According to Reuters:
February 24, 2025 (EZ Newswire) — The Astana Financial Services Authority (AFSA) in Kazakhstan has in principle approved AnchorX to carry out currency services related to digital assets, particularly as an issuer of fiat stablecoins. This milestone marks the first approval for stablecoin-related activities in Kazakhstan, making AnchorX a pioneer in the Central Asian region.
Bilateral trade between Kazakhstan and China continues to grow, highlighting the significant opportunities for using stablecoins in cross-border payments. In 2023, trade between the two countries reached $31.5 billion, a 30% increase from the previous year, with China becoming Kazakhstan's largest trading partner. This solid relationship is attributed to Kazakhstan's strategic location and its key role in China's Belt and Road Initiative. Additionally, Kazakhstan serves as a gateway to Central Asia and the Eurasian continent, where virtual assets are rapidly growing and becoming a new frontier for cryptocurrency and blockchain innovation.
In response to these dynamics, AnchorX will issue a stablecoin, AxCNH, pegged to the offshore Chinese Yuan (CNH). AxCNH is designed to facilitate cross-border payments between offshore Chinese companies and Belt and Road trading partners like Kazakhstan. Each unit of AxCNH is fully backed by an equivalent reserve of CNH, held in an independent custody account at a regulated financial institution, ensuring transaction safety and transparency, with a 1:1 redemption capability. The initial issuance of AxCNH will take place on the Conflux blockchain, known for its security, low latency, and cost-effectiveness.
AnchorX is committed to becoming the leading fiat-backed stablecoin issuer in Asia. The establishment of AnchorX has received strong support from industry leaders in traditional finance and blockchain technology. China's leading investment management company, Hony Capital, manages over $16 billion in assets, providing resource support and business synergy for AnchorX. Additionally, China's leading compliant public blockchain, Conflux Network, provides the underlying technological infrastructure for AnchorX.
About AnchorX
AnchorX is a fintech company based in Hong Kong, dedicated to providing reliable digital currency solutions for those involved in the digital finance space. We understand the importance of trust in financial transactions and seek to bridge the gap between trust and the emerging possibilities of digital assets. Our mission is to become the most trusted digital currency solution provider in Asia, supporting reliable and efficient global transactions. For more information, please visit https://www.anchorx.org.