Bybit Expands Operations in Kazakhstan

Bybit continues to expand its operations after receiving “in principle” approval from Kazakhstan’s regulatory authorities.

The exchange announced on May 29 that it had received preliminary approval from the Astana Financial Services Authority (AFSA) of Kazakhstan to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC).

Ben Zhou, co-founder and CEO of Bybit, believes that the Commonwealth of Independent States (CIS) has “promising potential” for growth in the crypto industry.

Additionally, Zhou emphasized Bybit’s commitment to complying with local regulations. This comes after Japanese regulators recently flagged Bybit for operating without registration.

“It has always been our primary objective to operate our business in compliance with relevant rules and regulations.”

Following the “in principle” approval granted to Bybit, the company is subject to preconditions that will result in permanent authorization to provide services to locals once the application process is finalized.

Bybit has been in the process of expanding its service offerings over the past few months.

On May 2, it was announced that crypto lending services would be made available to users.

In March, the company partnered with Mastercard to offer a new debit card for cryptocurrency transactions.

Kazakhstan has steadily become a regional hub for crypto, mining, and blockchain, prompting the latest move to offer services there.

To combat tax evasion, local officials announced in February that 75% of crypto mining revenue must be sold on a cryptocurrency exchange.

A few months later, Kazakhstan disclosed that it had collected approximately $7 million in cryptocurrency taxes in 2022.

Kazakhstan is currently in the pilot phase of developing a digital currency issued by its central bank.