The Astana Financial Services Authority (AFSA) has published its 2025 plan to review and develop key parts of its regulatory framework, with forthcoming proposals expected in securitisation and in the capital markets, digital assets and crowdfunding regimes. Work on the securitisation framework will continue, building on amendments proposed in 2024 that require further review, including changes affecting the structuring and operation of “orphan” Special Purpose Companies (SPCs), the pool of beneficiaries and SPC administration. AFSA is also developing proposals to review rules for the offering, listing and trading of securities, consider further enhancements to the digital assets framework based on feedback and supervisory experience since its 2024 introduction, and revise crowdfunding requirements to strengthen investor protection through enhanced disclosure of default histories and other improvements. Public consultations on capital markets, digital assets and crowdfunding proposals are expected to begin in mid-2025, with additional framework work anticipated later in 2025 for fund management, Islamic finance and insurance. AFSA invited stakeholders to submit early input ahead of consultation and noted the agenda and scope may change as work progresses.

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