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NOTICES

Notice

AFSA NOTICE № AFSA-N-NB-2024-0008 from 26 June 2024 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):

 

No.

Equivalent Regulated Exchange

Effective Date

1.

London Stock Exchange

 

 

-      Main Market

28 February 2019

 

-      Alternative Investment Market

10 September 2019

2.

Euronext Dublin

10 September 2019

3.

Hong Kong Stock Exchange

 

 

-      Main Board

1 November 2019

 

-      Growth Enterprise Market

1 November 2019

4.

Shanghai Stock Exchange

 

 

-      Main Board

10 January 2020

5.

Toronto Stock Exchange

3 November 2021

6.

Frankfurt Stock Exchange

 

 

-      General Standard

3 November 2021

 

-      Prime Standard

3 November 2021

7.

Australian Securities Exchange

20 April 2022

8.

New York Stock Exchange

20 April 2022

9.

Nasdaq Stock Market

20 April 2022

10.

Shenzhen Stock Exchange

13 October 2022

11.

Warsaw Stock Exchange

6 November 2023

12.

Luxembourg Stock Exchange

6 November 2023

13.

Budapest Stock Exchange

6 November 2023

14.

Euronext Brussel

6 November 2023

15.

Moscow Stock Exchange

6 November 2023

16.

Kyrgyzstan Stock Exchange

6 November 2023

17.

Georgia Stock Exchange

6 November 2023

18.

Bucharest Stock Exchange

20 June 2024

19.

Baku Stock Exchange

20 June 2024

20.

Borsa Istanbul

20 June 2024

21.

Singapore Exchange

20 June 2024

22.

Republican Stock Exchange “Toshkent”

20 June 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 CONSIDERED TO BE A REPLACEMENT FOR AFSA NOTICE № AFSA-N-NB-2023-0005

AFSA Notice № AFSA-O-EC-2024-1579 from 25 June 2024 on striking Kaufman Holding Limited off the Register

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

Under Section 167 (4) of the AIFC Companies Regulations the Registrar of Companies (the “Registrar”) intends to strike Kaufman Holding Limited (BIN 200640900069) off the Register.

 

FACTS AND MATTERS RELIED UPON

If an application is made by a Company to strike the Company’s name off the Register following a voluntary winding up in accordance with the procedures under the AIFC Insolvency Regulations, the Registrar of Companies may strike the Company's name off the Register if the requirements of subsection (5) to (9) are met.

 

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.

AFSA NOTICE № AFSA-A-NB-2024-0011 from 21 June 2024 on Recognised Jurisdictions for applications for Foreign Fund Manager status

THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

In accordance with Schedule 2 to the AIFC Collective Investment Scheme Rules, the following table specifies the list of Recognised Jurisdictions that AFSA considers as having met the eligibility criteria: 

1.

Georgia

2.

Qatar Financial Centre

3.

Dubai International Financial Centre

4.

Abu Dhabi Global Market

5.

United Kingdom

6.

United States of America

7.

Singapore

8.

European Member States

9.

Switzerland

10.

Australia

11.

Malaysia

12.

Hong Kong

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 SCHEDULE 2 (b) OF AIFC COLLECTIVE INVESTMENT SCHEME RULES BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

 

 

 

AFSA NOTICE № AFSA-C-OA-2024-0454 from 17 June 2024 ON MODIFICATION (Domestic Fund Managers of Exempt Funds)

CLASS MODIFICATION NOTICE

To

Domestic Fund Managers of Exempt Funds

Regulated Activity

Managing a Collective Investment Scheme

 

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

To develop and enhance the asset management framework and to expand the distribution channels of Units of Exempt Funds registered in the AIFC, the AIFC Acts 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 the right hand column of the Table A applies to Domestic Fund Managers of Exempt Funds that intend to have Units admitted to trading on an Authorised Investment Exchange, under certain conditions set by this notice. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the AIFC Act remains unaltered.

Table A - Modified AIFC Acts

AIFC Act

Modified text

AIFC Financial Services Framework Regulations, Section 62 (c)(i)

62. Prohibition  – Admission to trading

A Person may not have Securities or Units in a Listed Fund admitted to trading on an Authorised Investment Exchange unless:

(a) such Investments have been admitted to the Official List maintained by the Authorised Investment Exchange; and

(b) in relation to Securities, a Prospectus in relation to the relevant Securities containing the information prescribed for this purpose by the AFSA has been approved by the Authorised Investment Exchange; and

(c) in relation to Units in Listed Funds other than Overseas Listed Funds:

(i) the Fund is a Non-Exempt Fund or an Exempt Fund under the AIFC Collective Investment Scheme Rules; and

(ii) there are Offering Materials in relation to the relevant Units and the Authorised  Investment Exchange has satisfied itself that such Offering Materials satisfies the requirements in AIFC Collective Investment Scheme Rules.

Guidance: Units in a Listed Fund

For the avoidance of doubt, a Prospectus is not required in relation to Units in a Listed Fund. The requirements in relation to Offering Materials, which apply to Units in a Listed Fund (other than Overseas Listed Funds), are set out in the CIS. The requirements in relation to Offering Materials for Overseas Listed Funds will be regulated according to the Business Rules.

AIFC Market Rules, Rule 7.1.2.

7.1.2 – Conditions for admission of Units to trading

An Authorised Investment Exchange may not admit Units to trading unless:

(a) the Units have been admitted to the Official List maintained by the Authorised Investment Exchange in accordance with section 66 of the Framework Regulations; and

(b) in relation to Units of Listed Funds other than Overseas Listed Funds:

(i) the Fund is a Non-Exempt Fund or an Exempt Fund registered under the AIFC Collective Investment Scheme Rules; and

(ii) there are Offering Materials in relation to the relevant Units and the Authorised Investment Exchange has satisfied itself that such Offering Materials satisfies the requirements in the AIFC Collective Investment Scheme Rules.

Guidance: Listing Exempt Funds

Exempt Funds may be admitted to the Official List, but not to trading, as they can only be offered on a private placement basis to certain investors.

AIFC Collective Investment Scheme Rules, Rule 2.2 (a)

 

 

2.2.  Exempt Funds and Non-Exempt Funds

(a) An Exempt Fund is a Collective Investment Scheme the Units of which are Offered in the AIFC only by way of a private placement or by being admitted to trading on an Authorised Investment Exchange:

(i) to Persons who are Professional Clients; and

(ii) in minimum subscription amounts of US$ 50,000.

AIFC Collective Investment Scheme Rules, Rule 4.2.(a)

 

4.2. Application for registration

(a) The following entities must apply to the AFSA to register the following types of Fund:

(i)       a Domestic Fund Manager that intends to manage a Non-Exempt Fund;

(ii)      a Centre Participant that wishes to market a Non-Exempt Fund in the AIFC; and

(iii)    a Foreign Fund Manager that intends to manage an Exempt Fund;

(iv)    a Domestic Fund Manager that intends to manage an Exempt Fund and to have Units admitted to trading on an Authorised Investment Exchange.

 

CONDITION

  •            Domestic Fund Manager of Exempt Funds the Units of which are admitted to trading on an Authorised Investment Exchange should obtain written approval from AFSA to seek to have Units admitted to trading on an Authorised Investment Exchange.
  •            Domestic Fund Manager of Exempt Funds the Units of which are admitted to trading on an Authorised Investment Exchange should provide a monthly report to the AFSA on the Units admitted.
  •            Domestic Fund Manager of Exempt Funds the Units of which are admitted to trading on an Authorised Investment Exchange may outsource its functions or activities to comply with Chapters 2, 3, 4, 8 and 9 of AIFC Conduct of Business Rules to appointed Authorised Investment Exchanges’ Members. The Members of Authorised Investment Exchange, admitted in accordance with Rule 2.6.1.(1)(a) of AIFC Authorised Market Institutions Rules, distributing Units of Exempt Funds under this Class Modification will be responsible for compliance with Chapters 2, 3, 4, 8, and 9 of AIFC Conduct of Business Rules in respect of distributed Units.

 

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 REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

AFSA NOTICE № AFSA-F-OA-2024-0416 ON MODIFICATION (BTS Digital Ventures Limited)

To

BTS Digital Ventures Limited

Business Identification Number

190640900144

Permitted Activity

Managing a Collective Investment Scheme

The address of the Registered Office

15/1, Kabanbay Batyr street,office A6-1, Astana

 THE ASTANA FINANCIAL SERVICES AUTHORITY HEREBY GIVES NOTICE THAT:

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

 Table A. Modified Rule

AIFC Act

Modified Rule

 

 

 

AIFC General Rules,

Rule 6.3.9.(b)

6.3.9. Audit reports

An Authorised Person must:

(a) require, in writing, its Auditor to:  

(i)    conduct an audit of and produce a report on the Authorised Person’s financial statements in accordance with the International Standards on Auditing; and 

 (ii) such other reports as the AFSA may require; and 

(b) submit any reports so produced to the AFSA within four six months of the Authorised Person’s year end.

EFFECTIVE PERIOD

 This notice comes into effect on the date of issue and remains in force until 30 June 2024.

 INTERPRETATION

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

 

AFSA AFSA-T-NB-2024-0003 ON SUSPENSION OF THE LICENCE OF HORIZON CAPITAL LTD

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

In accordance with Sections 98 and 100 of the AIFC Financial Services Framework Regulations (the “FSFR”) the AFSA has suspended the Licence of Horizon Capital Ltd. (the “Firm”) No. AFSA-A-LA-2022-0024 dated 18 November 2022 until further notice.

The suspension is made according to request and consent of Horizon Capital 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 SECTIONS 98 AND 100 OF THE FSFR.

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

 

To

Freedom Finance Global PLC (FFG)

Business identification number

200240900095

Regulated Activity

-Dealing in Investments as Principal

-Dealing in Investments as Agent

-Managing Investments

-Managing a Collective Investment Scheme

-Advising on Investments

-Arranging Deals in Investments

The address of the Registered Office

010016, 16 Dostyk St, integral non-residential facility No.2, Astana, Kazakhstan

 

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

AIFC Act

Modified Rule / Regulation

6.2.3 (d) of the AIFC AML Rules

6.2.3. Establishing a business relationship before Customer Due Diligence is complete

A Relevant Person may establish or retain a business relationship with a customer before completing the verification required by AML 6.3.1 if the following conditions are met:

[….]

(d) subject to (c), the relevant verification is completed as soon as reasonably practicable before or during the establishment of a business relationship and when transactions for occasional customers are being conducted; and in any event, no later than 120 days after the establishment of a business relationship.

 

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

To

Authorised Firms licensed to carry out the Regulated Activity of Managing a Collective Investment Scheme in respect of Exempt Funds

 

Regulated Activity

Managing a Collective Investment Scheme (in respect of Exempt Funds)

 

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

AIFC Act

Modified Rule

AIFC Prudential Rules for Investment Firms

 

 

Rule 2.2.1 Financial resources

(1) A PRU Investment Firm, other than an Externally Regulated PRU Investment Firm, must have and maintain, at all times*, Capital Resources and Liquid Assets of at least the minimum kinds and amounts required by, and calculated in accordance with, these PRU(INV) Rules.

(2) A PRU Investment Firm to which Rule 2.2.1(1) applies must have and maintain, at all times*, Capital Resources and Liquid Assets that are adequate in relation to the nature, scale and complexity of its business and its risk profile, to ensure that there is no significant risk that its liabilities cannot be met as they fall due.

Rule 3.3 Minimum Capital Requirement

(1) A PRU Investment Firm must ensure that it maintains at all times* Capital Resources of at least its Minimum Capital Requirement.

*The requirement to maintain and ensure that it maintains at all times Capital Resources shall be applied 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.

 

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)

 

To

Brillink Bank Corporation Limited

Business identification number

201240900236

Regulated Activity

Accepting Deposits

Providing Credit

Advising on a Credit Facility [limited]

Arranging a Credit Facility [limited]

Providing Money Services

The address of the Registered Office

Z05T3F56, 55/22, Mangilik El, office 346, Astana, Kazakhstan

 

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

Reference to the relevant Acts

Modified Rule/Regulation

AIFC Banking Business Prudential Rules, Rules 5.26 (7) and (8)

5.26 Management of Concentration risk exposures

        Limits on exposures

 

(7) The total of the Bank’s net exposures to any 1 counterparty or any 1 group of connected counterparties must not exceed 25% of the Bank’s regulatory capital by excluding the Bank’s balances at correspondent accounts.

(8) The total of all of the Bank’s net large exposures must not exceed 800% of that capital by excluding the Bank’s balances at correspondent accounts.

CONDITION 

#

Conditions

Timeframe

1.

To modify the requirement set by Section 5.26 (7) the total of the Bank’s net exposures to any 1 counterparty or any 1 group of connected counterparties must not exceed 25% of the Bank’s regulatory capital by excluding the Bank’s balances at correspondent accounts with China Construction Bank (Astana Branch), China Construction Bank Asia Limited and Bank of Communication (Hong Kong) Limited until 31 December 2025 subject to the Bank's control, in accordance with its internal policies, procedures, systems, and controls.

Until 31 December 2025

2.

To modify the requirement set by Section 5.26 (8) the total of all of the Bank’s net large exposures must not exceed 800% of that capital by excluding the Bank’s balances at correspondent accounts with China Construction Bank (Astana Branch), China Construction Bank Asia Limited and Bank of Communication (Hong Kong) Limited until 31 December 2025 subject to the Bank's control, in accordance with its internal policies, procedures, systems, and controls.

Until 31 December 2025

3.

The counterparties must maintain a minimum ownership share of 30% held by the Chinese government and state-owned entities to ensure stability and reliability until 31 December 2025.

If any of the designated counterparty banks fails to meet any of the stipulated conditions, Brillink Bank must immediately notify AFSA. The Bank will have 90 calendar days to reallocate the excess balance to an alternative bank which satisfies the above-mentioned conditions.

4.

Each counterparty must maintain a credit rating of at least "BBB+" according to prominent rating agencies like Fitch, Moody's, or Standard & Poor's.

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)

To

Astana International Exchange Central Securities Depository Ltd

Business identification number

180840900020

The address of the Registered Office

010000, Astana, Esil district, 55/19, Mangilik El

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:

 

AIFC Act

Proposed modification

AIFC

Fees Rule

Schedule 6, 6.2 Annual supervision fee for Market Activity, Formula 2, Settlement Value Fee calculation.

6.2 Annual supervision fees for Market Activities

 

SVF – Settlement value fee (excluding On-Exchange Trades on Secondary Market and free of charge transfers), calculated as 0.001% of settlement value (paid quarterly within 21 days after the issuance of invoice by the AFSA, but no later than within 1 month following each corresponding quarter)

 

“Free of charge transfers” means financial instruments transferred without cost, maintaining current ownership or to a legal successor.

 

EFFECTIVE PERIOD

This notice shall become effective as of the date of signing and shall remain 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 PURSUANT TO SECTION 9 OF THE FINANCIAL SERVICES FRAMEWORK REGULATIONS BY THE ASTANA FINANCIAL SERVICES AUTHORITY.

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

Written notice on the waiver

 

To

SkyBridge Invest JSC doing business in the AIFC as "Branch of SkyBridge JSC in the AIFC"

Address

55/21 Mangilik El avenue, Yessil district, Astana, Kazakhstan, Z05T3E

BIN No.

181141900093

 

 

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

 

AIFC Act

Waived Rule/Regulation

AIFC Companies Regulations, Part 7, Chapter 3, section 43 (3)(a)

Section 43. Minimum share capital

(…)

 (3) A Public Company:

 (a) must have an allotted share capital (excluding treasury Shares) of no less than U.S. $100,000 at any time; and

(b) must not allot a Share except as Paid-up at least as to 1/4 of its nominal value.

 

 

 

 

 

 

 

 

 

 

 

 


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

AIFC Act

Modified Rule

AIFC Financial Services Framework Regulations

 

92. Definition of Collective Investment Scheme

(2) The arrangements must be such that the Persons who are to participate do not have day-to-day control over the management of the property, whether or not they have the right to be consulted or to give directions.

It is hereby stipulated that Section 92 (2) herein shall not apply to 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.

 

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

To

Brillink Bank Corporation Limited

Business identification number

201240900236

Regulated Activity

Accepting Deposits

Providing Credit

Advising on a Credit Facility

Arranging a Credit Facility

Providing Money Services

The address of the Registered Office

Z05T3F56, 55/22, Mangilik El, office 346, Astana, Kazakhstan

 

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

Reference to the relevant Acts

Modified Rule/Regulation

AIFC Banking Business Prudential Rules, Chapter 4, Section 4.10 (a)

4.10 Base Capital Requirement

 

The Base Capital Requirement is:

(a)   for a Bank – USD 10 7,5 million;

 

CONDITION

#

Conditions

Timeframe

1.

To modify the requirement set by section 4.10 (a) of AIFC Banking Business Prudential Rules to maintain required ongoing capital, at all times, of at least equal to higher of its Base Capital Requirement equal to 7,500,000 USD until 1 November 2024.          

Until 1 November 2024

2.

To limit the Regulated Activities of:

-  Accepting Deposits,

-  Providing Credit,

-  Advising on a Credit Facility [limited],

-  Arranging a Credit Facility[limited],

-  Providing Money Services.

Until the providing of evidence on bringing the regulatory ongoing capital in compliance with the 4.9 of BBR based on the highest of rule-based Base Capital in the amount of 10 million USD (according to section 4.10 of BBR) and Risk-based Capital requirements, after receiving the Written Notice

 

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

 

To

MOST Investment Limited

Business identification number

210240900106

Regulated Activity

Managing a Collective Investment Scheme in respect of Exempt Funds

The address of the Registered Office

Z05T3E5, Mnagilik Yel 55/21, office 319, Astana, Esil District, Republic of Kazakhstan

 

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

Reference to the relevant Acts

Waived Rule/Regulation

AIFC Prudential Rules For Investment Firms, chapter 2, section 2.2.1 (1)

 

 

2.2.1 Financial resources

 

(1) A PRU Investment Firm, other than an Externally Regulated PRU Investment Firm, must have and maintain, at all times, Capital Resources and Liquid Assets of at least the minimum kinds and amounts required by, and calculated in accordance with, these PRU(INV) Rules.

 

 

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

 

To

SkyBridge Invest JSC doing business in the AIFC as "Branch of SkyBridge JSC in the AIFC"

Business Identification Number

181141900093

Regulated Activities

- Dealing in Investments as Principal

- Dealing in Investments as Agent

- Managing Investments

- Managing a Collective Investment Scheme

- Advising on Investments

- Arranging Deals in Investments

The address of the Registered Office

55/21 Mangilik El, 142 office,

Astana, 010000, Kazakhstan

 

 

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):

 

No.

Equivalent Regulated Exchange

Effective Date

1.

London Stock Exchange

 

 

-      Main Market

28 February 2019

 

-      Alternative Investment Market

10 September 2019

2.

Euronext Dublin

10 September 2019

3.

Hong Kong Stock Exchange

 

 

-      Main Board

1 November 2019

 

-      Growth Enterprise Market

1 November 2019

4.

Shanghai Stock Exchange

 

 

-      Main Board

10 January 2020

5.

Toronto Stock Exchange

3 November 2021

6.

Frankfurt Stock Exchange

 

 

-      General Standard

3 November 2021

 

-      Prime Standard

3 November 2021

7.

Australian Securities Exchange

20 April 2022

8.

New York Stock Exchange

20 April 2022

9.

Nasdaq Stock Market

20 April 2022

10.

Shenzhen Stock Exchange

13 October 2022

11.

Warsaw Stock Exchange

6 November 2023

12.

Luxembourg Stock Exchange

6 November 2023

13.

Budapest Stock Exchange

6 November 2023

14.

Euronext Brussel

6 November 2023

15.

Moscow Stock Exchange

6 November 2023

16.

Kyrgyzstan Stock Exchange

6 November 2023

17.

Georgia Stock Exchange

6 November 2023

 

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.

 

AIFC Act

Modified Rule

AIFC Authorised Market Institution Rules 6.3.2. (3)(b)

6.3.2. Application for admission of Digital Assets to Trading

(3) An Authorised Digital Asset Trading Facility must, before admitting any Digital Asset to

trading:

(a) be satisfied that the applicable requirements, including those in its Admission to Trading Rules, have been or will be fully complied with in respect of such Digital Asset; and

 

(b) obtain approval of the AFSA in respect of such Digital Asset, except for Digital Assets provided in the “Table of Digital Assets approved by AFSA for trading on the Digital Asset Trading Facilities licensed in AIFC” published on AFSA’s official website in respect of Digital Asset Trading Facilities that are Fintech Lab Participants; and

 

c) If a Digital Asset Trading Facility Operator that is a Fintech Lab Participant decides to admit a Digital Asset to trading, the Digital Asset Trading Facility Operator is required to notify the AFSA 10 days prior to the date of the admission of the Digital Asset to trading.

AIFC Fintech Rules Schedule 1

1-1 Conditions for Fintech Lab Participants during Testing/Development

1.1. If a Fintech Lab Participant decides to use Digital Assets provided in the “Table of Digital Assets approved by AFSA for trading on the Digital Asset Trading Facilities licensed in AIFC” published on AFSA’s official website, Fintech Lab Participant is required to notify the AFSA 10 days prior to the date of the providing services with Digital Assets.

 

 

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 (updated 27.06.2024)

(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.)

 

№ 

Digital Asset  

Symbol 

1.         

Bitcoin  

BTC 

2.         

Bitcoin Cash  

BCH 

3.         

Ethereum  

ETH 

4.         

Litecoin*  

LTC 

5.         

Tether USDt  

USDT 

6.         

BNB  

BNB 

7.         

Cardano  

ADA 

8.         

XRP (Ripple)  

XRP 

10.     

Solana  

SOL 

11.     

STEPN  

GMT 

12.     

Polygon  

MATIC 

13.     

EOS  

EOS 

14.     

Ethereum Classic  

ETC 

15.     

Chainlink  

LINK 

16.     

TRON*  

TRX 

17.     

Biteeu Commodities Exchange Gold  

BCXG 

18.     

DAI  

DAI 

19.     

Galxe  

GAL 

20.     

ApeCoin  

APE 

21.     

GALA  

GALA 

22.     

Unify Protocol DAO  

UNFI 

23.     

Waves  

WAVES 

24.     

NEAR Protocol  

NEAR 

25.     

Cosmos  

ATOM 

26.     

Mask Network  

MASK 

27.     

Aptos  

APT 

28.     

Algorand  

ALGO 

29.     

Avalanche  

AVAX 

30.     

Stellar  

XLM 

31.     

1Inch Network  

1INCH 

32.     

Fantom  

FTM 

33.     

Audius  

AUDIO 

34.     

Balancer  

BAL 

35.     

Band Protocol  

BAND 

36.     

Pax Dollar  

USDP 

37.     

Nexo  

NEXO 

38.     

Ocean Protocol  

OCEAN 

39.     

Bifrost  

BFC 

40.     

The Sandbox  

SAND 

41.     

Ethereum Name Service  

ENS 

42.     

dYdX  

DYDX 

43.     

Curve DAO Token  

CRV 

44.     

Fetch.ai  

FET 

45.     

Aave  

AAVE 

46.     

Chilliz  

CHZ 

47.     

SPACE ID  

ID 

48.     

Celo  

CELO 

49.     

COTI  

COTI 

50.     

Convex Finance  

CVX 

51.     

Uniswap  

UNI 

52.     

Filecoin 

FIL 

53.    

Lido DAO

LDO

54.    

The Graph

GRT

55.    

Hot Cross

HOTCROSS

56.    

Wrapped BTC

WBTC

57.    

VeChain

VET

58.    

Axie Infinity Shards

AXS

59.    

Basic Attention Token

BAT

60.    

Immutable

IMX

61.    

Jasmy Coin

JASMY

62.    

Label Foundation

LBL

63.    

Livepeer

LPT

64.    

Loopring

LRC

65.    

Maker

MKR

66.    

Pax Gold

PAXG

67.    

pStake Finance

Pstake

68.    

Quant

QNT

69.    

Scallop

SCLP

70.    

Skale

SKL

71.    

Yearn.finance

YFI

72.    

Arbitrum

ARB

73.    

Compound

COMP

74.    

Multiverse X

EGLD

75.    

Conflux

CFX

76.    

Enjin Coin

ENJ

77.    

Golem

GLM

78.    

Hedera

HBAR

79.    

Hooked Protocol

Hook

80.    

Decentraland

MANA

81.    

Internet Computer Protocol

ICP

82.    

Rocket Pool

RPL

83.    

Stacks

STX

84.    

Injective

INJ

85.    

Frax Share

FXS

86.    

Trust Wallet Token

TWT

87.    

THORChain

Rune

88.    

PancakeSwap

Cake

89.    

Zilliqa

ZIL

90.    

WAX

WAXP

91.    

Osmosis

OSMO

92.    

SingularityNET

AGIX

93.    

NEM

XEM

94.    

Gnosis

GNO

95.    

Theta Fuel

TFUEL

96.    

Ravencoin

RVN

97.    

Flow

Flow

98.    

Render

RNDR

99.    

Optimism

OP

100.                       

Klaytn

Klay

101.                       

GMX

GMX

102.                       

eCash

XEC

103.                       

Kava

KAVA

104.                       

0x Protocol

ZRX

105.                       

Synthetics

SNX

106.                       

Theta Network

Theta

107.                       

Toncoin

TON

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

 

To

For ADX Members in the framework of the ‘Tabadul’ initiative applying for RNAM status in

the AIFC

Permitted Activity

Recognised Non-AIFC Member status

 

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

 

AIFC Act

Modified text

Section 1.1 of Schedule 4 of FEES. Application fees for recognition as a Recognised Non-AIFC Market Institution, Recognised                             Non-AIFC Member and Foreign Fund Manager

Modified.

 

1.1 Application fees for recognition as a Recognised Non-AIFC Market Institution, Recognised Non-AIFC Member and Foreign Fund Manager.

 

Application fee

Fee (USD)

 

Recognised               Non-AIFC

Member

1 000

 

Section 6.4 of Schedule 6 of FEES. 6.4 Annual recognition fees for Recognised Non-AIFC Market Institutions and Recognised                             Non-AIFC Members

Modified.