Aroot Passes AIFC Preliminary Review for Its Own Stablecoin

Following its recent acquisition of an electronic payment gateway company (PG company) to establish a global payment platform, Aroot is now entering the next-generation financial infrastructure stablecoin market. On February 2, Aroot announced that it has passed the preliminary review by the Astana Financial Services Authority (AFSA), the regulatory body of the Astana International Financial Centre (AIFC), for its stablecoin issuance and settlement business.

This preliminary review by the Astana Financial Services Authority (AFSA) focused on rigorous verification of core eligibility requirements for stablecoin issuers, including financial soundness, reserve management systems, and anti-money laundering/counter-financing of terrorism (AML/CFT) systems.

The Astana International Financial Centre (AIFC) is a special financial jurisdiction that operates an independent legal and judicial system based on English common law. Recently, the AIFC launched a pilot project allowing regulatory and licensing fees to be paid using stablecoins.

Global top-tier cryptocurrency exchange Bybit is participating as the first partner in this project, and the world's largest exchange, Binance, has also obtained an official license to expand its digital asset-related business. Notably, Binance founder Changpeng Zhao (CZ) has announced plans to enter the stablecoin business in the AIFC.

Building on this preliminary review, Aroot plans to begin the main review process to obtain a license to issue its own USD-based stablecoin. Leveraging the payment infrastructure secured through its recent acquisition of a PG company, Aroot intends to launch global payment platforms and cross-border remittance and settlement platforms, and to advance its stablecoin-based financial business model through collaborations with global companies.

A company representative stated, "After reviewing stablecoin models in the regulatory frameworks of several countries for months, we determined that the AIFC, with its clear legal and regulatory system, is the most suitable business base. Starting with this successful preliminary review, we will build our own stablecoin ecosystem with global-level stability and scalability."

He added, "Just like the US company Circle, Aroot aims to become the first domestic stablecoin issuer to secure global credibility within a regulated infrastructure. With the passing of the AIFC preliminary review, we will immediately begin the main review process and expand our business into a stablecoin-based global payment platform."