Asset Management in the AIFC: Authorization, Registration and Supervision

Module 1

1. Regulatory regime for digital assets in Kazakhstan and the AIFC
   1. Introduction to Digital Assets:
      • Classification of digital assets in Kazakhstan and the AIFC
   2. Review of the legislation of Kazakhstan:
      • Basic laws governing digital assets in Kazakhstan
   3. Review of the AIFC regulatory system:
      • An overview of the IFC acts regulating digital asset activities (IFC Rules on Digital Assets, Fintech Rules, Business Rules, etc.)
   4. Types of licensed digital asset activities in the AIFC
      • Crypto exchanges, custodians, brokers, consultants, etc.
   5. The process of licensing activities with digital assets in the AIFC
   6. Licensing in the Fintech Lab and full regulatory regime:
      • Overview and differences between Fintech Lab and Full Regulatory Regime

Module 2

2. Licensing stages and documentation
   1. Licensing stages at Kintech Lab:
      • Preliminary stage: verification of compliance with requirements and submission of a preliminary application
      • Full application stage: submission of the application and required documents
      • Pre-approval stage: meeting regulatory conditions for obtaining a license
   2. Licensing steps within the framework of a full-fledged regulatory regime:
      • Application stage: submission of the application and required documents
      • Pre-approval stage: meeting regulatory conditions for obtaining a license
   3. Application forms and documentation:
      • How to fill out and submit the application form
      • Necessary accompanying documents (business plans, AML/CFT policies, risk management rules, proof of capital, requirements for IT systems, etc.)
   4. Financial aspects:
      • Licensing fees and commissions
      • Minimum regulatory capital requirements

Module 3

3. Complexity, oversight, and compliance
   1. Difficulties and main conclusions for applicants:
      • Common difficulties in the application process (e.g. insufficient documentation, unclear business model, weak AML/CFT measures)
      • Recommendations (for example, thorough internal training, consultations with IT, legal and compliance experts)
   2. Fulfillment of post-license conditions (Risk Mitigation Program)
   3. Reporting requirements in the Fintech Lab:
      • Volume and frequency of reports (e.g. financial statements, transaction reports, customer data)
   4. Reporting requirements under the full regulatory regime:
      • Volume and frequency of reports (e.g. financial statements, transaction reports, customer data)
   5. Financial aspects:
      • Supervisory fees and commissions
   6. Main conclusions and recommendations for ensuring continuous compliance with requirements:
      • Common surveillance problems
        Recommendations for maintaining a reliable compliance system

• Online training

• Q&A sessions

• Trainer’s presentations and recommendations

• Electronic certificate

Ali-bi Altai

AIFC Academy trainer, MLRO of the crypto exchange BYBIT Limited, licensed in the AIFC.

Work experience:
He has experience working in international consulting companies, AIX and the AIFC Financial Services Authority (AFSA).

He was actively involved in shaping the AIFC’s regulatory regime for digital assets and has extensive expertise in the authorization and supervision of fintech companies.