Astana Financial Services Authority (AFSA) has published its expected approach to Event-Based Contracts in the AIFC, enabling testing within the AIFC FinTech Lab under a controlled regulatory environment.

AFSA was established as a result of the initiative of the former President of Kazakhstan, Nursultan Nazarbayev, and operates as per the Constitutional Statute relating to the Astana International Financial Centre, dated December 2015. The AIFC aims to attract inward investment to the Kazakh economy through the establishment of an attractive and business-friendly environment for financial services and capital markets, including securities, insurance, banking and Islamic finance. The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC) established under the Constitutional Statute to regulate financial services and related activities in the AIFC. AFSA’s purpose is to facilitate business by maintaining the safety and robustness of the AIFC financial system and to ensure that financial markets in the AIFC are fair, efficient and transparent. The AIFC Regulations and Rules provide for the authorisation, registration, recognition and supervision of financial firms and market institutions. AFSA mission is to create and maintain a regulatory environment for fair and transparent financial markets.