diff --git a/chronos/asyncsync.nim b/chronos/asyncsync.nim
index 5fab9b2a..7bf0c0b5 100644
--- a/chronos/asyncsync.nim
+++ b/chronos/asyncsync.nim
@@ -78,6 +78,21 @@ type
     counter: uint64
     limit: int
     offset: int
+  
+  AsyncSemaphore* = ref object of RootObj
+    ## A semaphore manages an internal number of available slots which is decremented 
+    ## by each ``acquire()`` call and incremented by each ``release()`` call. 
+    ## The available slots can never go below zero; when ``acquire()`` finds that it is
+    ## zero, it blocks, waiting until some other task calls ``release()``.
+    ##
+    ## The ``size`` argument gives the initial value for the available slots
+    ## counter; it defaults to ``1``. If the value given is less than 1,
+    ## ``AssertionDefect`` is raised.
+    size: int
+    availableSlots: int
+    waiters: Deque[Future[void].Raising([CancelledError])]
+
+  AsyncSemaphoreError* = object of AsyncError
 
 proc newAsyncLock*(): AsyncLock =
   ## Creates new asynchronous lock ``AsyncLock``.
@@ -638,3 +653,58 @@ proc waitEvents*[T](ab: AsyncEventQueue[T],
         break
 
   events
+
+proc newAsyncSemaphore*(size: int = 1): AsyncSemaphore =
+  ## Creates a new asynchronous bounded semaphore ``AsyncSemaphore`` with
+  ## internal available slots set to ``size``.
+  doAssert(size > 0, "AsyncSemaphore initial size must be bigger then 0")
+  AsyncSemaphore(
+    size: size,
+    availableSlots: size, 
+    waiters: initDeque[Future[void].Raising([CancelledError])](),
+  )
+
+proc availableSlots*(s: AsyncSemaphore): int =
+  return s.availableSlots
+
+proc tryAcquire*(s: AsyncSemaphore): bool =
+  ## Attempts to acquire a resource, if successful returns true, otherwise false.
+
+  if s.availableSlots > 0:
+    s.availableSlots.dec
+    true
+  else:
+    false
+
+proc acquire*(
+    s: AsyncSemaphore
+): Future[void] {.async: (raises: [CancelledError], raw: true).} =
+  ## Acquire a resource and decrement the resource counter. 
+  ## If no more resources are available, the returned future 
+  ## will not complete until the resource count goes above 0.
+
+  let fut = newFuture[void]("AsyncSemaphore.acquire")
+  if s.tryAcquire():
+    fut.complete()
+    return fut
+
+  s.waiters.addLast(fut)
+
+  return fut
+
+proc release*(s: AsyncSemaphore) {.raises: [AsyncSemaphoreError].} =
+  ## Release a resource from the semaphore,
+  ## by picking the first future from waiters queue
+  ## and completing it and incrementing the
+  ## internal resource count.
+
+  if s.availableSlots == s.size:
+    raise newException(AsyncSemaphoreError, "release called without acquire")
+
+  s.availableSlots.inc
+  while s.waiters.len > 0:
+    var fut = s.waiters.popFirst()
+    if not fut.finished():
+      s.availableSlots.dec
+      fut.complete()
+      break
diff --git a/tests/testall.nim b/tests/testall.nim
index 6419f983..5013a2bc 100644
--- a/tests/testall.nim
+++ b/tests/testall.nim
@@ -11,7 +11,7 @@ when (chronosEventEngine in ["epoll", "kqueue"]) or defined(windows):
   import testmacro, testsync, testsoon, testtime, testfut, testsignal,
          testaddress, testdatagram, teststream, testserver, testbugs, testnet,
          testasyncstream, testhttpserver, testshttpserver, testhttpclient,
-         testproc, testratelimit, testfutures, testthreadsync
+         testproc, testratelimit, testfutures, testthreadsync, testasyncsemaphore
 
   # Must be imported last to check for Pending futures
   import testutils
@@ -20,7 +20,7 @@ elif chronosEventEngine == "poll":
   import testmacro, testsync, testsoon, testtime, testfut, testaddress,
          testdatagram, teststream, testserver, testbugs, testnet,
          testasyncstream, testhttpserver, testshttpserver, testhttpclient,
-         testratelimit, testfutures, testthreadsync
+         testratelimit, testfutures, testthreadsync, testasyncsemaphore
 
   # Must be imported last to check for Pending futures
-  import testutils
+  import testutils
\ No newline at end of file
diff --git a/tests/testasyncsemaphore.nim b/tests/testasyncsemaphore.nim
new file mode 100644
index 00000000..6f3c4ad5
--- /dev/null
+++ b/tests/testasyncsemaphore.nim
@@ -0,0 +1,161 @@
+#                Chronos Test Suite
+#            (c) Copyright 2018-Present
+#         Status Research & Development GmbH
+#
+#              Licensed under either of
+#  Apache License, version 2.0, (LICENSE-APACHEv2)
+#              MIT license (LICENSE-MIT)
+import unittest2
+import ../chronos, ../chronos/unittest2/asynctests
+
+{.used.}
+
+suite "AsyncSemaphore":
+  teardown:
+    checkLeaks()
+
+  asyncTest "default size":
+    let sema = newAsyncSemaphore()
+    check sema.availableSlots == 1
+
+  asyncTest "custom size":
+    let sema = newAsyncSemaphore(3)
+    check sema.availableSlots == 3
+
+  asyncTest "invalid size":
+    expect AssertionDefect:
+      discard newAsyncSemaphore(0)
+
+  asyncTest "should acquire":
+    let sema = newAsyncSemaphore(3)
+
+    await sema.acquire()
+    check sema.availableSlots == 2
+    await sema.acquire()
+    check sema.availableSlots == 1
+    await sema.acquire()
+    check sema.availableSlots == 0
+
+  asyncTest "should release":
+    let sema = newAsyncSemaphore(3)
+
+    await sema.acquire()
+    await sema.acquire()
+    await sema.acquire()
+    
+    sema.release()
+    check sema.availableSlots == 1
+    sema.release()
+    check sema.availableSlots == 2
+    sema.release()
+    check sema.availableSlots == 3
+
+  asyncTest "initial release":
+    let sema = newAsyncSemaphore(3)
+
+    expect AsyncSemaphoreError: # should not release
+      sema.release() 
+
+  asyncTest "double release":
+    let sema = newAsyncSemaphore(3)
+    
+    await sema.acquire()
+    sema.release()
+    expect AsyncSemaphoreError: # should not release
+      sema.release() 
+
+  asyncTest "should queue acquire":
+    let sema = newAsyncSemaphore(1)
+
+    await sema.acquire()
+    let fut = sema.acquire()
+
+    check sema.availableSlots == 0
+    sema.release()
+    sema.release()
+
+    await fut
+    check fut.finished()
+
+  asyncTest "should tryAcquire":
+    let sema = newAsyncSemaphore(1)
+    await sema.acquire()
+    check sema.tryAcquire() == false
+
+  asyncTest "should tryAcquire and acquire":
+    let sema = newAsyncSemaphore(4)
+    check sema.tryAcquire() == true
+    check sema.tryAcquire() == true
+    check sema.tryAcquire() == true
+    check sema.tryAcquire() == true
+    check sema.availableSlots == 0
+
+    let fut = sema.acquire()
+    check fut.finished == false
+    check sema.availableSlots == 0
+
+    sema.release()
+    sema.release()
+    sema.release()
+    sema.release()
+    sema.release()
+
+    check fut.finished == true
+    check sema.availableSlots == 4
+
+  asyncTest "should cancel sequential semaphore slot":
+    let sema = newAsyncSemaphore(1)
+
+    await sema.acquire()
+
+    let
+      tmp = sema.acquire()
+      tmp2 = sema.acquire()
+    check:
+      not tmp.finished()
+      not tmp2.finished()
+
+    tmp.cancel()
+    sema.release()
+
+    check tmp2.finished()
+
+    sema.release()
+
+    check await sema.acquire().withTimeout(10.millis)
+
+  asyncTest "should handle out of order cancellations":
+    let sema = newAsyncSemaphore(1)
+
+    await sema.acquire() # 1st acquire
+    let tmp1 = sema.acquire() # 2nd acquire
+    check not tmp1.finished()
+
+    let tmp2 = sema.acquire() # 3rd acquire
+    check not tmp2.finished()
+
+    let tmp3 = sema.acquire() # 4th acquire
+    check not tmp3.finished()
+
+    # up to this point, we've called acquire 4 times
+    tmp1.cancel() # 1st release (implicit)
+    tmp2.cancel() # 2nd release (implicit)
+
+    check not tmp3.finished() # check that we didn't release the wrong slot
+
+    sema.release() # 3rd release (explicit)
+    check tmp3.finished()
+
+    sema.release() # 4th release
+    check await sema.acquire().withTimeout(10.millis)
+
+  asyncTest "should properly handle timeouts and cancellations":
+    let sema = newAsyncSemaphore(1)
+
+    await sema.acquire()
+    check not (await sema.acquire().withTimeout(1.millis))
+      # should not acquire but cancel
+    sema.release()
+
+    check await sema.acquire().withTimeout(10.millis)
+