Роль МФЦА в регулировании цифровых активов в Казахстане: проблемы и ограничения

The aim of this article is to analyze the regulatory framework of the Astana International Financial Centre (AIFC), identify key issues and limitations of the current regulation of digital assets within the AIFC jurisdiction, and assess its alignment with the national legal system and international standards. The study revealed that, despite the institutional advancements of the AIFC, several challenges remain: conflicts with national legislation, fragmentation of the legal environment, lack of full integration with the banking sector, risks of regulatory arbitrage, and limited scalability of the model across the territory of Kazakhstan. The value of the research lies in its proposed systemic measures for harmonizing legal regimes, addressing regulatory gaps, and establishing a unified legal environment for the sustainable development of digital assets in Kazakhstan in accordance with international best practices. The practical significance of the study’s findings lies in their potential use in the development of subordinate legal acts, the institutional strategy of the AIFC, and the formulation of national policies in the field of digital economy and fintech initiatives. Keywords: AIFC, digital assets, regulation, regulatory sandbox, tokenization, cryptocurrency, regulatory arbitrage.