Client: AnchorX — a Hong Kong-based fintech company developing secure digital currency solutions. AnchorX bridges the gap between traditional finance and digital assets by ensuring transparency and regulatory compliance.

Their flagship product, AxHKD, is a stablecoin pegged 1:1 to the Hong Kong Dollar (HKD). Using advanced distributed ledger technology and strong cybersecurity measures, they provide a transparent, compliant infrastructure for digital transactions.

After becoming a leader in Hong Kong, the company is expanding into Asian and global markets, building a network of fiat-backed stablecoins. Their goal is to provide businesses and investors with a safe, regulated, and user-friendly tool for economic exchange in the new financial era.

Objective: To obtain a license in the Astana International Financial Centre (AIFC) for launching a CNH-pegged digital asset. This was the first project of its kind in Central Asia.

Challenges:

• No precedent: AnchorX’s model was the first of its kind in AIFC, requiring us to justify its legal validity and build all documentation from scratch — no templates, no prior examples.
• New jurisdiction: AnchorX had no prior experience with AIFC law or the Astana Financial Services Authority (AFSA).
• Lengthy review process: Due to the unique nature of the business model, the regulator asked many technical and legal questions, resulting in longer-than-usual review times.
• Company registration: As of 2025, foreign companies can no longer obtain a Taxpayer ID remotely in Kazakhstan. The client had to travel urgently, and we ensured full local support.

Our Approach:

From day one, we built a seamless communication process between the client and the regulator.

1. License type optimization
   AnchorX initially applied for a “Digital Asset Trading Facility” license. After consulting with AFSA and analyzing their business model, we proposed a more accurate and relevant license — Providing Money Services in Relation to Digital Assets — which better reflected the transactional nature of their stablecoin. We quickly adapted the licensing strategy accordingly.
2. Full legal documentation
   We drafted a comprehensive legal package from scratch, tailored to both AIFC requirements and the client’s business model. Every document — from AML policy to exit strategy — was detailed and relevant. These documents formed the basis of regulatory discussions and established a precedent for future stablecoin licensing in AIFC.
3. Application process support
   We guided the client through the AIFC regulatory landscape, explained key legislative provisions, structured the application, and managed the full licensing timeline. In effect, we became the client’s local legal navigator.
4. Company registration support
   We managed every step of the registration process in Kazakhstan — from obtaining the company’s digital signature and Taxpayer ID to incorporating the legal entity.
5. Regulatory communications
   Close cooperation with AFSA and our client’s responsiveness allowed us to fast-track the license approval process and respond to regulator inquiries efficiently. We handled the local legal complexities so the client didn’t have to.

Results:

• Received in-principle approval of the license.
• Legal entity successfully registered in the AIFC.
• The client is now in the final stage of licensing.
• WE Legal became the first law firm in the region to support such a fintech project in the AIFC.
• A major Hong Kong fintech player is officially entering the Central Asian market — with our help.
• The case was featured in Reuters and the Financial Times, setting a regulatory precedent and reigniting investor interest in the AIFC as a regional launchpad.

This project was more than just legal support — it was a milestone. We helped a fintech pioneer open a new market, break regulatory ground, and establish a legal foundation for long-term growth.

If your ambitions are bold, we know how to make them real.