15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the AFSA licence, including banking and payment rails.
Forex license in Kazakhstan: AFSA licence in the AIFC.
A forex license in Kazakhstan is a licence from the Astana Financial Services Authority (AFSA) to deal in investments as principal inside the Astana International Financial Centre (AIFC). Base capital is USD 500,000, the application fee USD 14,000, and the AFSA's average is two to three months from a materially complete file. The tax exemption to 1 January 2066 depends on substance. We run the file from Astana.
Updated · Reviewed by the Prifinance team
Forex license in Kazakhstan: the AIFC, a legal regime of its own inside Astana.
The forex and CFD route in Kazakhstan runs through the Astana International Financial Centre, a special legal regime inside the city of Astana created by Constitutional Statute No. 438-V of 7 December 2015 on the AIFC. AIFC Acts are adopted in English (Art. 16) and may be based on the principles, legislation and precedents of the law of England and Wales (Art. 4(1)). The AFSA, established under Art. 12, licenses the firms. Forex and CFDs get no licence category of their own. Under GEN 1.1.10 a firm deals as principal when it holds itself out as willing to buy and sell at prices it sets, generally and continuously, which is what a market maker quoting to clients does. That firm needs the AFSA licence for Dealing in Investments as Principal, with USD 500,000 of base capital, or USD 50,000 as a matched principal. Dealing in Investments as Agent (USD 50,000) and Arranging Deals in Investments (USD 10,000) usually sit beside it.
Fees are set in dollars by the AFSA's Fees Rules: USD 14,000 to apply for dealing as principal, then USD 11,200 a year. A firm applying for several activities pays the highest fee and 50% of each other one, so Principal, Agent and Arranging together cost USD 24,500 to apply and USD 16,800 a year, plus USD 500 per approved individual application. Retail CFDs are allowed on the AIFC's own conduct rules, COB 5.3.4 and COB 5.7. They mean an appropriateness test, margin before a position opens, close-out at 50% of margin, negative balance protection, no bonuses and reasonable steps against credit-card margin. Income from brokerage, dealer or underwriting services is exempt from corporate income tax until 1 January 2066 and from VAT, for a firm with real substance in the AIFC. The AFSA is selective. In 2025 it authorised 29 financial services firms, and a number of other applications did not progress past its authorisation review.
An AFSA licence in Astana's AIFC for Dealing in Investments as Principal: USD 500,000 of base capital, USD 14,000 to apply and USD 11,200 a year; the AFSA's average is two to three months from a complete file, and we plan 6-9 months.
Retail CFDs are allowed on COB 5.7 terms. Brokerage and dealer income is exempt from corporate income tax until 1 January 2066, and from VAT, for firms with real substance in the AIFC.
Principal dealing at USD 500,000, or matched principal and agency at USD 50,000.
One AFSA licence lists the Regulated Activities a firm may carry on, and each activity brings its own base capital and fee. A market maker takes Dealing in Investments as Principal. A broker that only passes on or matches client orders can start lower and add principal dealing later through a licence modification, which carries its own fee.
Principal dealing at USD 500,000; matched principal or agency at USD 50,000.
The market-making AIFC firm
A CFD or FX market maker in the AIFC quotes its own prices to clients, so it holds Dealing in Investments as Principal and USD 500,000 of base capital. The AFSA's minimum capital requirement stacks credit, market and operational risk on that base, and liquid assets must cover 25% of annual operating expenditure.
A CFD or FX market maker in the AIFC quotes its own prices to clients, so it holds Dealing in Investments as Principal and USD 500,000 of base capital. The AFSA's minimum capital requirement stacks credit, market and operational risk on that base, and liquid assets must cover 25% of annual operating expenditure.
- ✓Dealing in Investments as Principal
- ✓USD 500,000 base capital
- ✓Credit, market and operational risk on top
- ✓Liquid assets: 25% of annual expenses
- ✓USD 14,000 to apply · USD 11,200 a year
- ✓Retail CFDs on COB 5.7 terms
The matched-principal or agency firm
A broker that matches each client trade can hold the matched-principal variant, at USD 50,000 of base capital and a USD 7,000 annual fee. A pure agent also needs USD 50,000, pays USD 14,000 to apply and USD 9,800 a year, and adds a quarterly levy of 0.0005% of assets under brokerage only once those pass USD 490 million.
Matched principal: USD 50,000, USD 7,000 a year. Agent: USD 50,000, USD 9,800 a year plus a levy above USD 490m.
- ✓Matched principal: USD 50,000 base capital
- ✓Matched principal: USD 7,000 a year
- ✓Agent: USD 50,000 · USD 14,000 to apply
- ✓Agent: USD 9,800 a year
- ✓Levy 0.0005% a quarter above USD 490m
- ✓Principal dealing added by modification
Costs and timelines are confirmed for your case before any work begins. The AFSA's fees are non-refundable and an application counts as submitted only once its fee is paid; registering an AIFC private company online costs USD 500, and capital and substance costs are itemised beside them.
English-language rules, published service standards and a tax exemption with a condition.
The AIFC gives a broker a court, a review timetable and a tax position of its own, and asks in return for people and real activity in Astana.
Disputes about AIFC activities governed by AIFC law belong to the AIFC Court exclusively (Art. 13(4)), and its decisions are enforced in Kazakhstan like those of Kazakh courts (Art. 13(8)). English is the official language of the centre (Art. 15).AIFC Court, English as official language.
The AFSA acknowledges an application within 2 working days and names a case officer, sends the Initial Review Letter within 4 weeks, returns second-round comments within 2 weeks and reports on status at least monthly.Review letter within 4 weeks.
The AFSA's 2025 annual report counts 30 brokers and dealers holding its licence, with USD 10.1 billion of broker-dealer client assets and more than 300,000 clients.30 licensed; USD 10.1bn client assets.
Brokerage and dealer income earned in the AIFC carries no corporate income tax until 1 January 2066 (Art. 6(3)), and the same services are exempt from VAT (Art. 6(8-2)). The price is substance: core activities, operating expenses and qualified staff in the centre, as the 2021 rules and the October 2023 guidance require.With real substance in Astana.
An AIFC Participant may employ foreigners without obtaining work permits (Art. 8(1)), and employees and their families can receive entry visas of up to 5 years (Art. 7(2)).No work permits needed.
The Fast-Track opened on 20 August 2026 serves only firms licensed by the FCA, ASIC, MAS, SFC, HKMA, ADGM FSRA, DFSA or QFCRA. No EU regulator is on that list, so a group licensed by CySEC files on the standard route.Fast-Track excludes EU regulators.
How Kazakhstan differs from other routes.
The AIFC asks USD 500,000 of base capital for principal dealing, where the DFSA asks US$2 million for Category 2 in Dubai, and USD 50,000 for a matched principal against the DFSA's US$500,000 for Category 3A. Cyprus sells the EU passport, which no AIFC licence carries, at €750,000 for dealing on own account. Georgia's NBG decides within 45 working days of the application, extendable by up to 15; the AFSA's average is two to three months once the file is complete.
| Feature | Kazakhstan | Other jurisdictions |
|---|---|---|
| Principal dealing capital | USD 500,000 base capital · AFSA | US$2 million DFSA Cat 2 · €750,000 CySEC |
| Matched principal / agency | USD 50,000 | US$500,000 DFSA Cat 3A · CySEC €75k-€150k agency, €750k matched principal |
| Realistic timeline | 6-9 months · AFSA average 2-3 | 8-14 months Cyprus and DIFC 3A · 3-6 Georgia |
| Profit tax | Exempt to 1 Jan 2066 with substance | 9% · 0% qualifying UAE · 15% Cyprus (2026) |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
Kazakhstan · AIFC | AFSA licence · Dealing as Principal | CIT exempt to 2066, VAT exempt · substance | USD 500k base capital, USD 14,000 fee |
UAE · DIFC | DFSA Cat 3A/2 | 9% · 0% qualifying | US$500k-2M, common law |
Georgia | NBG brokerage company | 0% · 15% distributed | GEL 500k capital · 45 working days |
Cyprus | CySEC CIF | 15% CIT (2026) | IFD tiers, EU passport |
Kazakhstan · AIFC
UAE · DIFC
Georgia
CyprusForex licences in neighbouring jurisdictions
All 79 forex licence jurisdictions →
How to start a forex brokerage: license, capital and steps →
Forex license requirements in Kazakhstan: what the AFSA checks.Kazakhstan forex license requirements.
The AFSA assesses five licence conditions in GEN 1.1.3-1.1.7: adequate financial resources, adequate non-financial resources, fitness and propriety, a structure it can supervise and compliance arrangements. The file below follows its activity page for dealers and its February 2026 guide.
Reflects the Constitutional Statute as amended to 30 December 2022, FSFR Amendments No. 10 (in force 1 January 2024), GEN as amended from 13 October 2025 and the AFSA's February 2026 guide, as of October 2026.Constitutional Statute, FSFR, GEN and the AFSA guide of February 2026, as of October 2026.
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawConstitutional Statute No. 438-V of 7 December 2015 on the AIFC (amended to 30 December 2022) - aifc.kzaifc.kz
- RegulatorAFSA - Authorisationafsa.aifc.kz
- RegulatorAFSA - Dealing in Investments as Principalafsa.aifc.kz
- FeesAFSA - AIFC Fees Rulesorderly.myafsa.com
- RegulatorAFSA - AIFC Conduct of Business Rulesorderly.myafsa.com
From the first AFSA meeting to the licence.
A preliminary meeting or call with the AFSA, which recommends going through the AIFC Client Office first; we present the model and the Regulated Activities it needs.Through the AIFC Client Office.
The draft application with the regulatory business plan goes to the AFSA, and its feedback meeting sets what the formal file must fix.Business plan, AFSA comments.
Filed with the fee, without which the AFSA does not regard the application as submitted (FEES 5.1.1). Key individuals are interviewed, and the Initial Review Letter comes within 4 weeks.Fee paid; review letter in 4 weeks.
Approval arrives with conditions. The AIFC company is then incorporated or registered, the board appointed and the initial capital injected.Company registered, capital injected.
The AFSA issues the licence. The first annual fee, pro rata for the whole months left in the year, is paid within 21 days (FEES 3.1.4).First annual fee within 21 days.
The AFSA's average runs from a materially complete application, and an applicant has up to 2 months to answer the Initial Review Letter. From the first meeting to the licence we plan for 6-9 months.
Run from our Astana office.

A private company registered with the AIFC Registrar of Companies in step with the AFSA file, with premises in Astana and a board the AFSA can assess member by member.Registered in step with the file.
Application RA, the Dealing and Advisory supplement, the approved-individual forms and the USD projections, drafted by us and taken through the AFSA's review letters.Drafted and taken to approval.
Candidates for SEO, Finance Officer, Compliance Officer and MLRO found, prepared for the AFSA's interviews and, where they come from abroad, relocated to Astana.Four roles, ready for interview.
Core income-generating activities, operating expenses and qualified staff placed in the AIFC and documented in the economic study, so the exemption to 2066 rests on facts.Built for the 2066 exemption.






Taxation of forex brokers in Kazakhstan.
Art. 6 of the Constitutional Statute sets the AIFC's exemptions; the two a broker relies on, corporate income tax and VAT, depend on substance.
Art. 6(3) exempts AIFC Participants from corporate income tax on income from brokerage, dealer or underwriting services provided in the AIFC until 1 January 2066, in the wording in force since 1 January 2023. Exempt and taxable income are accounted for separately (Art. 6(5)).Listed services, to 1 Jan 2066.
Art. 6(8-2) exempts the services listed in paragraph 3 from value added tax, so a broker's dealing and brokerage in the AIFC carry none.Same services, Art. 6(8-2).
The Substantial Presence Rules, adopted by the AFSA and the State Revenue Committee in December 2021, govern both exemptions. Joint guidance of 30 October 2023, approved by the OECD Forum on Harmful Tax Practices, requires core income-generating activities, adequate operating expenses and an adequate number of qualified employees, plus an economic study.Activities, expenses, qualified staff.
Until 1 January 2066, individual and corporate shareholders pay no income tax on dividends from AIFC companies or on gains from selling their shares (Art. 6(7)).AIFC companies, to 2066.
Foreign employees of an AIFC Participant that provides the exempt services pay no personal income tax on their AIFC employment income until 1 January 2066 (Art. 6(6)), and such a participant is exempt from property and land tax for its facilities in the AIFC (Art. 6(8)).No income tax on AIFC pay.
AIFC companies are tax residents of Kazakhstan, so income from anything outside the Art. 6(3) list falls under the Tax Code. We confirm the general rates for those income lines before modelling them.Under the Tax Code.
*As of 2026 per Art. 6 of Constitutional Statute No. 438-V (amended to 30 December 2022) and the AIFC substantial presence rules and guidance. Group and founder-level outcomes are modelled per structure.
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Builds the application itself: AIFC private company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
Active across our channels.
Get your forex license in Kazakhstan with expert support.
Full-service assistance - from the AIFC company and the AFSA application to the licence, the approved individuals and the substance file for the tax exemption - run through our Astana office.
Get a consultation →Is Kazakhstan the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
What founders ask about a forex licence in the AIFC.
What licence does a forex broker need in Kazakhstan?+
An AFSA licence for Dealing in Investments as Principal, held by an AIFC company in Astana. The AIFC has no separate forex or CFD licence, so a market maker applies for the Regulated Activities it carries on and usually adds Dealing in Investments as Agent and Arranging Deals in Investments.
How much capital does an AIFC CFD broker need?+
USD 500,000 of base capital to deal as principal and USD 50,000 as a matched principal or agent. The AFSA's minimum capital requirement adds credit, market and operational risk on top, and a start-up may have to hold enough to cover its expenses on a zero-revenue basis.
How long does a forex license in Kazakhstan take?+
The AFSA's average is around two to three months from a materially complete application, with its Initial Review Letter due within 4 weeks. The draft, the feedback meeting, In-Principle Approval and the capital injection come on top, so we plan for 6-9 months end to end.
What does a forex license in Kazakhstan cost?+
AFSA fees are USD 14,000 to apply for dealing as principal and USD 11,200 a year, plus half the fee of each further activity, and USD 500 per approved individual application. Base capital is USD 500,000. Company registration, staff and substance costs are confirmed in the quote.
Can an AIFC broker offer CFDs to retail clients?+
Yes, after the COB 5.3.4 appropriateness test and on COB 5.7 terms: margin before a position opens, all positions closed below 50% of the margin deposited, negative balance protection, no bonuses or fee rebates, and reasonable steps against credit-card margin. AFSA guidance sets minimum margin by asset class; we confirm its current percentages with the AFSA before launch.
Is the AIFC tax exemption automatic?+
No. The corporate income tax exemption to 1 January 2066 and the VAT exemption cover only income from the listed services, brokerage and dealing among them, and they depend on substance in the AIFC: core income-generating activities, adequate operating expenses and enough qualified employees, shown in an economic study.
Which people does the AFSA approve?+
Four approved individuals at all times: the Senior Executive Officer, Finance Officer, Compliance Officer and MLRO, and the AFSA does not expect one person to combine the SEO and compliance roles. It may also require a controlled function to be held by a resident of Kazakhstan (FSFR s. 45).
Can an AIFC firm serve clients abroad or in Kazakhstan?+
The AFSA licence carries no passport, so each foreign market is checked against its own rules. Kazakh residents outside the AIFC can be served only as Schedule 2 of the AIFC Currency Regulation Rules allows; it lists dealer services and brokerage on international capital markets, in any currency.
Kazakhstan or Dubai for a CFD market maker?+
Dubai, if standing with Gulf banks and liquidity providers decides it: a DFSA Category 2 permission reads institutionally across the region, at US$2 million of base capital and 9% corporate tax with 0% on qualifying income. The AIFC asks USD 500,000 and exempts brokerage and dealer income until 1 January 2066 for firms with substance in Astana.
Why Prifinance for Kazakhstan?+
We build the AIFC company, the AFSA application and the substance file behind the tax exemption as one programme, and prepare the four approved individuals for interview. The work runs through our Astana office.
What licence?+
AFSA, Dealing in Investments as Principal.
Capital?+
USD 500k; USD 50k matched or agent.
How long?+
AFSA average 2-3 months; 6-9 planned.
Cost?+
USD 14,000 fee; USD 11,200 a year.
Retail CFDs?+
Allowed on COB 5.7 terms.
Tax automatic?+
No - substance in the AIFC first.
Who is approved?+
SEO, Finance, Compliance, MLRO.
Clients elsewhere?+
No passport; currency rules for residents.
Or Dubai?+
Dubai for standing; AIFC for cost and tax.
Why you?+
Astana office, substance built in.
Founders who wanted it done right.
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One message away from your Kazakhstan forex licence.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: whether an AIFC licence fits your model and what it will cost.
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Astana Financial Services Authority (AFSA) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.