Crypto License in Kazakhstan
Unlocking Eurasia's Digital Frontier
Kazakhstan has strategically positioned itself as the leading digital asset hub in Central Asia and the broader Eurasian region. The cornerstone of this ambition is the Astana International Financial Centre (AIFC), a special economic zone with an independent legal system based on English Common Law. For global Virtual Asset Service Providers (VASPs), securing a Crypto License in Kazakhstan AIFC is not merely a compliance step; it is a strategic gateway to a rapidly expanding market, underpinned by robust AIFC Crypto Regulation and significant tax advantages. This comprehensive guide, optimized for SEO, delves into the intricacies of the AFSA licensing process, comprehensive compliance requirements, corporate governance mandates, and the unparalleled commercial benefits awaiting licensed crypto enterprises in 2025 and beyond.
The Strategic Imperative: Why AIFC is the Premier Crypto Hub
The regulatory landscape for digital assets in Kazakhstan is uniquely bifurcated, a deliberate strategy to balance innovation with financial control. While the circulation of unsecured digital assets (like Bitcoin) is generally restricted nationwide, the Astana International Financial Centre (AIFC) operates as a critical, permissive exception. This special zone, established under Constitutional Law, allows for the legal issuance and circulation of digital assets under the strict supervision of the Astana Financial Services Authority (AFSA). This dual-regime structure—strict national regulation with an open, common-law based framework within the AIFC—offers stability, clarity, and legitimacy, which are vital for attracting institutional capital and major international players.
The Foundation of English Common Law
The AIFC’s legal framework is its greatest differentiator. Operating independently of the mainland Kazakhstani legal system, the AIFC implements and enforces its own set of rules and regulations based on the globally recognized principles of English Common Law. This familiar, time-tested legal environment is essential for global financial institutions, which prefer the predictability and robust corporate governance standards inherent in common law. Furthermore, the AIFC provides the AIFC Court and the International Arbitration Centre (IAC), independent institutions staffed by experienced international judges and legal practitioners. This guarantees an independent and trusted mechanism for contract enforcement and dispute resolution, significantly de-risking commercial relationships and investments for foreign entities. This legal clarity is especially important for complex financial instruments like tokenized assets and derivatives.
International Alignment and FATF Standards
The AIFC’s commitment to adopting international best practices, particularly those set by the Financial Action Task Force (FATF), makes its license highly reputable on the global stage. AFSA’s regulations are meticulously crafted to align with the latest FATF Recommendations, including the implementation of the Travel Rule and comprehensive requirements for anti-money laundering and counter-terrorist financing (AML/CTF). This rigorous alignment ensures that AIFC-licensed entities can transact seamlessly with regulated financial institutions worldwide, minimizing compliance friction and de-risking correspondent banking relationships. This proactive commitment to global AML standards is crucial for attracting Tier-1 banking partners and ensuring the long-term integrity of the hub.
Core Licensing Categories and Capital Requirements
The AFSA, as the dedicated regulator, issues several major types of licenses for digital asset activities. The stringent AIFC capital requirements for crypto exchange are risk-based and designed to ensure licensees have the necessary financial buffers to withstand operational and market volatility.
Digital Asset Trading Facility (DATF) License
This is the paramount license required for establishing a fully regulated exchange. It authorizes the buying, selling, and exchange of digital assets for fiat currency or other digital assets. The DATF license ensures the platform adheres to international standards of market integrity, best execution practices, and transaction transparency.
Market Surveillance: Licensees must implement sophisticated surveillance systems capable of detecting and preventing market abuse, including wash trading, front-running, and price manipulation.
Best Execution: DATFs are obligated to demonstrate that they execute client orders on terms most favourable to the client, a principle borrowed directly from traditional finance.
Scope: The DATF license primarily covers spot trading but can be extended to cover the trading of digital asset derivatives and other complex products, subject to the VASP demonstrating advanced risk management and technical capabilities to the AFSA.
Providing Custody License
This license covers the safeguarding and administration of digital assets on behalf of clients. For institutional investors, family offices, and large exchanges, obtaining the AIFC Crypto Custody License is critical for proving institutional-grade security.
Segregation Mandate: Client digital assets must be strictly segregated from the VASP’s proprietary assets and held in a manner that protects them from the firm’s insolvency. This segregation requirement is a foundational element of client protection and fiduciary duty within the AIFC framework.
Key Management: Custodians must adhere to strict key generation, storage, and recovery protocols, typically requiring the use of Hardware Security Modules (HSMs) and multi-signature authorization schemes, ensuring cryptographic keys are never a single point of failure.
AIFC Minimum Capital Requirements: Adaptive Table
The required capital is not static; it is risk-based and determined by the scope of activity. The mandatory minimum must be maintained at all times.
| License Type | Minimum Capital Requirement (USD) | Key Financial Requirement |
| Digital Asset Trading Facility (DATF) | Generally $150,000 to $250,000 | Must cover 6-12 months of OEB (Operational Expense Buffer) and be maintained unencumbered. |
| Providing Custody | Generally $100,000 to $150,000 | Requires proof of adequate Professional Indemnity Insurance (PII) relative to Assets Under Custody (AUC). |
| Combined DATF & Custody | Highest of the two requirements, plus operational reserve | Subject to the most rigorous Risk Management and Capital Adequacy Assessment by the AFSA. |
Navigating the AFSA Licensing Process: A Detailed Methodology
The procedure to secure a Kazakhstan VASP License from the AFSA is rigorous and structured, typically spanning 6 to 9 months, contingent on the applicant’s preparedness and responsiveness.
Pre-Application and Corporate Foundation
The initial phase is foundational, establishing the legal, corporate, and financial basis for the VASP’s operations.
AIFC Incorporation and Legal Structure: Applicants must first establish a legal entity—such as a Private Company (Limited by Shares) or a Limited Liability Company—directly within the AIFC. This necessitates securing a local, registered legal address and appointing statutory officers as per AIFC Common Law requirements. Choosing the correct structure is a strategic decision that impacts liability and operational flexibility; the AIFC provides a simplified legal framework for incorporation compared to mainland Kazakhstani law, using English as the official language of business.
Initial Dialogue and Concept Submission: Before formal submission, a detailed concept paper outlining the business model, technological stack, target market, and proposed activities should be submitted to AFSA. This early engagement is crucial for obtaining preliminary feedback, clarifying any potential regulatory concerns, and ensuring the applicant applies for the correct license type. This phase is often done through the AIFC Fintech Lab Application for innovative projects that require regulatory derogation for testing.
Financial Viability and Capital Planning: A cornerstone of the application is financial prudence. The AIFC capital requirements for crypto exchange mandate demonstrating financial stability through paid-up share capital. Applicants must submit a comprehensive, detailed 3-year financial projection demonstrating sustainable revenue models and ensuring the minimum capital covers at least six months of meticulously estimated Operational Expense Buffer (OEB). This OEB calculation must factor in salaries, rent, IT costs, professional fees, and compliance costs.
Compliance, Governance, and Personnel Review
This phase requires the submission of hundreds of pages of internal policies and evidence proving the company’s ability to operate in a secure and compliant manner, with a heavy emphasis on key personnel.
Personnel “Fit-and-Proper” Assessment
All key decision-makers—including the CEO, CFO, CTO, and Directors—must undergo AFSA’s stringent “fit-and-proper” test. This rigorous vetting process is essential for maintaining the integrity of the AIFC.
Criteria: The assessment scrutinizes the individual’s professional qualifications, industry experience, financial standing, and ethical reputation. Proof of competence in financial services, compliance, or core technology is mandatory.
Regulatory History: Applicants must submit clean police and regulatory records from all jurisdictions of residence and professional activity over the past 10 years, ensuring no history of regulatory breaches, fraud, or bankruptcy.
Interviews: AFSA often requires in-person or video interviews with key individuals to assess their commitment to compliance and their practical understanding of the firm’s risk framework.
Mandatory Local Compliance Function
A critical and non-negotiable requirement is the appointment of a locally-based Chief Compliance Officer (CCO) and a dedicated Money Laundering Reporting Officer (MLRO).
Local AML Officer Requirement Kazakhstan Crypto: The MLRO must be physically present in the AIFC and authorized to operate in Kazakhstan. This individual is the direct regulatory liaison and the primary internal defense, ensuring local law adherence and immediate responsiveness to AFSA and the Financial Intelligence Unit (FIU).
MLRO Qualifications: The MLRO must possess demonstrable expertise, often holding professional certifications (e.g., ACAMS, CISI) and having a proven track record in financial crime compliance within a regulated environment.
Comprehensive AML/KYC Framework Deep Dive
The submission must include detailed, customized AML/KYC Crypto Kazakhstan policies and procedures, fully aligned with AFSA and FATF requirements.
Risk-Based Approach (RBA) Methodology: The VASP must detail a precise methodology for assessing and classifying customer risk (low, medium, high) based on geography (e.g., sanctioned or high-risk jurisdictions), transaction type (e.g., P2P, mixing services), and Source of Wealth (SoW).
Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD): Protocols must outline verification steps using reliable, independent sources (digital or physical). EDD is mandatory for Politically Exposed Persons (PEPs), high-risk customers, and clients associated with high-risk jurisdictions. This involves meticulous scrutiny and ongoing monitoring.
Source of Funds (SoF) and Source of Wealth (SoW): The VASP must implement detailed procedures for documenting and verifying the legitimacy of the customer’s funds (SoF – where the money for the transaction came from) and their overall wealth (SoW – how they accumulated their total assets). This is particularly critical for large deposits or transfers originating from mining operations or non-regulated wallets.
FATF Travel Rule Implementation: The VASP must demonstrate its capability to comply with the Travel Rule, requiring the secure collection, holding, and transmission of required originator and beneficiary information for qualifying virtual asset transfers (typically transactions exceeding $1,000 USD equivalent). This often necessitates the integration of specialized Travel Rule compliance software.
Transaction Monitoring (TM): Procedures must detail the use of advanced, automated TM systems utilizing both rule-based thresholds and behavioral analytics to detect suspicious activities such as structuring, layering, or rapid, unexplained changes in trading patterns.
Reporting: Clear protocols for filing Suspicious Activity Reports (SAR) to Kazakhstan’s Financial Intelligence Unit (FIU) and required compliance reports to the AFSA, with strict adherence to reporting deadlines.
Technological Readiness and Security Audits
In the digital asset space, technology is regulation. AFSA places immense importance on the security and resilience of the trading platform.
IT Infrastructure Documentation: Applicants must provide a detailed technical architecture diagram, a clear data flow map, and comprehensive documentation for all critical systems, including the trading engine, order book, settlement layer, wallet management, cold storage protocols, and key management systems. Emphasis is placed on system integrity, low-latency performance, and documented change management procedures.
Cybersecurity Risk Assessment and Audits: A mandatory, independent audit must confirm the platform’s capacity to safeguard client funds and data. This requires submission of:
Penetration Testing (PEN Test) Reports: Conducted by an AFSA-approved third-party on both network infrastructure and the application layer.
Detailed Disaster Recovery Plan (DRP): Outlining precise steps, recovery time objectives (RTO), and recovery point objectives (RPO) in the event of a catastrophic failure.
Business Continuity Plan (BCP): Detailing how core business functions will continue during and after a disaster, and evidence that both DRP and BCP are tested at least annually.
Segregation of Assets and Financial Controls: Proof of strict segregation between client assets (both fiat and digital) and company assets is required, often validated by a third-party assurance report (ISAE 3000 or equivalent). This separation is rigorously enforced and ensures client funds are protected in the event of company insolvency, which is a cornerstone of the AIFC Crypto Custody License requirements.
Final Review, Approval, and Post-Licensing Obligations
The final stages involve intensive vetting and transition to operational status.
AFSA Dialogue and Vetting: AFSA will conduct extensive due diligence and often requires multiple rounds of detailed responses and policy amendments. This phase may include physical inspections of the proposed office premises and interviews with the proposed executive team and the MLRO to confirm operational readiness.
Final Approval and Fee Payment: Upon complete satisfaction, the AFSA issues a formal Letter of Consent. The applicant pays the final licensing fees (including the initial fee and the first year’s annual supervision fee) and is granted the official Crypto Exchange License in Kazakhstan.
Ongoing Compliance and Reporting: Obtaining the license is the beginning of a long-term compliance commitment. Licensees must adhere to continuous regulatory reporting requirements, mandatory annual audits (both financial and compliance-related), and must immediately notify AFSA of any material changes to the business model, ownership, or key personnel.
| Phase / Obligation | Key Focus & Timeframe |
| Pre-Filing | Incorporation, Local Office, Paid-Up Capital (1–3 Months) |
| SEC Review | P&P Submission, Deficiency Responses, Regulatory Dialogue (4–9 Months) |
| Verification & Approval | On-site Inspection, Key Personnel Interviews, MOF Final Approval (1–2 Months) |
| Commencement | Business Start-up (Must start within 180 days of approval) |
| Ongoing (Annual) | Financial & Cybersecurity Audits, Continuous FRR/OEB Reporting (Annually/Continuously) |
Request more information
The Competitive Edge: Unparalleled Benefits of an AIFC License
The stringent licensing process is justified by the powerful competitive advantages granted to licensed VASPs, making the investment worthwhile for serious global players.
Zero Tax and Fiscal Competitiveness
The most significant competitive tool is the tax regime. Licensed AIFC participants enjoy exceptional Tax Benefits for Crypto Companies Kazakhstan, designed to attract long-term foreign investment and operational longevity:
0% Corporate Income Tax (CIT): Exemption from CIT on income derived from licensed digital asset activities until January 1, 2066. This long-term tax holiday provides enormous cost savings and a predictable fiscal environment for decades, making the AIFC one of the most tax-friendly jurisdictions globally for crypto operations.
0% Personal Income Tax (PIT): Expatriate and local employees working in the AIFC are exempt from PIT on their salaries derived from AIFC activities, drastically lowering operating and talent acquisition costs in a highly specialized field. This makes hiring and retaining world-class talent significantly easier.
VAT and Capital Gains Exemptions: The sale and circulation of digital assets through AIFC platforms are generally exempt from VAT, and capital gains derived from trading are also exempt, fostering a highly liquid and financially efficient environment free from cumbersome transactional taxes. This eliminates the tax drag on liquidity that plagues many other jurisdictions.
Guaranteed Liquidity from Mining Mandate
Kazakhstan, despite recent regulatory adjustments, remains a major global mining hub. The Digital Assets Law Kazakhstan (effective April 2023) has mandated a powerful mechanism to ensure liquidity for AIFC exchanges.
75% Mandate: The law requires that 75% of all digital assets produced by registered miners within Kazakhstan must be sold exclusively through exchanges licensed by the AFSA. This policy effectively forces a guaranteed, high-volume flow of primary crypto assets onto AIFC platforms, providing licensees with a massive, unfair market advantage in trading volume.
Market Impact: This mandate reduces slippage, guarantees deeper order books, and allows AIFC exchanges to compete immediately with global tier-one exchanges by solving the initial liquidity challenge—the single greatest hurdle for any new crypto exchange. This unique feature solidifies the AIFC’s position as the mandatory fiat-to-crypto gateway for one of the world’s largest mining outputs.
Legal Clarity, Institutional Access, and Geographic Reach
The robust legal and governance framework significantly enhances commercial viability.
English Common Law Certainty: The legal foundation of the AIFC provides a level of legal certainty and investor protection often lacking in other emerging crypto jurisdictions, especially concerning the protection of intellectual property (IP) and smart contracts. The AIFC Court and the International Arbitration Centre (IAC) offer an independent and trusted mechanism for dispute resolution, significantly de-risking investments for global institutional clients.
Institutional Gateway: The rigorous AFSA licensing process and adherence to FATF standards transform licensees into regulated counterparties that can engage with traditional financial institutions, banks, and funds that are otherwise prohibited from dealing with unregulated crypto exchanges.
Eurasian Bridge: The AIFC is geographically situated to serve as a bridge to the massive markets of the CIS, Central Asia, and the broader Eurasian Economic Union (EAEU). The license provides a regulatory passport for securely accessing millions of potential clients in rapidly digitalizing economies.
Risk Management and Ongoing Compliance Challenges
While the benefits are significant, maintaining the Crypto License in Kazakhstan AIFC requires perpetual vigilance. The AFSA is an active, supervisory regulator, adopting a firm stance on non-compliance, with a focus on perpetual readiness.
Continuous Monitoring and Enforcement
Licensees must demonstrate that compliance is a dynamic, evolving process, not a one-time setup.
Continuous AML/CFT Monitoring: Licensees must continuously upgrade their transaction monitoring systems, utilizing external blockchain analytics tools to ensure they can track and report funds originating from sanctioned entities or known illicit addresses. The MLRO is required to conduct periodic, independent reviews of their compliance frameworks and submit a detailed report to the AFSA, documenting system deficiencies and corrective actions.
AFSA Enforcement Powers: The AFSA possesses broad powers to impose significant sanctions for non-compliance, including monetary fines, formal reprimands, restrictions on business activities (e.g., freezing the acceptance of new clients), and, in the most severe cases, license suspension or revocation. Any lapse in reporting suspicious activity or failure to adhere to EDD for high-risk customers will result in immediate, severe enforcement action.
Financial Resilience and Capital Maintenance
Maintaining the financial commitment made during the application phase is non-negotiable.
Maintenance of Capital: Licensees must continuously satisfy the AIFC capital requirements for crypto exchange, which means the required capital must always be held, liquid, and unencumbered by operational liabilities. A breach of capital adequacy rules is one of the most serious violations and requires immediate notification to the AFSA, often leading to a mandatory, time-bound plan for capital injection.
Annual Audits: All licensed entities are subject to mandatory annual financial audits by AFSA-approved audit firms, confirming solvency, segregation of assets, and the accurate valuation of both fiat and digital assets held on the balance sheet. A separate annual compliance audit is often required to validate the effectiveness of the AML/KYC policies and controls.
Cybersecurity Evolution and Resilience
The VASP must treat cybersecurity as a continuous regulatory obligation.
Security Audit Mandate: Given the dynamic nature of cyber threats, the VASP must commit to regular, independent security audits (at least annually, or more frequently if material changes occur) and continually demonstrate investment in upgrading its IT infrastructure.
Incident Reporting: This includes providing immediate notification (often within 24 hours) to the AFSA of any significant security breaches, attempted cyberattacks, or system failures that impact client funds or market integrity. The VASP must also provide a forensic report documenting the cause, impact, and remediation steps taken.
Key Management Assurance: Custody providers must submit regular attestation reports (e.g., SOC 2 Type II or ISAE 3402) from independent auditors, confirming the operational effectiveness of their internal controls over cryptographic key management, cold storage protocols, and access management.
The Fintech Lab Pathway and Future Growth: Kazakhstan's Digital Horizon
For new entrants or those with innovative business models, the AIFC Fintech Lab provides a crucial starting point. This regulatory sandbox allows companies to test novel solutions with adjusted compliance requirements.
AIFC Fintech Lab Application: This is a specialized, faster track for initial approval, providing a controlled environment to validate the concept before applying for the full Kazakhstan VASP License. The sandbox allows for regulatory derogations (temporary waivers of certain rules) for a limited testing period, providing flexibility for cutting-edge projects like complex tokenization solutions or innovative Decentralized Finance (DeFi) applications.
Digital Tenge and National Strategy: Kazakhstan’s dedication to developing blockchain infrastructure and the current pilot phase of its national digital currency (Digital Tenge) further solidify the AIFC’s long-term strategic role. AFSA-licensed entities are expected to be the primary interface for any future Digital Tenge adoption, positioning them at the very center of the nation’s digital financial evolution. This forward-looking approach ensures that the AIFC license remains relevant not just for current crypto trading, but for the future of sovereign digital payments and tokenized real-world assets across Eurasia. The government views the AIFC as a critical piece of infrastructure, making its stability and success a national priority.
FAQ
The fundamental difference lies in the legality of circulation. Outside the AIFC, the definitive legal status of cryptocurrency outside the AIFC in Kazakhstan generally prohibits the issuance and use of unsecured digital assets as a means of payment or exchange. Inside the AIFC, however, its circulation is fully legalized under a Common Law framework, provided the VASP holds a valid Crypto License in Kazakhstan AIFC. The AIFC acts as a "crypto island" within a more restrictive national landscape.
The process typically takes 6 to 9 months. The concept paper is a crucial pre-application document that outlines the VASP's model. It allows the AFSA to provide initial guidance and determines if the applicant should proceed via the standard AFSA Licensing Process or the accelerated AIFC Fintech Lab Application pathway, saving considerable time and resources by mitigating early-stage rejections.
The minimum threshold for the AIFC capital requirements for crypto exchange is risk-based, requiring companies to hold an amount equal to at least six months of estimated operating expenses. For an AIFC Crypto Custody License, the AFSA often requires a higher total capital or a specific insurance bond due to the enhanced risk of asset safekeeping, ensuring robust solvency.
Yes, foreign companies can apply, but must first establish an AIFC-incorporated legal entity. The AIFC offers a simplified labor regime via its Expat Centre. This significantly fast-tracks the issuance of work permits and visas for foreign executives and technical staff, making it easy to meet the requirement for senior personnel to be based within the AIFC jurisdiction.
The Local AML Officer Requirement Kazakhstan Crypto covers two primary roles: the Money Laundering Reporting Officer (MLRO) and the Chief Compliance Officer (CCO) (often combined). This individual must possess demonstrable expertise in anti-money laundering, counter-terrorist financing (AML/CFT) laws, and be physically present in the AIFC. They are responsible for implementing the AML/KYC Crypto Kazakhstan policies and reporting SARs to the FIU.
The Digital Assets Law Kazakhstan directly ensures trading volume by mandating that up to 75% by 2025 of all digitally mined assets in Kazakhstan must be sold exclusively through AFSA-licensed exchanges. This legal mechanism guarantees a substantial, continuous inflow of primary crypto assets, dramatically increasing the liquidity and market depth for the Kazakhstan Crypto Exchange sector in the AIFC.
The mandatory AML/KYC Crypto Kazakhstan policy manual must contain detailed procedures for: 1) A Risk-Based Approach (RBA) methodology; 2) Customer Due Diligence (CDD) for all clients; 3) Enhanced Due Diligence (EDD) for high-risk clients (e.g., PEPs); 4) Source of Funds/Wealth (SoF/SoW) verification protocols; and 5) Comprehensive Transaction Monitoring and SAR reporting procedures.
The main Tax Benefits for Crypto Companies Kazakhstan are the 0% Corporate Income Tax (CIT) and 0% Personal Income Tax (PIT) on AIFC-derived income, both guaranteed until January 1, 2066. Additionally, the exemption from VAT and Capital Gains Tax on digital asset transactions makes the AIFC highly attractive fiscally.
The total estimated cost of Crypto License in AIFC is highly variable, but for a full DATF/Custody license, the total outlay (excluding the ongoing operational capital requirement) typically starts between $150,000 and $250,000. This covers regulatory fees, legal/compliance consulting, IT security audits, and initial corporate setup costs.
Yes, there are restrictions. The AFSA primarily regulates unsecured digital assets. While the framework for secured digital assets (security tokens) is in development, stablecoins and security tokens require specific, additional approvals or may be restricted if they fall outside the current scope of the AIFC Crypto Regulation. VASPs must seek explicit permission for listing any token that could be classified as a security.
The AIFC Court and the International Arbitration Centre (IAC) provide independent dispute resolution based on English Common Law. This is a major benefit for international clients, as it offers a trusted, non-Kazakhstani legal mechanism for resolving commercial disputes, enhancing investor confidence in the jurisdiction.
Applicants must submit a full IT and Cybersecurity Risk Assessment and Penetration Testing Report from an independent, qualified firm during the application phase. Maintaining the license requires the VASP to conduct annual, independent security audits and provide detailed documentation on their disaster recovery and business continuity plans to the AFSA.
The long-term outlook is positive. The AIFC is the sanctioned hub for the future digital economy. The National Bank of Kazakhstan's pilot program for the Digital Tenge (CBDC) is expected to integrate with the AIFC’s financial ecosystem, potentially allowing licensed VASPs to become official intermediaries for the CBDC, further solidifying their central role in the country's financial future.
Offering margin or leveraged trading services is subject to strict AFSA approval. The VASP must demonstrate highly sophisticated risk management systems, adequate capital buffers specific to leveraged products, and detailed client suitability assessments. These services are generally considered high-risk and require enhanced regulatory scrutiny within the AIFC Crypto Regulation framework.
To satisfy the "fit-and-proper" test, directors must provide certified copies of their diplomas (proving relevant education), detailed Curricula Vitae (CVs) demonstrating sufficient experience, police clearance certificates or certificates of no criminal record from all relevant jurisdictions, and a completed AFSA questionnaire detailing any past regulatory history or bankruptcies.
The AIFC's reliance on English Common Law provides predictability, transparency, and a high degree of international familiarity, particularly for investors and legal firms from major financial centres like London, Singapore, and Hong Kong. This legal certainty is a major factor in attracting reputable foreign direct investment to the Kazakhstan VASP License ecosystem.
Licensed VASPs are typically required to submit financial reports (balance sheets, P&L statements) on a quarterly basis and comprehensive compliance/AML reports on a semi-annual or annual basis, depending on their risk classification. All reports must adhere to the international standards (IFRS or relevant accounting standards).