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Bybit Secures Regulatory Approval for Crypto Expansion in Kazakhstan

Key Takeaways
  • Bybit receives "in-principle" approval from AFSA in Kazakhstan to operate as a digital asset trading facility and custody services provider at AIFC
  • Bybit expands operations in the CIS region for crypto industry growth
  • Kazakhstan positions itself as a regional hub for crypto, mining, and blockchain, creating a favorable environment for Bybit and other crypto businesses
29-May-2023 By: Simran Mishra
Bybit Secures Regula

Bybit Receives 'In-Principle' Approval to Operate as Crypto Trading Facility in Kazakhstan, Aims for CIS Expansion

Cryptocurrency exchange Bybit has received "in-principle" approval from the Astana Financial Services Authority (AFSA) in Kazakhstan to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC). This approval allows Bybit to expand its operations and tap into the promising potential of the Commonwealth of Independent States (CIS) region for crypto industry growth.

Ben Zhou, the CEO of Bybit, expressed his belief in the region's potential and emphasized the company's commitment to complying with local regulations. Bybit's compliance efforts come after being flagged by Japanese regulators for operating without registration.

While the current approval is provisional, Bybit is expected to fulfill pre-conditions and complete the application process to obtain permanent authorization to serve locals. Bybit has been expanding its services in recent months, including the introduction of crypto lending services and a collaboration with Mastercard to offer a debit card for cryptocurrency payments.

Kazakhstan Emerges as Crypto Hub: Collects $7 Million in Crypto Taxes and Advances Development of National Digital Currency

Kazakhstan has been actively positioning itself as a regional hub for crypto, mining, and blockchain. In February, the country implemented a mandate requiring 75% of revenue from crypto mining to be sold through a crypto exchange to combat tax evasion. This move resulted in the collection of approximately $7 million in crypto taxes for 2022.

Additionally, Kazakhstan is currently in the pilot phase of developing its own digital currency. The country's initiatives and regulatory support indicate a favorable environment for cryptocurrency-related businesses like Bybit to operate and contribute to the growing crypto ecosystem in Kazakhstan.

Also read - New York Attorney Criticized for Using ChatGPT in Lawsuit, 'Bogus' Claims Made

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