Why AIFC

The AIFC offers a structured licensing framework under the
Astana Financial Services Authority (AFSA), categorized into three key areas:

1. REGULATED ACTIVITIES

Dealing in Investments as Principal - buying, selling, subscribing for or underwriting any Investment as principal.

Dealing in Investments as Agent - buying, selling, subscribing for or underwriting any Investment as agent.
Managing Investments - managing on a discretionary basis assets belonging to another Person where the assets include any Investment.

Managing a Collective Investment Scheme - establishing, managing or otherwise operating or winding up a Collective Investment Scheme.

Providing Custody - one or more of the following activities: safeguarding and administering Investments belonging to another Person; in the case of a Fund, safeguarding and administering Fund Property; or safeguarding and administering Digital Assets belonging to another Person.

Arranging Custody - arranging for one or more Persons to carry on the Regulated Activity of Providing Custody.

Providing Trust Services - the provision of services with respect to the creation of an express trust; arranging for any Person to act as a trustee in respect of any express trust; acting as trustee in respect of an express trust; or acting as protector or enforcer in respect of an express trust.

Providing Fund Administration - providing one or more of the following services in relation to a Fund:
- processing dealing instructions including subscriptions, redemptions, stock transfers and arranging settlements;
- valuing of assets and performing net asset value calculations;
- maintaining the share register and Unitholder registration details;
- performing anti money laundering requirements;
- undertaking transaction monitoring and reconciliation functions;
- performing administrative activities in relation to banking, cash management, treasury and foreign exchange;
- producing financial statements, other than as the Fund’s registered auditor; or
- communicating with participants, the Fund, the Fund Manager, and investment managers, the prime brokers, the Regulators and any other parties in relation to the administration of the Fund.

Advising on Investments - giving advice to a Person in his capacity as an investor or potential investor, or in his capacity as agent for an investor or a potential investor, on the merits of his buying, selling, holding, subscribing for or underwriting a particular Investment (whether as principal or agent).

Arranging Deals in Investments - making arrangements with a view to another Person buying, selling, subscribing for or underwriting an Investment (whether that other Person is acting as principal or agent).

Managing a Restricted Profit Sharing Investment Account - managing an account or portfolio which is a Restricted Profit Sharing Investment Account (RPSIA).

Islamic Banking Business - providing financing or making Investments by entering as principal or agent into any Islamic Financial Contract while raising funds for those activities through either or both of the following:
- raising, accepting and managing funds or money placements;
- managing Unrestricted Profit Sharing Investment Accounts (UPSIA); provided that all such activities are carried out in a Shari’ah-compliant manner.

Providing Islamic Financing - providing financing in a Shari’ah-compliant manner by entering into any Islamic Financial Contract.

Insurance Intermediation - advising on a Contract of Insurance; acting as agent for another Person in relation to the buying or selling of a Contract of Insurance for that other Person; or making arrangements with a view to another Person, whether as principal or agent, buying a Contract of Insurance.

Operating a Representative Office - the marketing, from an establishment in the AIFC, of one or more financial services or investments which are offered in a jurisdiction other than the AIFC.

Accepting Deposits - accepting money or funds received as a Deposit if that money or funds are lent to other Persons; or used to finance wholly, or partly, any other activity of the Person accepting the Deposit.

Providing Credit - providing a Credit Facility to another Person.

Advising on a Credit Facility - giving advice to a Person in his capacity as a borrower or a potential borrower, or as an agent for a borrower or a potential borrower, on the merits of his entering into a particular Credit Facility.
Arranging a Credit Facility - making arrangements for the provision of a Credit Facility by one or more Persons.
Providing Money Services includes, without limitation:
- providing currency exchange;
- selling or issuing payment instruments;
- selling or issuing stored value;
- execution of payment transactions, including transfers of funds on a settlement account, including a bank account, with the user’s payment service provider or with another payment service provider:
a) execution of direct debits, including one-off direct debits;
b) execution of payment transactions through a payment card or a similar device; and
- executionof payment transactions where the funds are covered by a credit line for a payment service user;
a) execution of direct debits, including one-off direct debits;
b) execution of payment transactions through a payment card or a similar device; and
- money remittance; and
- execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting only as an intermediary between the payment service user and the supplier of the goods and services.

Effecting Contracts of Insurance - effecting Contracts of Insurance as Principal.

Carrying on Contracts of Insurance - carrying on Contracts of Insurance as Principal.
Insurance Management means:
- performing underwriting or administration functions for or on behalf of an insurer or Captive, for the purposes of that insurer effecting or carrying out a Contract of Insurance as principal; or
- arranging reinsurance for and on behalf of an insurer or Captive for whom it is underwriting;
- performing underwriting or administration functions for or on behalf of a Takaful Operator or a Captive Takaful Operator, for the purposes of that Takaful Operator effecting or carrying out a Takaful Contract as principal; or
- arranging Retakaful for and on behalf of a Takaful Operator or Captive for whom it is underwriting.
Takaful Business - the business of conducting either or both of the following activities:
- effecting Takaful Contracts as Principal;
- carrying on Takaful Contracts as Principal.

Opening and Operating Bank Accounts - one or more of the following activities:
- opening and operating Bank Accounts;
- services enabling funds to be placed on a Bank Account as well as all the operations required for operating a bank account; and
- services enabling funds withdrawals from a Bank Account as well as all the operations required for operating a Bank Account.

Operating a Multilateral Trading Facility or "MTF" - a system which brings together multiple third parties buying and selling Investments, rights or interests in Investments, in accordance with its non-discretionary rules, in a way that results in a contract in respect of such Investments.

Operating an Organised Trading Facility or "OTF" - a system which brings together multiple third parties buying and selling Investments, rights or interests in Investments, in accordance with its discretionary rules, in a way that results in a contract in respect of such Investments.

Operating a Digital Asset Trading Facility - operating a facility which functions regularly and brings together multiple parties (whether as principal or agent) with a view to the entering into of contracts:
- to buy, sell or exchange Digital Assets for a Fiat currency; and/or
- to exchange one Digital Asset for another Digital Asset, in its Facility, in accordance with its non-discretionary rules.; and/or
- to buy, sell or exchange Digital Assets for a commodity.

2. MARKET ACTIVITIES

Operating an Exchange - operating a facility which functions regularly and brings together multiple third party buying and selling interests in Investments, in accordance with its non-discretionary rules, in a way that can result in a contract in respect of Investments admitted to trading or traded on the facility.

Operating a Clearing House - operating a facility where confirmation, clearance and/or settlement of transactions in Investments are carried out in accordance with the non-discretionary rules of the facility, under which the Person operating the facility:
- becomes a Central Counterparty (“CCP”); or
- provides a book-entry Securities Settlement System (“SSS”), regardless of whether or not such a Person also operates a Central Securities Depository.

Operating a Loan Crowdfunding Platform means:
- operating an electronic platform that facilitates the bringing together of potential lenders and Borrowers; and
- administering a loan agreement that results from operating the electronic platform.
Operating a Loan Crowdfunding Platform also includes making arrangements for a lender to transfer his or her rights and obligations under a loan agreement.

Operating an Investment Crowdfunding Platform means:
a) operating an electronic platform that facilitates the bringing together of potential Investors and Issuers who wish to obtain funding for a business or project, resulting in an Investor obtaining an Investment from the Issuer seeking funding; and
b) administering an Investment that results from operating the electronic platform.
Operating an Investment Crowdfunding Platform also includes making arrangements for an Investor to sell his or her Investment referred to in (a).

3. ANCILLARY SERVICES

These services support the financial and market activities within the AIFC and include professional services such as:
Legal Services: Providing legal advice and representation.

Audit Services: Conducting financial audits and related services.

Accounting Services: Offering bookkeeping, financial reporting, and related services.

Consulting Services: Providing expert advice in various business areas.

Entities offering ancillary services must comply with the relevant AIFC regulations and obtain the necessary approvals.