Gunnercooke partners with Astana Financial Services Authority in Kazakhstan for development of Digital Assets Activities Framework

Law firm gunnercooke has assisted in the review of the Astana Financial Services Authority’s digital assets frameworks prepared by AFSA. It includes the (i) Digital Asset Trading Facility framework, (ii) Digital Asset Service Providers framework, (ii) Stablecoin framework and (iv) Security Token Offering framework.

The framework is designed to help Kazakhstan become a leading cryptoasset hub globally, by giving legal certainty and a developed framework for participants.

The building blocks towards a crypto hub is AFSA’s pilot project testing out fiat gateways whose turnover today is around 200 mln USD and the regulatory sandbox enabling cutting-edge fintech innovations.

James Burnie commented: “It has been a real privilege to work with AFSA, a forward-thinking and pragmatic regulator, on the development of their new digital asset framework. We were able to contribute our practical insights gained in advising leading operators in the digital assets industry in multiple jurisdictions.  AFSA’s frameworks open up significant and exciting opportunities for Kazakhstan, which seeks not only a clear and robust framework, but also to build strategic partnerships with service providers in Asia and globally”.

AFSA’s Chief Executive Officer Nurkhat Kushimov commented: “In today’s world where new financial technologies are developing at breakneck speed, partnerships provide opportunities to join talent, vision and capacities to create quality products. A collaborative project like the one with gunnercooke has helped to produce the framework that creates a clear, predictable and secure digital assets market at AIFC, Kazakhstan and the entire region. And that’s exactly what is needed right now for global markets – to have more players that stick to internationally recognised standards ensuring quality and safety for consumers.”

 

 

By Original photograph by Edgar Edited by Tiouraren - This file was derived from: Almaty, Kok-tobe exposition 3.jpg:,