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Kazakhstan granted cryptocurrency exchange Bybit full
license approval. Awarded by the Astana Financial Service Authority (AFSA),
this approval strengthens the exchange’s expansion in the region. It allows the
company to offer a range of crypto services and marks a win in its
ongoing global expansion.
Kazakhstan’s Role in the Crypto Space
Kazakhstan has emerged as a key hub for cryptocurrency
activity, especially following regulatory tightening in other parts of the
world. This new license enables Bybit to offer digital asset trading, custody
services, and investment management to users across Kazakhstan and the
Commonwealth of Independent States (CIS).
Commenting about the licensing, Ben Zhou, the
Co-founder and CEO of Bybit, said: “Kazakhstan has become a key
player in the global crypto ecosystem, and we are thrilled to be expanding our
services in such a dynamic market.
“With this full license, we are committed to
bringing our cutting-edge technology, security, and transparency to crypto
traders in Kazakhstan, ensuring they can access the best possible tools
and services to thrive in this fast-growing industry.”
According to the firm’s announcement, Bybit Kazakhstan
will launch in October 2024 under the domain “bybit.kz.” The company
plans to offer various products, including spot and derivatives trading, margin
trading, and crypto loans.
Bybit’s Expansion Strategy
Bybit is focusing on expanding into markets offering
favorable regulatory environments for digital assets. The firm’s expansion
across the Commonwealth of Independent States (CIS) highlights a focus on
reaching regions where crypto trading is rapidly growing.
Bybit Kazakhstan’s official launch is expected in
mid-October 2024. It will operate under AFSA’s regulatory framework. Bybit has vowed to focus on compliance amid regulatory scrutiny in the crypto industry worldwide. These services aim to provide local traders access to
tools in a market that has seen increasing crypto adoption.
Just recently, Bybit received a provisional license from the Dubai regulator two years after establishing its headquarters in the city. This approval paves the way for the exchange to become a fully licensed Virtual Asset Service Provider (VASP) in Dubai. Last year, Bybit received a preliminary Minimum Viable Product (MVP) license in Dubai.
This article was written by Jared Kirui at www.financemagnates.com.
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