Bybit Receives Pre-Approval as Crypto Custody Service Provider in Kazakhstan

Bybit

Bybit, a cryptocurrency exchange, has received initial approval to operate in Kazakhstan at the Astana International Financial Centre. This approval marks a significant step for Bybit as it expands its operations into Kazakhstan, following the positive response from regulators in the country.

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On May 29, Bybit, the cryptocurrency exchange, announced that it has received pre-approval from the Astana Financial Services Authority (AFSA) in Kazakhstan. This pre-approval allows Bybit to operate as a digital asset trading platform and provide custody services at the Astana International Financial Centre (AIFC).

According to Ben Zhou, the co-founder and CEO of Bybit, he sees great potential for growth in the crypto industry in the Commonwealth of Independent States (CIS) region. He believes that the CIS region holds promising opportunities for Bybit’s expansion.

Zhou also emphasized that Bybit is dedicated to following local regulations. This statement comes in response to Bybit facing scrutiny from Japanese regulators for operating without proper registration. Zhou stated that Bybit’s main goal is to conduct its business in compliance with the applicable rules and regulations.

Also Read This Related: Bybit’s Product Expansion Draws 50% Increase in Users, Reaching 15 Million

With the current “in-principle” approval granted to Bybit, the company must fulfill certain conditions before obtaining full authorization to provide services to the local population. Once the application process is completed, Bybit will be able to officially serve the local market.

Bybit has been actively expanding its services in recent months. On May 2, the company announced its plans to provide crypto lending services to users. In March, Bybit partnered with Mastercard to introduce a debit card specifically designed for making cryptocurrency payments.

Bybit’s decision to expand its services in Kazakhstan aligns with the country’s growing focus on crypto, mining, and blockchain. In February, local authorities introduced a requirement stating that 75% of crypto mining revenue must be sold through a crypto exchange to prevent tax evasion.

As a result, Kazakhstan collected approximately $7 million in crypto taxes for the year 2022. Additionally, the country is currently in the early stages of developing its own digital currency.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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