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Kazakhstan: fintech & payments regulation

Regulated

Kazakhstan fintech: Dual regime with AFSA-regulated AIFC VASP/MSP licensing and national CBK oversight

Lead regulator:
Central Bank of Kazakhstan (CBK) and Astana Financial Services Authority (AFSA)
Key law:
Law on Payment Systems and Payment Services (National); AIFC Rules on Providing Money Services (AIFC)
Last updated:
2026-07-12

Kazakhstan operates a dual regulatory framework for fintech and payments. Within the Astana International Financial Centre (AIFC), the AFSA regulates Money Service Providers (MSPs) and payment systems under specific AIFC rules, including the 2025 Rules on Providing Money Services and 2022 Settlement Finality Regulations. Outside the AIFC, the Central Bank of Kazakhstan (CBK) serves as the primary supervisor for national payment systems and payment service providers under the Law on Payment Systems and Payment Services.

The AIFC regime mandates authorization, strict capital requirements, and comprehensive technology governance for MSPs, while also enforcing finality of settlements for designated payment systems. The CBK oversees the broader national landscape, with recent legislative updates in 2024 expanding the regulatory perimeter to include virtual assets and crypto-related activities, though specific capital floors for national VASPs are not detailed in the provided source documents.

Who regulates

  • Astana Financial Services Authority (AFSA)

    Primary regulator for financial activities within the AIFC, including Money Service Providers and payment systems.

    [1][2][3]

  • Central Bank of Kazakhstan (CBK)

    Primary supervisor for national payment systems and payment service providers outside the AIFC.

Core laws & rules

  • AIFC Rules on Providing Money Services (2025)

    Regulates Money Service Providers in the AIFC, mandating authorization, capital requirements, and technology governance.

    [1]

  • AIFC Payment System Settlement Finality Regulations (2022)

    Designates specific payment systems and ensures the finality of settlements and collateral security within the AIFC.

    [3]

  • Law on Payment Systems and Payment Services (2015 (amended 2024))

    The core national legislation governing payment systems and services in Kazakhstan, updated to include virtual assets.

Licensing & registration

  • Money Service Provider (AIFC)

    Authorization required for entities providing money services within the AIFC, subject to strict capital and technology governance rules.

    [1]

  • Payment System Operator (AIFC)

    Entities operating designated payment systems in the AIFC must comply with settlement finality regulations and AFSA oversight.

    [3]

Restrictions & warnings

  • The AIFC General Prohibition forbids carrying on regulated activities without authorization, as clarified in AFSA's Perimeter Guidance.

    [2]

  • Consultancy services related to financial services require a license if conducted by way of business within the AIFC.

    [4]

Direction of travel

  • The regulatory framework is evolving, with the 2025 AIFC Rules on Money Services reflecting a move towards stricter technology governance and capital requirements for fintech entities.

    [1]

  • National legislation is being updated to address virtual assets, indicating a broader integration of crypto-related activities into the formal regulatory perimeter.

Sources

  1. AIFC Rules on Providing Money Services · 2025-05-30
  2. AFSA Perimeter Guidance on Authorisation and Regulatory Scope · 2023-10-02
  3. AIFC Payment System Settlement Finality Regulations · 2022-09-26
  4. Guidance on Providing Consultancy Services in the AIFC · 2020-03-26

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This guide is compiled automatically from 4 primary-source documents published by Kazakhstan's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.