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2.5. Becoming regulated as a FinTech Lab participant
GUIDANCE
AFSA Guidance for Over-the-Counter Transactions with Digital Assets
Guidance for AIFC Banks conducting settlement for Digital Asset Trading Facility Operators and Digital Asset Service Providers
The List of financial services and ancillary services provided by the Astana International Financial Centre participants, subject to the financial monitoring
SELF-ASSESSMENT OF INTERNAL QUALITY CONTROL MONITORING PROGRAM
Practical Guidance to AIFC Anti-Money Laundering and Counter – Terrorist Financing Framework
Entire Act

2.5. Becoming regulated as a FinTech Lab participant

2.5.1. Activities performed in FinTech Lab

2.5.1.1. General description

Pursuant to GEN 1.4.1. the following activities can be performed in FinTech Lab:

(a)     the Regulated or Market Activities that are specified in Schedule 1 and 4 of GEN can be carried on by a Person subject to the terms and Licence issued under AIFC Financial Technology Rules.

(b)     a Person may apply to the AFSA for a Licence authorising a Centre Participant to carry on activities not specified in (a).

(c)     for the purposes of (b), the AFSA may grant a Licence for a Person to carry on activities as specified in the Licence.

FinTech means technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services.

The FinTech Lab is a regulatory environment within the AIFC that allows a Person to Test or Develop the FinTech Activities without being immediately subject to the full set of regulatory requirements under the FSFR and AIFC Financial Technology Rules.

For eligibility criteria for Testing and Developing the FinTech Activities, Licence requirements and possible waivers see AIFC Financial Technology Rules.

Currency regulation

 Currency transactions will be performed via AIFC Banks if processed in only foreign currency, and via second-tier banks in any currency. For more details of transactional implications see Chapter 4 of PERG.

The table below illustrates currency regulation implications if services are offered to residents of Kazakhstan that are not AIFC Participants.

Are you planning to offer your services to legal entities or natural persons – residents of Kazakhstan that are not AIFC Participants?

Yes:

 

Your services will be subject to the AIFC Rules on Currency Regulation:

 

Name of allowed activity:

See sections 2.2 and 2.3. of PERG for a relevant Regulated or Market Activity.  

 

Relevant reference to Schedule 2 to the AIFC Rules on Currency Regulation:

Not applicable

 

Type of currency:

Not applicable

 

Transaction:

Not applicable

 

Currency reporting:

No specific reporting for a financial service.

Transactional reporting may be applicable (see Chapter 4 of PERG for more details). 

 

No:

Subrule 3.3.2. of AIFC Rules on Currency Regulation may apply. 

For more details see Chapter 4 of PERG.

2.5.1.2. Exclusions

There are none.