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Mr. Nurkhat Kushimov, the CEO of AFSA, was a keynote speaker at Istanbullish.

Astana Financial Services Authority (AFSA) CEO, Mr. Nurkhat Kushimov, Sheds Light on Vision and Progress in Exclusive Interview Following His Keynote Address at Istanbullish

Istanbullish, 30 September 2023 - The distinguished CEO of the Astana Financial Services Authority (AFSA), Mr. Nurkhat Kushimov, took center stage as a keynote speaker at Istanbullish, delivering a compelling address that outlined AFSA's 2023 initiatives and its unwavering commitment to supporting the thriving FinTech ecosystem. Following his impactful speech, Mr. Kushimov participated in an exclusive interview with Ian Utile, Chief of Staff at HEDERA, where he shared valuable insights and perspectives.

Founded on 1 January 2018, AFSA serves as the independent regulator of the Astana International Financial Centre (AIFC), a legal entity and statutory body of the Republic of Kazakhstan. Its establishment is grounded in

alignment with the Constitutional Law of the Republic of Kazakhstan, "On the Astana International Financial Centre." AFSA holds the unique distinction of regulating a diverse spectrum of financial and non-financial services activities within the AIFC, encompassing capital markets activities and ancillary services.

In a pivotal milestone, AFSA actively collaborated with Kyrgyzstan to enhance cooperation in capital markets, setting the stage for cross-border transactions in capital markets. This groundbreaking announcement, made on 20 September 2023, marks a significant step towards fostering regional financial integration.

Moreover, AFSA demonstrated its unwavering commitment to financial innovation by issuing the Consultation Paper on the proposed AIFC Stablecoin Framework in August 2023. Seeking valuable input from the market, AFSA aims to spearhead the development of a resilient stablecoin ecosystem within the AIFC.

Another noteworthy achievement came in the form of the Consultation Paper on the AIFC Security Token Offering Framework (STO Framework), also released in August 2023. AFSA continues to pave the way for responsible tokenization and digital asset issuance, underscoring its role as a catalyst for innovation in the financial sector.

In June 2023, the Astana Financial Services Authority garnered widespread attention with the successful session titled "The Results of the Pilot Project on Interaction between Banks of Kazakhstan and Crypto Exchanges registered in the AIFC." This session exemplified AFSA's dedication to exploring innovative intersections in the financial landscape.

To reinforce their commitment to transparency and accessible regulation, AFSA issued the Consultation Paper on proposed amendments to AIFC Fees Rules in August 2023. The Authority actively solicits feedback from the market to ensure that financial services providers within the AIFC are well-supported by a responsive regulatory framework.

Notably, AFSA also released its Policy Statement on AFSA’s approach to Banks and start-up Banks in June 2023. This policy articulates AFSA's approach to entities seeking authorization to become a bank within the AIFC, defining "start-up entities" as newly formed businesses that are not owned by or are not a branch of an existing regulated financial institution or entities that belong to a Group with no entities subject to financial services regulation equivalent to AFSA’s regulatory regime.

In his enlightening keynote address at Istanbullish, Mr. Nurkhat Kushimov emphasized AFSA's pivotal role in nurturing the growth of the FinTech sector. Following the speech, he engaged in an exclusive interview with Mr. Ian Utile, Chief of Staff at HEDERA, where he shared his unique perspectives and insights.

Mr. Kushimov extended a heartfelt message to the esteemed attendees at Istanbullish, highlighting AFSA's unwavering commitment to supporting FinTech projects legally and providing them with a robust platform for growth. He reiterated AFSA's openness to collaboration for the widespread adoption of these groundbreaking projects, underscoring its central role in shaping the evolving FinTech landscape.


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