Product Keynote: Astana International Finance Centre

Kazakhstan has quietly emerged as one of the world's most progressive jurisdictions for cryptocurrency regulation, and at Breakpoint 2025, Renat Bekturov from the Astana International Finance Centre (AIFC) revealed just how far this Central Asian nation has come—including launching what is arguably the world's first Solana ETF with staking, beating the United States by a month.

Summary

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The Astana International Finance Centre represents a remarkable story of rapid institutional adoption of blockchain technology. In just one year since first learning about Solana through a chance meeting with the Solana Foundation's Akshay B.D. in Abu Dhabi, Kazakhstan has established a Solana Super Team, created a dedicated Solana Special Economic Zone, and facilitated the launch of groundbreaking financial products built on the network.

What makes AIFC particularly noteworthy is its comprehensive regulatory framework for digital assets. Operating as a special economic zone based on common law—similar to Abu Dhabi Global Markets and Dubai International Financial Center—AIFC has carved out a unique position as the only jurisdiction of its kind in Central Asia and Eastern Europe. The center now ranks 68th among global financial centers and is home to over 4,800 registered companies, with more than half joining in just the past two years.

The jurisdiction's crypto-friendly stance has attracted major players including Binance and ByBit, who hold licenses with AIFC alongside seven local exchanges. The explosive growth in trading volume tells the story: from $1.8 billion in 2024 to nearly $7 billion in just the first nine months of 2025—a threefold increase that signals serious institutional momentum.

Perhaps most significantly, AIFC's regulatory framework has received international validation from the International Organization of Securities Commissions (IOSCO), which assessed the jurisdiction as one of only four globally to meet all their requirements and recommendations for digital asset regulation.

Key Points:

The First Solana ETF with Staking

In September 2024, a fund manager registered within AIFC's jurisdiction launched what Bekturov describes as "arguably the first Solana ETF with staking." This product preceded similar offerings in the United States by approximately one month, positioning Kazakhstan as a pioneer in sophisticated crypto investment products. The significance of a staking-enabled ETF cannot be overstated—it allows traditional investors to gain exposure to Solana while also earning yield from the network's proof-of-stake consensus mechanism, bridging the gap between traditional finance and DeFi in a regulated environment.

Comprehensive Digital Asset Regulation

AIFC introduced an extensive regulatory framework in 2024 following a one-year pilot project conducted in collaboration with Kazakhstan's central bank. This pilot established connections between commercial banks and licensed crypto exchanges, creating what Bekturov called a "bridge for DeFi" between traditional and decentralized finance. The current framework includes 29 different categories of digital asset service providers, encompassing crypto funds, crypto brokers, and various other service types. The FinTechLab component creates a controlled environment for safely launching new products, with 24 applicants currently in the program.

Stablecoin Licensing and Regulatory Adoption

AIFC permits the issuance of stablecoins under its regulatory framework, with at least one license holder already operating. The requirements are straightforward, with the only restriction being that stablecoins cannot be denominated in the local currency, the Kazakhstan tenge. In a move demonstrating institutional confidence in digital assets, the AIFC's regulator—the Astana Financial Services Authority—now accepts payments for its services and fees in stablecoins. The first such payment was recently processed through ByBit, marking a significant milestone in regulatory adoption of cryptocurrency.

IOSCO Recognition and Global Standards

The International Organization of Securities Commissions recently assessed 20 jurisdictions with digital asset regulations in place, and AIFC emerged as one of only four jurisdictions that met all IOSCO requirements and recommendations. The assessment specifically mentioned AIFC as a "role model" for crypto regulation. While Bekturov acknowledged that these implementations still need to be tested by time and market participants, this international recognition positions Kazakhstan as a credible destination for crypto businesses seeking regulatory clarity.

Rapid Growth and Market Development

The trajectory of AIFC's digital asset ecosystem demonstrates remarkable acceleration. Trading volumes among all digital asset service providers grew from $1.8 billion in 2024 to nearly $7 billion in the first nine months of 2025 alone. This threefold growth reflects both the maturation of the regulatory framework and increasing confidence from market participants. The jurisdiction's registered company count of 4,800—with over half joining in 2024 and 2025—suggests this growth shows no signs of slowing.

Facts + Figures

• AIFC launched what is arguably the world's first Solana ETF with staking in September 2024, one month before similar US offerings
• AIFC ranks 68th among global financial centers and is number one in Central Asia and Eastern Europe
• Over 4,800 companies are registered with AIFC, with more than half joining in 2024-2025
• Digital asset trading volumes grew from $1.8 billion in 2024 to nearly $7 billion in the first nine months of 2025
• Binance, ByBit, and seven local exchanges hold AIFC licenses
• AIFC's regulatory framework includes 29 different categories of digital asset service providers
• 24 applicants are currently in AIFC's FinTechLab program
• AIFC is one of only four jurisdictions globally to meet all IOSCO requirements for digital asset regulation
• The Astana Financial Services Authority now accepts fee payments in stablecoins
• Kazakhstan created a Solana Special Economic Zone within the past year
• Lily Liu, President of the Solana Foundation, visited Kazakhstan twice and moderated a discussion with the country's president

Top Quotes

• "Since then, in a year, we've created a Solana super team, we've created a Solana Special Economic Zone."

• "One of the fund managers in our jurisdiction have launched, arguably, the first Solana ETF with stacking. Arguably, I say, because the one in the US came in October, so I think that the one launched in AIFC was the very first one."

• "We are number one in region of Central Asia and Eastern Europe, and we are the only ones. We don't have any competition, actually, in the region."

• "Our regulator itself accepts payments for its services and fees in stable coins."

• "AIFC was among top who hit all the requirements or recommendations that IOSCO made. And we've been mentioned a few times as the role model."

• "You can see this year already in nine months, it's almost 7 billion. That's a growth of three times."

• "This is a very active growing market. And it has, I believe, a lot more potential."

Questions Answered

What is the Astana International Finance Centre?

The Astana International Finance Centre is a special economic zone and jurisdiction based on common law, located in Kazakhstan's capital city of Astana. Similar to Abu Dhabi Global Markets and Dubai International Financial Center, it focuses on capital markets while maintaining a particularly crypto-friendly regulatory environment. Currently ranked 68th among global financial centers, AIFC holds the unique distinction of being number one in Central Asia and Eastern Europe, with no direct competition in the region.

Was the Solana ETF with staking launched in Kazakhstan really the first in the world?

According to Bekturov, the Solana ETF with staking launched by a fund manager in AIFC's jurisdiction in September 2024 was indeed the first of its kind globally. While he notes this claim is "arguable," the US version didn't launch until October 2024, giving Kazakhstan a one-month head start. This positions AIFC as a pioneer in sophisticated crypto investment products that bridge traditional finance with DeFi functionality.

What makes Kazakhstan's crypto regulation special?

Kazakhstan's AIFC has developed one of the most comprehensive digital asset regulatory frameworks globally, with 29 different categories of digital asset service providers. The framework was validated by IOSCO, the International Organization of Securities Commissions, which assessed 20 jurisdictions and identified AIFC as one of only four that met all requirements and recommendations. The jurisdiction was specifically mentioned as a "role model" for crypto regulation.

Can stablecoins be issued in Kazakhstan?

Yes, AIFC permits the issuance of stablecoins under its regulatory framework. At least one entity has already obtained a stablecoin license. The only restriction is that stablecoins cannot be denominated in the local Kazakhstan tenge currency. Notably, the regulatory body itself—the Astana Financial Services Authority—accepts fee payments in stablecoins, demonstrating institutional confidence in these digital assets.

How fast is Kazakhstan's crypto market growing?

The growth has been explosive. Digital asset trading volumes among all licensed service providers in AIFC grew from $1.8 billion in 2024 to nearly $7 billion in just the first nine months of 2025—a threefold increase. The number of registered companies has also surged, with over half of the current 4,800 companies joining in just the past two years.

What major exchanges operate in Kazakhstan?

AIFC has licensed major international exchanges including Binance and ByBit, alongside seven local cryptocurrency exchanges. These licenses were facilitated through a pilot program conducted with Kazakhstan's central bank, which helped establish connections between commercial banks and crypto exchanges to create a bridge between traditional finance and digital assets.