assess at least on annual basis that the artificial intelligence technology/software used by them complies with AIFC Rules and Regulations.

15.3.         While there is no consensus on a single definition of AI, it is generally accepted that AI is the simulation of human intelligence by machines, including the use of computer systems, which have the ability to perform tasks that demonstrate learning, decision-making, problem solving, and other tasks which previously required human intelligence. Machine learning is a sub-branch of AI. AI, a branch of computer science, is complex and evolving in terms of its precise definition. It is broadly seen as part of a spectrum of computational and mathematical methodologies that include innovative data analytics and data modelling techniques.

Decentralised Finance

15.4.         Decentralised finance (or “DeFi”) is a new way of delivering financial services through automated software protocols (or “DeFi protocols”). Instead of engaging an intermediary financial institution, DeFi uses distributed ledger technology (“DLT”) to enable users to access financial services directly, by interacting with smart contracts on the blockchain.

15.5.         DeFi protocol – a distributed application running on a public blockchain that automates the provision of financial services. Most DeFi protocols are smart contracts on a public blockchains.

16.      Boundary conditions (testing limits)

16.1.         The Digital Asset products and services should be provided to Clients of FinTech Lab Participants subject to limits and boundary conditions under AIFC Rules and regulations, Licence Notice and other applicable documents.

16.2.         FinTech Lab Participants that offer or provide Digital Asset products and services (all services provided under this Approach including spot trading) should maintain effective systems and controls to ensure that a Retail Client using its service does not invest or deposit (for residents of Kazakhstan), in respect of such services and products in aggregate calculated over a period of one month, an amount of USD 1,000.

AFSA NOTICE NO. AFSA-A-NB-2024-0002 ON MODIFICATION OF THE AIFC FSFR 92(2)

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Section 92 (2) of the AIFC Financial Services Framework Regulations (FSFR) specified in the right-hand column of Table A is modified for the AIFC Participants authorised to carry on the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds, their Approved Individuals, and Foreign Fund Managers.

Table A. Modified AIFC Act

CONDITIONS

     1.     Implementation of robust systems and controls designed to effectively manage potential conflicts of interest, ensure best execution, and uphold principles of fair treatment.

      2.     Onboarding not less than two independent Unitholders.

      3.     The Fund Manager must obtain approval from a majority of independent Unitholders of a Fund prior to applying the provisions of the modification.

     4.    Revision of offering materials, the constitution of the funds, and all associated documents following the granted modification, ensuring alignment with the provisions outlined in the Acting Law of the AIFC.

EFFECTIVE PERIOD

This notice comes into effect on the date of publishing and remains effective until 1 April 2026.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-O-EC-2024-0109 ON STRIKING VENTURE ROCKET EURASIA LTD. OFF THE REGISTER

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 167(1) (a) and (b) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike Venture Rocket Eurasia Ltd. off the Register.

FACTS AND MATTERS RELIED UPON

The Registrar of Companies has a reasonable ground to believe that:

×        the Company is not conducting business or is not in operation pursuant to Section 167 (1-1) of the AIFC Companies Regulations;

×        the Company is contravening Section 26 (1) of the AIFC Companies Regulations.

The proposed decision comes into effect within 3 months from the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

THIS NOTICE IS ISSUED PURSUANT TO SCHEDULE 2 (Decision-Making Procedures for Registrar of Companies) OF THE AIFC COMPANIES RULES.

AFSA NOTICE № AFSA-F-NB-2023-0012 ON REGULATION OF CROWDFUNDING PLATFORMS IN FINTECH LAB OF ASTANA FINANCIAL SERVICES AUTHORITY

THE AFSA HEREBY GIVES NOTICE THAT:

AFSA FinTech Lab Participants that previously obtained licenses of "Operating a Loan Crowdfunding Platform" and "Operating an Investment Crowdfunding Platform" (hereinafter referred to as “Crowdfunding activities”) have been testing Crowdfunding activities within the environment of AFSA’s FinTech Lab for several years now. As a result, Crowdfunding activities have demonstrated their status as well-established business models in the financial services industry in AIFC.  Following this testing period in the Fintech Lab environment, AFSA has adopted a comprehensive regulatory framework for Crowdfunding activities.

At this stage in its evaluation of Crowdfunding activities, AFSA FinTech Lab does not consider majority of them to be eligible for testing purposes at AFSA FinTech Lab. Therefore, entities applying to obtain a License to carry on the Market Activities of "Operating a Loan Crowdfunding Platform" and "Operating an Investment Crowdfunding Platform" shall be subject to the full regulatory regime and approach AFSA Authorisations rather than AFSA FinTech Lab.

AFSA FinTech Lab may still consider applications for Crowdfunding activities in rare circumstances where these activities would involve application of technology material to development of Crowdfunding activities within the AIFC. However, AFSA would like to emphasize that majority of the proposed Crowdfunding activities would likely to fall outside this category.

EFFECTIVE PERIOD

This notice comes into effect from 20 December 2023 and remains effective until further Notice.

INTERPRETATION

Defined terms are identified in this notice by the capitalization of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalization of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 and 32 OF THE ASTANA INTERNATIONAL FINANCIAL CENTRE FINANCIAL SERVICES FRAMEWORK REGULATIONS AND 3.2.2(b)(v)(i) AIFC FINANCIAL TECHNOLOGY RULES BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No. AFSA-Q-OA-2023-0021 ON APPROVAL OF ASSETS ELIGIBLE TO BE LIQUID

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT: 

In accordance with the Rule 4.3(1)(f) of the AIFC Prudential Rules for Investment Firms, Astana Financial Services Authority approves the assets as comprising a Liquid Asset, which satisfy the following conditions:          

      1)    Government securities of the Republic of Kazakhstan, issued by the Ministry of Finance of the Republic of Kazakhstan and the National Bank of Kazakhstan;

     2)    Treasury Bills of the United States of America, which have a credit rating of AA (or equivalent) and higher from the globally recognised credit rating agencies: Moody's, Standard & Poor's, and/or Fitch;

    3)    Sovereign bonds of the United States of America, which have a credit rating of AA (or equivalent) and higher from the globally recognised credit rating agencies: Moody's, Standard & Poor's, and/or Fitch;

     4)    ETFs, which track Sovereign bonds of the United States of America, which have a credit rating of AA (or equivalent) and higher from the globally recognised credit rating agencies: Moody's, Standard & Poor's, and/or Fitch;

     5)    Money deposited with a regulated bank or deposit-taker of the Republic of Kazakhstan which has a credit rating not lower than the sovereign rating of the of Republic of Kazakhstan (or equivalent) and above from the globally recognised credit rating agencies: Moody's, Standard & Poor's, and/or Fitch;

     6)    Demand deposits with a tenor of 1 year or less with a bank or deposit-taker in (5) of this Notice. 

The above assets can be included in the total stock of the Liquid Assets without any limit (i.e. up to 100% of the Liquid Assets).

The assets specified in 1) – 4) can represent at most 60% of the minimum value of the Liquid Assets required by the Rule 4.2(1) of the AIFC Prudential Rules for Investment Firms. 

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains effective until 31 December 2024.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO RULE 4.3(1) OF THE AIFC PRUDENTIAL RULES FOR INVESTMENT FIRMS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No.AFSA-Q-OA-2023-0018 ON MODIFICATION (Brillink Bank Corporation Limited )

MODIFICATION NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT: 

Section 4.10 (a) of AIFC Banking Business Prudential Rules, Base Capital Requirement is not applied to Brillink Bank Corporation Limited as specified in the right-hand column of Table A under the certain conditions set by this written notice.

Table A. Modified AIFC Rule

CONDITION

This notice comes remains in force for Base Capital Requirement and remains effective until 1 November 2024.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No.AFSA-Q-OA-2023-0019 ON WAIVER (MOST INVESTMENT LIMITED)

NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT: 

Section 2.2.1 (1) of AIFC Prudential Rules For Investment Firms, Financial resources is not applied to MOST Investment Limited as specified in the right-hand column of Table A under the certain conditions set by this written notice.

Table A. Waived AIFC Rule

CONDITION

This notice comes remains in force for a period of 8 months for Capital Resources requirement and for a period of 12 months for Liquid Assets requirement.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No. AFSA-Q-NB-2023-0005 ON SUSPENSION OF THE LICENCE OF AL SAQR ISLAMIC BANK LTD.

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Section 98 of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has suspended the Licence of Al Saqr Islamic Bank Ltd. (the “Firm”) No. AFSA-A-LA-2021-0006 dated 03 March 2021 until further notice.

The suspension is made according to request and consent of Al Saqr Islamic Bank Ltd.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED BY THE AFSA PURSUANT TO SECTION 98 OF THE FSFR.

AFSA NOTICE № AFSA-O-EC-2023-1126 ON STRIKING GRC EURASIA LIMITED OFF THE REGISTER

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 167 (1) (a) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike GRC Eurasia Limited (BIN 180640900172) off the Register.

FACTS AND MATTERS RELIED UPON

The Registrar of Companies has a reasonable ground to believe that:

×         The Recognised Company is not conducting business or is not in operation pursuant to Section 167 (1) (a) of the AIFC Companies Regulations;

The proposed decision comes into effect within 14 days from the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

THIS NOTICE IS ISSUED PURSUANT TO SCHEDULE 2 (Decision-Making Procedures for Registrar of Companies) OF THE AIFC COMPANIES RULES.

AFSA NOTICE №AFSA-T-NB-2023-0002 ON GRANTING WAIVER TO SKYBRIDGE INVEST JSC doing business in the AIFC as "Branch of SkyBridge JSC in the AIFC" in relation to SBI Active Fund Open-Ended Investment Company

NOTICE No. AFSA-T-NB-2023-0002

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT: 

The requirement specified in AIFC CIS Rule 8.2. on having a Fund Administrator is waived on application of SkyBridge Invest JSC doing business in the AIFC as "Branch of SkyBridge JSC in the AIFC", Fund Manager of SBI Active Fund Open-Ended Investment Company Ltd for the effective period. 

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force for a period of 1 year from the date of incorporation of SBI Active Fund Open-Ended Investment Company Ltd subject for reconsideration. 

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE No. AFSA-O-EC-2023-1058 ON SCAM ALERT

THE REGISTRAR OF COMPANIES HEREBY GIVES PUBLIC ALERT NOTICE:

Following is general notice and reminder to Astana International Financial Centre unregistered soliciting entity. Astana Financial Service Authority revealed and established entity: Branch of Asyl Tukymdy Sharuashylyk Ordabasy Sut Onymdery LLP of the AIFC falsely claim to be registered, licensed, under AIFC jurisdiction and illegally using of other company’s registration number.

It was established that Branch of Asyl Tukymdy Sharuashylyk Ordabasy Sut Onymdery LLP of the AIFC falsely claim to be registered, licensed, under following license: Agroculture, however such case did not approach Astana Financial Service Authority (hereinafter-AFSA).

In many cases, AFSA investigation reveals that the soliciting entities are not registered, licensed at the AIFC jurisdiction as they claim or imply. In an effort to warn the public about these entities, the AFSA is publishing information it has learned in reviewing these complaints.

Evidence:

1.         Licence

AFSA NOTICE № AFSA-N-NB-2023-0005 ON EQUIVALENT REGULATED EXCHANGES FOR SECURITIES AND LISTED FUNDS

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The following Regulated Exchanges are determined as Equivalent Regulated Exchanges for Securities and Listed Funds to be admitted to the Official List maintained by the Astana International Exchange (AIX) in accordance with MAR 1.2.2(2) and AIFC Glossary (Equivalent Regulated Exchange for Listed Funds):

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS CONSIDERED TO BE A REPLACEMENT FOR AFSA NOTICE № AFSA-N-NB-2022-0004

AFSA NOTICE № AFSA-O-EC-2023-1043 ON STRIKING REPRESENTATIVE OFFICE OF HITBEAT MUSIC LTD. IN THE AIFC OFF THE REGISTER

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 167 (1) (a), (b) and (c) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike Representative Office of HITBEAT MUSIC INC. in the AIFC (BIN 211042900093) off the Register.

FACTS AND MATTERS RELIED UPON

The Registrar of Companies has a reasonable ground to believe that:

×        The Recognised Company is not conducting business or is not in operation pursuant to Section 167 (1-1) of the AIFC Companies Regulations;

×        the Recognised Company is contravening Sections 147 (1) (d) and 148 (1) of the AIFC Companies Regulations.

×        the Recognised Company is contravening the number of rules of the AIFC Acting Law, and its activity may entail reputational risks to the AIFC and harm the market.

The proposed decision comes into effect within 14 days from the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

THIS NOTICE IS ISSUED PURSUANT TO SCHEDULE 2 (Decision-Making Procedures for Registrar of Companies) OF THE AIFC COMPANIES RULES.

AFSA NOTICE № AFSA-O-EC-2023-1025 ON STRIKING ARTIFICIAL INVESTMENTS COMPANY LTD. OFF THE REGISTER

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 167(1) (a) and (b) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike Artificial Investments Company Ltd. off the Register.

FACTS AND MATTERS RELIED UPON

The Registrar of Companies has a reasonable ground to believe that:

×        the Company is not conducting business or is not in operation pursuant to Section 167 (1-1) of the AIFC Companies Regulations;

×        the Company is contravening Sections 26 (1) and 17 (1) of the AIFC Companies Regulations.

The proposed decision comes into effect within 14 days from the issuance of this Notice unless cause is shown to the contrary.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

THIS NOTICE IS ISSUED PURSUANT TO SCHEDULE 2 (Decision-Making Procedures for Registrar of Companies) OF THE AIFC COMPANIES RULES.

AFSA NOTICE № AFSA-F-NB-2023-0007 ON CLASS MODIFICATION

AFSA NOTICE No. AFSA-F-NB-2023-0007 ON CLASS MODIFICATION IN RESPECT OF OBTAINING OF APPROVAL FOR DIGITAL ASSETS THAT WERE PREVIOUSLY APPROVED BY THE ASTANA FINANCIAL SERVICE AUTHORITY TO TRADING ON THE DIGITAL ASSET TRADING FACILITIES.

NOTICE No. AFSA-F-NB-2023-0007

THE AFSA HEREBY GIVES NOTICE THAT:

The Rules specified in the Table herein applies to Fintech Lab Participants that provide Financial Services involving Digital Assets.

TABLE – RULES MODIFIED

The Rules specified in the left-hand column of the Table below is modified to the extent shown in the right hand column of the Table below. In this table, underlining indicates new text, otherwise the Rules remains unaltered.

CONDITIONS

None.

EFFECTIVE PERIOD

This notice comes into effect from 13 October 2023 and remains effective until further Notice.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED BY THE ASTANA FINANCIAL SERVICES AUTHORITY PURSUANT TO SECTIONS 9 and 32 OF THE ASTANA INTERNATIONAL FINANCIAL CENTRE FINANCIAL SERVICES FRAMEWORK REGULATIONS AND 3.2.2(b)(vi) OF THE AIFC FINANCIAL TECHNOLOGY RULES.

Table of Digital Assets approved by the Astana Financial Service Authority to trading on the Digital Asset Trading Facilities licensed in AIFC TO AFSA NOTICE No. AFSA-F-NB-2023-007

Table of Digital Assets approved by the Astana Financial Service Authority to trading on the Digital Asset Trading Facilities licensed in AIFC

(according to AFSA NOTICE No. AFSA-F-NB-2023-0007 ON CLASS MODIFICATION IN RESPECT OF OBTAINING OF APPROVAL FOR DIGITAL ASSETS THAT WERE PREVIOUSLY APPROVED BY THE ASTANA FINANCIAL SERVICE AUTHORITY TO TRADING ON THE DIGITAL ASSET TRADING FACILITIES.)

Notes:  

* - Digital Asset’s blockchain has an optional privacy feature that makes the transaction untraceable. Approval is conditional upon demonstration of evidence of availability of necessary systems and controls that detect the Digital Asset with privacy feature.

AFSA NOTICE № AFSA-Q-NB-2023-0004 ON SUSPENSION OF THE LICENCE OF KAZAKHSTAN ISLAMIC FINANCE COMPANY LTD.

NOTICE No. AFSA-Q-NB-2023-0004

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Section 98 of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has suspended the Licence of Kazakhstan Islamic Finance Company Ltd. (the “Firm”) No. AFSA-A-LA-2021-0031 dated 22 October 2021 until further notice.

The suspension is made due to the failure of the Firm to comply with prudential requirements (minimum capital requirements) set out in the AIFC Islamic Banking Business Prudential Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED BY THE AFSA PURSUANT TO SECTION 98 OF THE FSFR.

AFSA NOTICE No. AFSA-O-EC-2023-0915 ON SCAM ALERT

NOTICE No. AFSA-O-EC-2023-0915

THE REGISTRAR OF COMPANIES HEREBY GIVES PUBLIC ALERT NOTICE:

Following is general notice and reminder to Astana international financial Centre unregistered soliciting entity. Astana Financial Service Authority revealed and established entity: AIFCS falsely claim to be registered, licensed, under AIFC jurisdiction in their solicitation of investors.

It was established that AIFCS falsely claim to be registered, licensed, under following license: advising on investments and arraigning deals in investments, however such case did not approach Astana Financial Service Authority (hereinafter-AFSA).

In many cases, AFSA investigation reveals that the soliciting entities are not registered, licensed at the AIFC jurisdiction as they claim or imply. In an effort to warn the public about these entities, the AFSA is publishing information it has learned in reviewing these complaints. 

Evidence:

1.         AIFC licence

AFSA NOTICE No. AFSA-A-NB-2023-0014 ON MODIFICATION OF THE AIFC FEES RULES (‘Tabadul’ initiative)

        WAIVER AND MODIFICATION NOTICE NO. AFSA-A-NB-2023-0014

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

1.     The AFSA places great emphasis on ensuring that all RNAMs are treated fairly and equally, without showing any favoritism towards specific market players. When making modifications to the relevant AIFC Acts, the AFSA carefully examines the proposed changes to determine if they could potentially discriminate against other market participants who are not part of a defined circle of players. To ensure fairness and transparency for all players, the AFSA is modifying the application and annual recognition fees for those applying for RNAM status under the Tabadul initiative. This is to ensure reciprocity with the peer regulator and promote collaboration among regulators. The relevant peer regulator has also revised its fees structure for trading members joining via Tabadul, making it appropriate for the AFSA to make this collaborative effort. Therefore, the current AIFC RNAMs and AFSA licensed brokers who trade on the AIX have the option to apply for remote membership status with the SCA. They will also receive preferred fees when joining the Tabadul framework.

2.     The proposed changes do not favor any particular applicant and do not undermine competition. It should be noted that trading through the Tabadul initiative does not provide the same level of access as regular RNAMs trading on AIX. The instruments, conditions, clearing, and settlement processes through Tabadul are tied to an electronic trading system, unlike trading members with full access to securities traded on AIX. Considering the correlation between the quantity of RNAM candidates who participate in the Tabadul initiative, and the AFSA application fees, a reduction in expenses could potentially lead to an increase in the number of RNAM applications submitted through the Tabadul initiative.

3.     The AFSA emphasises that it is unwavering in its commitment to upholding equality and has a strict policy of zero tolerance towards all forms of discrimination. In this regard, to encourage potential applicants for the global cross-border initiative, the AFSA is proposing temporary modifications. The AFSA notes that these modifications will be valid for a limited promotion period and will be subject to further instructions from the AFSA.

4.     The Rules specified in the left-hand column of the Table A are modified to the extent shown in the right-hand column of the Table A and right-hand column of the Table A apply to the trading members Abu Dhabi Exchange P.J.S.C. applying for a Recognised Non-AIFC Member status in the AIFC via ‘Tabadul’ initiative.

Table A. Modified AIFC Act

EFFECTIVE PERIOD 

This notice comes into effect on the date of issue and remains in force until further instructions from the AFSA.

 INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

 THIS NOTICE IS ISSUED PERSUANT TO SECTION 9 OF THE FINANCIAL ERVICES FRAMEWORK REGULATIONS BE THE ASTANA FINANCIAL SERVICES AUTHORITY.

Name: Nurkhat Kushimov

Position: Chief Executive Officer, AFSA

DATE OF ISSUE: 15 September 2023

AFSA NOTICE No AFSA-O-EC-2023-0888 ON WITHDRAWAL OF THE LICENCES TO CARRY ON ANCILLARY SERVICES

NOTICE № AFSA-O-EC-2023-0888

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Pursuant to Rule 1.3.6(e) of the AIFC General Rules, the AFSA has withdrawn the following Licences to carry on Ancillary Services:

The withdrawal is made due to the failure of the Firms to comply with Rule 3 (Annual Supervision Fees Payable to the AFSA) of the AIFC Fees Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

AFSA NOTICE № AFSA-O-EC-2023-0891 ON STRIKE OFF VERSOR ENGINEERING LTD.

NOTICE No. AFSA-O-EC-2023-0891

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with section 167(1) of the AIFC Companies Regulations, the Registrar of Companies (the “Registrar”) intends to strike the name of VERSOR Engineering Ltd. (the “Company”) off the Register on 05 September 2023. The Registrar has reason to believe that it is prejudicial to the interests of the AIFC for the Company to remain in the Register and that the Company is Contravening the AIFC Companies Regulations.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Companies Regulations. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 167(3)(a) OF THE AIFC COMPANIES REGULATIONS.

AFSA NOTICE No. AFSA-O-EC-2023-0800 ON ADMINISTRATIVE SERVICES FEES PAYABLE TO THE REGISTRAR OF COMPANIES IN RESPECT OF POST-REGISTRATION PROCEDURES AND PROCESSING INQUIRIES

THE REGISTRAR OF COMPANIES HEREBY GIVES NOTICE THAT:

The fees for administrative services (excluding post-registration and processing inquiries fees for Non-Profit Incorporated Organisations and Foundations) set out in SCHEDULE 5-1 are applied as follows:

AFSA NOTICE № AFSA-N-NB-2023-0003 ON MODIFICATION

NOTICE No. AFSA-N-NB-2023-0003

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left-hand column of the Table does apply to the above-mentioned Person as modified to the extent shown in the right-hand column of the Table herein. In this Table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

TABLE – RULES MODIFIED:

EFFECTIVE PERIOD

This notice comes into effect from the date of issue and remains effective until the value of the net assets of the above-mentioned Person in its most recent financial reports is positive. Once the value becomes positive, the original version of AIFC MAR 2.5.3 will be applicable and this notice will lose its force until further notice.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-OA-2023-0007 ON GRANTING CLASS MODIFICATIONS TO ISLAMIC BANKS AND ISLAMIC FINANCING COMPANIES

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The Rules specified in the left hand column of Table A herein do not apply to the Islamic Banks and Islamic Financing Companies in the form appearing in the AIFC Islamic Banking Business Prudential Rules (IBB) but instead apply as modified in the right hand column of the Table A.

TABLE A – RULES MODIFIED

The Rules specified in the left-hand column of the Table A are modified to the extent shown in the right hand column of the Table A below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-A-NB-2023-0003 ON THE MODIFICATION (iKapitalist Ltd.)

MODIFICATION NOTICE

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The AIFC Authorised Market Institution Rules (AMI) 7.3.12, 7.3.16 and 7.3.22 apply to iKapitalist Ltd. (the “Applicant”) with the modification as specified in the right-hand column of the table below.

Regarding the requested modification on the provisions of the AMI Rules 7.3.12, 7.3.16 and 7.3.22, pursuant to section 9 of the FSFR the AFSA has a power to modify or waive the Rules made pursuant to the FSFR (Rules) on the application of a Person under the following conditions:

1. (a) compliance by the Person with the Rules, or with the Rules as unmodified, would be unduly burdensome or would not achieve the purpose for which the Rules were made, and
2. (b) the direction would not adversely affect the advancement of any of the AFSA’s regulatory objectives.

Please note, protecting interests of consumers of financial services are the key regulatory objectives of the AFSA.

Table MODIFIED AIFC Act

EFFECTIVE PERIOD 

This notice comes into effect on the date of issuance and remains effective until further notice. 

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY REPRESENTED BY:

Name: Gareth Ling

Position: Deputy Chief Executive Officer, Chief Regulatory Officer, Astana Financial Services Authority 

DATE OF ISSUE: 27 April 2023

AFSA NOTICE No. AFSA-O-EC-2023-0467 ON ADMINISTRATIVE SERVICES FEES PAYABLE TO THE REGISTRAR OF COMPANIES IN RESPECT OF POST-REGISTRATION PROCEDURES AND PROCESSING INQUIRIES

THE REGISTRAR OF COMPANIES HEREBY GIVES NOTICE THAT:

The fees for administrative services (excluding post-registration and processing inquiries fees for Non-Profit Incorporated Organisations and Foundations) set out in SCHEDULE 5-1 are applied as follows:

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 31 May or further notice of the Registrar of Companies is issued.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES.

AFSA NOTICE NO. AFSA-O-EC-2023-0391 on the waiver confirmation

THE REGISTRAR OF COMPANIES OF THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Section 134 (1) Qualification and registration of Auditors of AIFC Companies Regulations is not applied to ALTAAQA ALTERNATIVE SOLUTIONS KAZAKHSTAN LLP as specified in the right-hand column of Table A under the certain conditions set by this written notice.

Regarding the requested waiver of the provision of the AIFC Companies Regulations, pursuant to section 195 of the AIFC Companies Regulations, the Registrar of Companies has the power to modify or waive provisions of Regulations and Rules administered by the Registrar on the application of a Person.

Table A. Waived AIFC Act

CONDITION

The potential external audit service provider must be one of the leading top-tier global auditors that comply with the most known international audit standards.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until the end of the financial year 2025 or revoked by the Registrar of Companies or by the Company.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES

AFSA Notice № AFSA-O-EC-2023-0289 on the modification confirmation

THE REGISTRAR OF COMPANIES OF THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Section 17(1) (Notification of change in Registered Details of Company), Section 22(2) (Change of Company name) are applied to AIFC Business Connect Ltd. with the modification as specified in the right-hand column of Table A under the certain conditions set by this written notice.

Regarding the requested modification of the provision of the AIFC Limited Liability Regulations, pursuant to section 195 of the AIFC Companies Regulations, the Registrar of Companies has the power to modify or waive provisions of Regulations and Rules administered by the Registrar on the application of a Person.

Table A.

CONDITIONS

The modification of Section 17(1) is applied to AIFC Business Connect only in relation to change of a Company name. Other changes should be notified to the Registrar of Companies duly in accordance with the requirements prescribed by the AIFC Companies Regulations and Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until May 1^st, 2023, or revoked by the Registrar of Companies or by the Company.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES:

__________________

Laura Nurgaliyeva

Registrar of Companies

AFSA NOTICE NO. AFSA-O-EC-2023-0328 ON ADMINISTRATIVE SERVICES FEES PAYABLE TO THE REGISTRAR OF COMPANIES IN RESPECT OF POST-REGISTRATION PROCEDURES AND PROCESSING INQUIRIES

THE REGISTRAR OF COMPANIES HEREBY GIVES NOTICE THAT:

The fees for administrative services (excluding post-registration and processing inquiries fees for Non-Profit Incorporated Organisations and Foundations) set out in SCHEDULE 5-1 are applied as follows:

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 15 April or further notice of the Registrar of Companies is issued.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES.

AFSA Notice № AFSA-N-NB-2023-0001 On Waiver

WAIVER NOTICE No. AFSA-N-NB-2023-0001

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

The Rule specified in the Table herein does not apply to the above mentioned Person to admit the globally depositary receipts (GDRs) and Shares to trading and permit the offer of such securities in or from AIFC, which remain listed on an Equivalent Regulated Exchange (ERE), but temporarily suspended from trading on such ERE for reasons beyond the issuers’ control.

RULE WAIVED

CONDITIONS

This Notice will be applicable to the GDRs and Shares that had been continuously traded for more than 18 months on ERE by the time the suspension happened. Each suspension case will be reviewed by the AFSA as part of the listing review process.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY

AFSA Notice № AFSA-T-NB-2023-0001 On Cancellation of Suspension Sanity Capital

NOTICE No. AFSA-T-NB-2023-0001

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Section 95(3)(a) of the AIFC Financial Services Framework Regulations, the AFSA has cancelled the suspension of Licence AFSA-A-LA-2021-0027 dated 20 September 2021 issued to Sanity Capital Ltd.

The cancellation of suspension of the Licence is made due to Sanity Capital Ltd’s rectification of its previous non-compliance with the AFSA’s capital and liquidity requirements as set out in the AIFC Prudential Rules for Investment Firms and requirements for certain appointments to be filled at all times by Approved Individuals or Designated Individuals as set out in the AIFC General Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED BY THE ASTANA FINANCIAL SERVICES AUTHORITY PURSUANT TO SECTION 9 OF THE AIFC FINANCIAL SERVICES FRAMEWORK REGULATIONS.

AFSA Notice № AFSA-Q-NB-2023-0002 On Withdrawal Of The Licence Of Otan Private Bank Ltd.

NOTICE No. AFSA-Q-NB-2023-0002

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Section 98 of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has withdrawn the Licence of Otan Private Bank Ltd. (the “Bank”) No. AFSA-A-LA-2020-0011 dated 20 March 2020.

The withdrawal is made due to the official application of Otan Private Bank Ltd. to withdraw a Licence to carry on Regulated Activities.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED BY THE AFSA PURSUANT TO SECTION 98 OF THE FSFR.

AFSA Notice № AFSA-O-EC-2023-0240 on administrative fees payable to the Registrar of Companies_15 March 2023

THE REGISTRAR OF COMPANIES HEREBY GIVES NOTICE THAT:

The fees for administrative services (excluding post-registration and processing inquiries fees for Non-Profit Incorporated Organisations and Foundations) set out in SCHEDULE 5-1 are applied as follows:

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 15 March or further notice of the Registrar of Companies is issued.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES.

AFSA NOTICE No AFSA-O-NB-2023-0001 on Withdrawal of the Licences to carry on Ancillary Services

NOTICE № AFSA-O-NB-2023-0001

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Pursuant to Rule 1.3.6. of the AIFC General Rules, the AFSA has withdrawn the following Licences to carry on Ancillary Services:

The withdrawal is made due to the failure of the Firms to comply with Rule 3 (Annual Supervision Fees Payable to the AFSA) of the AIFC Fees Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

AIFC Notice No. AFSA-O-EC-2023-0010 on Administrative Fees Payable to the Registrar of Companies in Respect of Post-Registration Procedures and Processing Inquiries (Annex1)

NOTICE No. AFSA-O-EC-2023-0010

The REGISTRAR OF COMPANIES HEREBY GIVES NOTICE THAT:

The fees for administrative services (excluding post-registration and processing inquiries fees for Non-Profit Incorporated Organisations and Foundations) set out in SCHEDULE 5-1 are applied as follows:

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until 28 February or further notice of the Registrar of Companies is issued.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 195 OF THE AIFC COMPANIES REGULATIONS BY THE REGISTRAR OF COMPANIES.

AFSA NOTICE № AFSA-N-NB-2022-0006 ON CLASS MODIFICATION IN RESPECT OF PERSONS ALLOWED TO USE THE SERVICE OF AUTHORISED CROWDFUNDING PLATFORMS

NOTICE No. AFSA-N-NB-2022-0006

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rule specified in the left-hand column of the Table below is modified to the extent shown in the right-hand column of the Table and applies to Authorised Crowdfunding Platforms in respect of Persons allowed to use the service of Authorised Crowdfunding Platforms.

TABLE – RULE MODIFIED

The Rule specified in the left-hand column of the Table below is modified to the extent shown in the right-hand column of the Table. In this Table, underlining indicates the new text, otherwise the Rule remains unaltered.

CONDITIONS

None.

EFFECTIVE PERIOD

This notice comes into effect on the date of publishing and remains in force until further notice.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE ASTANA INTERNATIONAL FINANCIAL CENTRE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-NB-2022-0005 ON SUSPENSION OF THE LICENCE OF GB FINANCE LTD.

NOTICE No. AFSA-Q-NB-2022-0005

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

In accordance with Section 98 of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has suspended the Licence of GB Finance Ltd. (the “Firm”) No. AFSA-A-LA-2022-0015 dated 3 May 2022 until further notice.

The suspension is made due to the failure of the Firm to comply with prudential requirements (minimum levels of capital adequacy ratios, limits on lending to related parties, limits on large exposures) set out in the AIFC Banking Business Prudential Rules, along with requirements of the AIFC Rules on Currency Regulation. The Firm failured to notify the AFSA of breaches or potential breaches of prudential requirements, and how it is proposed to remedy them as well as of certain acquisitions having a significant impact on the Firm’s risk profile and resources, in further breach of the AIFC General Rules.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice of the AFSA.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED BY THE AFSA PURSUANT TO SECTION 98 OF THE FSFR.

AFSA NOTICE № AFSA-N-NB-2022-0004 ON EQUIVALENT REGULATED EXCHANGES

NOTICE No. AFSA-N-NB-2022-0004

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The following Regulated Exchanges are determined as Equivalent Regulated Exchanges for Securities and Listed Funds to be admitted to the Official List maintained by the Astana International Exchange (AIX) in accordance with MAR 1.2.2(2) and AIFC Glossary (Equivalent Regulated Exchange for Listed Funds):

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS CONSIDERED TO BE A REPLACEMENT TO:

AFSA NOTICE №0004 ISSUED ON 28 FEBRUARY 2019 (AS AMENDED),

AFSA NOTICE №0009 ISSUED ON 23 JULY 2019 (AS AMENDED),

AFSA NOTICE №AFSA-N-NB-2021-0004 ISSUED ON 3 NOVEMBER 2021 (AS AMENDED) AND

AFSA NOTICE №AFSA-N-NB-2022-0001 ISSUED ON 20 APRIL 2022.

AFSA NOTICE № AFSA-T-NB-2022-0061 On No-action Letter Notice FONTE Capital Ltd.

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

FONTE Capital Ltd. (‘Fonte’) was given a no-action letter for the conduct that will lead to non-compliance with subrules 3.1.5 of the AIFC Dematerialised Investment Rules, according to which «The Issuer must not appoint a Person other than an Authorised Market Institution or another Person authorised (however described) to conduct business in the AIFC to maintain a register of Uncertificated Investments on its behalf», and subrules 1.5.4 (f) according to which «The register of its legal title holders is maintained in the AIFC by an AIFC Participant».

Based on the facts and representations set forth by Fonte, in accordance with Section 9 of the AIFC Financial Services Framework Regulations, AFSA does not intend to take regulatory action against Fonte.

The no-action position of AFSA only relates to requirements of subrules 3.1.5 and 1.5.4 (f) of the AIFC Dematerialised Investment Rules.

EFFECTIVE PERIOD

This no-action letter comes into effect on the date of issue and remains in force until the first direction by AFSA to Fonte, either until the technical capacity of the AIX Registrar is sufficient to enable transfer of units between other local and foreign depositories.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY. IT IS NOT A LEGAL OPINION, IT IS AN EXPRESSION OF REGULATORY INTENT AND IS SPECIFIC TO THE FACTS AND CIRCUMSTANCES.

AFSA NOTICE №AFSA-Q-NB-2021-0005 ON GRANTING MODIFICATIONS TO Otan Private Bank Limited

NOTICE No. AFSA-Q-NB-2021-0005

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA)HEREBY GIVES NOTICETHAT:

OtanPrivate Bank Limited(“OPB”) was granted the modifications of the AIFC Banking Business Prudential Rules (“BBR”) 5.26 (1), 5.26 (7), 5.26 (8) and the AIFC Banking Prudential

Guideline (“BPG”) Paragraph 25 of Chapter 5, Paragraph 83 (Table F1, item 1, 2) of Chapter 6, Paragraphs 66, 178, 191 of Chapter 9 as specified in the right-hand column of the Table.

Table. MODIFIED AIFC RULE/GUIDELINE

CONDITION

The modifications granted in the above Table are subject to monthly reporting of large exposures, including monthly reporting of top-tendepositors and top-tencreditors.

The modification items 4, 5, 6, 7 of the above Table are granted for 12 months and are renewable unless Otan Private Bank Limited identifies other additional counterparty banks to allocate its funds.

The AFSA will publish the modifications of BBR 5.26 (1), 5.26 (7), 5.26 (8) and BPG Paragraph

25of Chapter 5, Paragraph 83 (Table F1, item 1, 2) of Chapter 6, Paragraphs 66, 178, 191 of Chapter9 on its officialwebsite.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue.

INTERPRETATION

THIS NOTICE IS ISSUED PURSUANTTO SECTION 9 OF THE FINANCIAL SERVICESFRAMEWORK REGULATIONS BY THE ASTANAFINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-A-NB-2021-0003 ON CLASS MODIFICATION

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rules specified in the left-hand column of the Table herein do not apply to the Authorised Crowdfunding Platforms in the form appearing in the AIFC Authorised Market Institution Rules (AMI) but instead apply as modified in the right-hand column of the Table.

TABLE – MODIFIED AIFC RULE

The Rule specified in the left-hand column of the Table are modified to the extent shown in the right-hand column of the Table below. In this Table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further instruction from AFSA.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGLATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-T-NB-2021-0002 ON GRANTING MODIFICATION TO PROGRESS CONNECT LTD

NOTICE No. AFSA-T-NB-2021-0002

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

The Rules specified in the left hand column of the Table herein do not apply to the above mentionedPerson in the form appearing in the sections 13.1.3 and 13.2.1 of Anti-Money Laundering, Counter- Terrorist Financing and Sanctions Rules (“AML”) but instead apply as modified in the right hand column of the Table.

TABLE– RULES MODIFIED

The Rules specified in the left-hand column of the Table are modified to the extent shown in the right hand column of the Table below. In this table, underlining indicates new text and striking through indicates deletedtext, otherwise the Rule remains unaltered.

CONDITIONS

The modification in respect of the Rules specified above remains in effect for the duration of the period not exceeding 12 months on condition that the above-named Person to whom this notice applies will comply with the following conditions:

to appoint a Deputy MLRO, resident in Kazakhstan, who has relevant experience or in case of absence of experience, should be provided with AML training within 6 months from the day of Notification by the AFSA;

to keep the position of the main MLRO by Director of the firm for general control and with the relevant responsibilities and functions;

If the conditions stated above are breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above-mentioned Person to whom this notice applies in their unmodified form as they appear in the applicable section of the Rules in force at the relevant time.

EFFECTIVE PERIOD

Thisnotice comes into effect on the date of issue and remainsin force until the end of the term set out above.

INTERPRETATION

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the AIFC Glossary. Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-Q-NB-2021-0004

NOTICE No. AFSA-Q-NB-2021-0004

THE ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) HEREBY GIVES NOTICE THAT:

LARECO Underwriting Agency Limited was granted the modification of the AIFC General Rule (“GEN”) 6.3.9 (b) as specified in the right-hand column of the Table A.

Table A. MODIFIED AIFC RULE