AIFC Regulatory Regime for Financial Services on Digital Assets

Module 1

1. Overview of crypto regulation
   1. Introduction:
      • About AIFC and its benefits (law and tax regimes, court system)
   2. Overview of Kazakhstan legislation:
      • How does Kazakhstani legislation regulate digital assets?
   3. Overview of the AIFC acts regulating digital assets:
      • Overview of AIFC acts regulating activities with digital assets (digital asset activities, stablecoins, cryptofunds frameworks, currency regime, etc.)
   4. What type of license is appropriate for your crypto service?
      • Cryptoexchanges, cryptobrokers, payments with digital assets, etc.
      • Novel types of crypto services
   5. What type of regulatory regime is appropriate for your business: full regime or regulatory sandbox?
      • Overview and differences between FinTech Lab and the full regulatory regime
      • License fees and commissions
      • Minimum regulatory capital requirements

Module 2

2. Licensing process
   1. FinTech Lab licensing stages:
      • Preliminary stage: compliance check and preliminary application
      • Full application stage: application and required documents submission
      • Preliminary approval stage: compliance with regulatory conditions for obtaining a license
   2. Licensing steps under a full regulatory regime:
      • Application stage: application and required documents submission
      • Preliminary approval stage: compliance with regulatory conditions for obtaining a license
   3. Application forms and documentation:
      • How to complete and submit an application form
      • Required supporting documents (business plans, AML/CFT policies, risk management rules, capital confirmation, IT system requirements, etc.)
   4. Challenges and key findings for applicants:
      • Common difficulties during the application process (e.g. insufficient documentation, unclear business model, weak AML/CFT measures)
      • Recommendations (e.g. thorough internal preparation, consultation with IT, legal and compliance experts)

Module 3

3. Supervision and compliance
   1. Post-licensing conditions (Risk Mitigation Programme) and start of operations
   2. Ongoing compliance requirements. FinTech Lab and full regulatory regime:
      • Reporting, ad-hoc notifications, inspections and thematic reviews
   3. Common types of supervisory procedures:
      • Listing of digital assets, change of Approved Individuals, license modifications, approval of new products (for regulatory sandbox)
   4. Financial aspects:
      • Supervisory fees and commissions
   5. Key findings and recommendations for ensuring ongoing compliance:
      • Common challenges in supervision
      • Recommendations for maintaining a reliable compliance system

• Online training sessions​
• Q&A​
• Trainer’s presentations and recommendations​
• E-certificate of completion of the training

Merdan Altyyev

is a Senior Associate in the Fintech Division at the Astana Financial Services Authority (AFSA), where he oversees supervision and plays an active role in policy development within the Astana International Financial Centre (AIFC).

With extensive legal expertise and a strong focus on fintech regulation, Merdan specializes in the digital asset industry, payment services regulation, AML framework and broader financial regulatory compliance.

Experience:

At AFSA, he has been instrumental in developing several strategic initiatives to foster a robust cryptoasset ecosystem. These include active involvement in the Pilot Project for Cooperation between Cryptoexchanges and Second-Tier Banks, development of the Digital Asset Activities Framework, the Rules on Cooperation of Digital Asset Service Providers with Second-Tier Banks, and the Money Services Business Framework.

Merdan is a Certified Cryptoasset Anti-Financial Crime Specialist and a member of ACAMS. Prior to joining AFSA, he earned his LLM in Banking and Finance Law from Queen Mary University of London as a Chevening Scholar, with focus in Fintech Law.