Bybit, a cryptocurrency exchange, keeps growing after getting clearance from Kazakhstan regulators
The exchange announced that the Astana Financial Services Authority (AFSA) of Kazakhstan had granted it pre-approval to operate as a digital asset trading facility and provider of crypto custody services at the Astana International Financial Centre (AIFC).
Ben Zhou, prime supporter and President of Bybit, said he trusts in the “promising potential” of the Province of Free States (CIS) as a locale for development in the crypto business.
Additionally, Zhou emphasized Bybit’s commitment to observing local regulations. Bybit was recently flagged by Japanese regulators for operating without a license, and this follows.
Bybit was given an “in-principle” approval, but there are some conditions that must be met before it can start serving locals permanently after the application process is finished.
Bybit has been developing its service offerings over the past few months. It said it would start offering crypto lending services to users.
In March, the company and Mastercard developed a new cryptocurrency-paying debit card.
The most recent decision to provide services in Kazakhstan comes as the nation has steadily established itself as a regional center for blockchain, mining, and cryptocurrency.
In February, neighborhood authorities declared another command that 75% of income from crypto mining should be sold using a crypto trade to get serious about tax avoidance. A couple of months after the fact, Kazakhstan uncovered it gathered around US$7 million in crypto charges in 2022.
Kazakhstan is presently in the pilot period of its improvement of a national bank computerized money.
