Bybit becomes first crypto exchange to offer stablecoin payments for regulatory fees in Kazakhstan

Kazakhstan has made a significant move in embracing digital finance by allowing stablecoin payments for regulatory fees in the Astana International Financial Centre (AIFC). The Astana Financial Services Authority (AFSA), the regulatory body overseeing AIFC operations, announced on Thursday that companies within the AIFC can now pay license and supervision fees using USD-pegged stablecoins such as Tether (USDT) or Circle’s USDC.

This initiative was officially launched at Astana Finance Days 2025, where Bybit, a centralized crypto exchange (CEX), became the first company to sign a multilateral memorandum of understanding (MMoU) with the AFSA. This makes Bybit the inaugural participant in the program, marking a pioneering moment in Kazakhstan’s digital finance landscape.

This initiative represents a first-of-its-kind regulatory framework for payments in stablecoins in the region, signaling Kazakhstan’s ambition to position the AIFC as a hub for digital finance.

Replacing fiat-only payments with stablecoin options

Traditionally, AIFC companies have paid regulatory fees using bank transfers and wire payments in fiat currencies, such as the US dollar or the Kazakhstani tenge. However, these methods often result in delays, high transaction costs, and limited flexibility, especially for companies whose primary treasury is held in digital assets.

By allowing payments in stablecoins, Kazakhstan aims to provide a faster, cost-efficient, and transparent alternative for companies, particularly those with crypto holdings. Bybit spokespersons noted that stablecoins like Tether (USDT) or USDC will offer much-needed improvements in payment processing for crypto-related businesses.

Participation in the stablecoin payment project

To participate in the stablecoin payment project, companies must sign an MMoU and meet the eligibility criteria set by the AFSA. Bybit, as the first signatory, officially joined the program during the Astana Finance Days 2025, with Mazurka Zeng, CEO of Bybit, and Evgeniya Bogdanova signing the agreement.

The AFSA has indicated that the names of participating providers will be listed on its official website after signing the MMoU, though additional details about the eligibility requirements were not immediately available.

Impact on Kazakhstan’s growing crypto ecosystem

Kazakhstan’s regulatory shift comes amid the country’s growing influence in the crypto sector, especially in cryptocurrency mining. The move to accept stablecoin payments aligns with the country’s ongoing efforts to foster the digital asset ecosystem. The decision is seen as a significant step toward establishing Kazakhstan as a digital finance hub in the region.

The announcement also follows recent news of BitGo, a US-regulated crypto custodian, assisting Fonte Capital in launching Central Asia’s first spot Bitcoin ETF. With these developments, Kazakhstan has firmly positioned itself as a key player in both crypto investment and mining industries.

In June, local authorities also began exploring the idea of a state-run crypto reserve, likely funded by digital assets mined or seized by the government, further signaling Kazakhstan’s commitment to integrating digital assets into its national strategy.

Expert insights on the move

Jesse Knutson, head of operations at Bitfinex Securities, which has operated in Kazakhstan since 2021, commented that the project demonstrates how stablecoins like USDT are central to the development of tokenized financial markets. FSA’s actions reflect Kazakhstan’s continued role as a first-mover in the crypto regulatory space, having already established a regulatory framework for tokenized securities.

FSA led the way by becoming one of the first to develop a regulatory regime for the issuance and listing of tokenized securities, and they are again a first-mover in accepting USDt and others as a fungible currency for their own regulatory fees.