Kazakhstan Pilots USD-Backed Stablecoin Payments for Regulatory Fees
Kazakhstan’s Astana Financial Services Authority (AFSA) has launched a pilot to accept USD-backed stablecoin payments for licensing and supervision fees at the Astana International Financial Centre (AIFC). Under a multilateral memorandum with Bybit Kazakhstan, licensed virtual asset service providers settle regulatory fees on-chain via a customized QR Pay solution and dedicated wallet. Bybit then converts the stablecoin payments into fiat and remits proceeds to AFSA’s bank account, with the regulator receiving only traditional currency. AFSA CEO Evgeniya Bogdanova said the move enhances speed and transparency, positioning the AIFC as a regional digital finance hub. The pilot builds on AFSA’s January 2024 stablecoin regulatory framework and follows its first fiat-backed stablecoin license granted to AnchorX.KZ Limited. Meanwhile, Kazakhstan’s central bank is piloting a digital tenge for full rollout in 2025. With stablecoins nearing a $300 billion market cap and projections to reach $2 trillion within three years, this initiative reflects a global push to modernize payments infrastructure and integrate digital assets under regulation.
Bullish
In the short term, AFSA’s stablecoin payments pilot reduces friction in fee settlements and may drive increased on-chain transaction volumes, benefiting stablecoin liquidity and Bybit’s service adoption. In the longer term, regulatory clarity positions Kazakhstan’s AIFC as a competitive hub for digital asset businesses, likely boosting confidence and adoption of USD-backed stablecoins. This structured integration of stablecoins into regulated payment systems aligns with similar global initiatives, suggesting a positive outlook for stablecoin demand and broader crypto market stability.