09-10-2025 
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Kazakhstan’s largest financial center has launched a pilot for USD-backed stablecoin payments for licensing and supervision fees.
The Astana Financial Services Authority (AFSA) signed a multilateral memorandum of understanding (MMoU) with Bybit Kazakhstan during the Astana Finance Day 2025.
AFSA is the independent financial watchdog of the Astana International Financial Centre (AIFC), the largest financial center in Eastern Europe and Central Asia. Created in 2018, it’s home to over 4,000 companies from 80 countries. It has its own independent legal and tax framework, complete with its own courts separate from the Kazakh judicial system.
While Bybit was the first signatory, AFSA has welcomed any VASP licensed to conduct money services related to digital assets to join the initiative. The VASP will act as the agent for any company making the payment in stablecoins and then remitting the equivalent amount in fiat currency to AFSA.
AFSA will not handle any digital assets and will receive all the payments in fiat currency, just as it has been doing all along. This mirrors almost every other digital asset payment scheme initiated by national governments and local authorities globally; while they announce digital asset acceptance as a significant stride in digital payments, they relegate all the digital currency aspects to a middleman and only accept fiat.
This happened in Switzerland, where the city of Lugano made a big splash about accepting stablecoins, but in the background, it only received Swiss francs. It was the same in Ohio, where the government accepted digital asset tax payments, but behind the scenes, BitPay converted the assets to U.S. dollars for the state. The same happens in Russia’s much-publicized oil-for-crypto deals with China, Brazil’s property tax payments in digital assets, Detroit’s digital currency tax payments, and more.
Still, Bybit has described the partnership as a landmark moment for stablecoins and Central Asia’s broader digital asset sector.
“With compliant, secure, and frictionless solutions built for digital assets, Bybit and AFSA share the vision of empowering entrepreneurs, consumers, and businesses to capture borderless opportunities in the stablecoin-powered payment revolution,” stated Mazurka Zeng, the exchange’s COO for Kazakhstan.
In a separate statement to one news outlet, a representative for Bybit claimed that the current payment methods, which include wire payments and bank transfers, are slow and costly, “especially for firms whose primary treasury is held in digital assets.”In her statement, AFSA CEO Evgeniya Bogdanova lauded the initiative as proof that Kazakhstan is the regional digital asset leader.
“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 and innovation while aligning with global trends in stablecoin adoption,” she said.
The initiative comes amid the rapid rise in stablecoin adoption globally as the fiat-backed tokens infiltrate mainstream payment circles. Stablecoins are now just shy of $300 billion in market capitalization, and Standard Chartered (NASDAQ: SCBFF) projects they will hit $2 trillion in three years.
Hong Kong to launch third blockchain bond
In Hong Kong, the government is set to launch its third blockchain-based digital bond after the success of the two previous campaigns.
The city-state has appointed some unnamed banks for potential sales, reports Bloomberg, citing sources within the government.
Hong Kong rolled out its first digital bond in 2023. Issued on the Goldman Sachs (NASDAQ: GS) Digital Asset Platform, the tokenized green bond was worth HK$800 million (US$102 million) and was supported by Bank of China (NASDAQ: BACHY), HSBC (NASDAQ: HSBC), Goldman Sachs, and Credit Agricole (NASDAQ: CRARF).
The second, worth $750 million, was launched in February last year and was underwritten by the same four banks. However, the city migrated from the Goldman Sachs platform to Orion, HSBC’s permissioned blockchain network.
It’s not yet clear which way the city is leaning with its third bond, but HSBC appears to be a big favorite as its Orion platform has been the platform of choice for most digital bond issuers in Hong Kong. Despite only launching in February 2024, Orion has recorded over $1.7 billion in issuances. Its integration with the city’s central securities depository and clearing system, allowing both blockchain-powered and traditional purchases, has expanded its market.
Watch | MiCA and the future of stablecoins: What comes next for Tether?
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