DAA 4.2: refusal grounds joined by 'and' - literally the AFSA must refuse only if both general requirements and capital fail

DAA 4.2 says the AFSA may not grant a licence if "(a) the applicant does not meet general authorisation requirements ..., and (b) the applicant does not have capital of at least USD 200,000". Read literally, the bar applies only when both conditions fail. Rules 2.2 and 3.2 use the positive form ("unless the applicant satisfies all of the following"). The AFSA keeps its general power to refuse, and 4.6.1(2) treats the USD 200,000 as a standing requirement.

Proposed correction

Please replace ", and" at the end of 4.2(a) with "; or", or redraft 4.2 in the positive form used in 2.2 and 3.2.

Jurisdiction

Kazakhstan — AIFC

Act

AIFC Rules on Digital Asset Activities (DAA), V5

Place

DAA V5, 4.2(a)

Record

Discrepancy

Class

Text of the act

Where it arose

The text of the act

Arxo's conclusion

Confirmed

Official text

Unchanged at last check

Last checked

2026-10-24

Evidence

Contradiction within the text. Quotations are verbatim from the official material; translations are ours and marked.

the applicant does not meet general authorisation requirements under the Framework Regulations and other applicable rules, and

the applicant does not have capital of at least USD 200,000.

unless the applicant satisfies all of the following requirements:

the applicant does not have capital of at least USD 200,000.

How to check it without Arxo's tools

1. Open AIFC Rules on Digital Asset Activities_V5 (with amendments as of 7 December 2025, which commence on 1 January 2026) and find DAA V5, 4.2(a); DAA V5, 4.2(b); DAA V5, 2.2 / 3.2(1) (parallel positive form). Compare the text with the quotation above. A copy is kept in this register: 4a5174f747a66c22-daa_v5_01.01.2026.pdf (SHA-256 4a5174f747a66c222093a9cbd075c58816f1761b7a3b2807f86f9b98ccf28557, copy of the official file).
2. Open AIFC Rules on Digital Asset Activities (with amendments as of 13 April 2025, which commence on 13 October 2025) and find Amendments No. 3, 4.2(b) - rewritten, connective unchanged. Compare the text with the quotation above. A copy is kept in this register: 65f769cc1ef6b168-daa_a3_19.05.2025-1.pdf (SHA-256 65f769cc1ef6b168b00e94cdbedbcff984140bcec05015e059bf048f2d94c0d4, copy of the official file).
3. The finding holds if the quoted passages read as shown and the comparison gives the result stated at the top of this page. If it does not, write to us with the record ID.

How this finding was made

AI agents read the official texts, turned the provisions concerned into executable rules and ran the comparison; they also drafted this record. A person at Arxo checked the finding and approved the report before it was sent (2026-10-27).

Responsible institutions

• Astana Financial Services Authority (AFSA) — author of the AIFC Rules

Reported to

Responses

No response recorded.

Documents and reproduction

• AIFC Rules on Digital Asset Activities_V5 (with amendments as of 7 December 2025, which commence on 1 January 2026)
• AIFC Rules on Digital Asset Activities (with amendments as of 13 April 2025, which commence on 13 October 2025)

History

1. 2026-10-24Confirmed by Arxo
2. 2026-10-27Entered in the register
3. 2026-10-27Reported to Astana Financial Services Authority (AFSA) (e-mail)

Cite this record

Arxo Law, Arxo Findings Register, ARXO-2026-0158, https://arxo.io/findings/ARXO-2026-0158/ (status as of 2026-10-24). Data: ARXO-2026-0158.json.