Bybit Secures In-Principle Approval to Enter Kazakhstan’s Thriving Crypto Market
Bybit has achieved a significant milestone by receiving in-principle approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to expand its operations into the country. This approval underscores Bybit’s ongoing commitment to expanding its presence in emerging and dynamic markets.
The in-principle approval granted by AFSA places certain pre-conditions on Bybit, which will lead to permanent authorization upon the completion of the full application process. With this approval, Bybit will be permitted to operate a Digital Asset Trading Facility and provide Custody Services at the Astana International Financial Centre (AIFC) in Kazakhstan.
Kazakhstan, acting as a gateway to the Commonwealth of Independent States (CIS), is experiencing rapid growth in the adoption of cryptocurrencies. The region has emerged as a hub for cryptocurrencies, mining, and blockchain development, presenting ample opportunities for industry players. Recognizing the potential of this market, Bybit aims to extend its services to customers in Kazakhstan and the wider CIS region.
Ben Zhou, co-founder and CEO of Bybit, expressed his satisfaction with the in-principle approval, stating, “It has always been our primary objective to operate our business in compliance with relevant rules and regulations. Bybit firmly supports the regulatory objective of establishing a compliant, secure, and transparent cryptocurrency industry to benefit users. We are delighted to receive in-principle approval from AFSA.”
Zhou further emphasized Bybit’s confidence in the CIS region, saying, “We believe in the promising potential of the CIS and are eager to open up our world-class trading platform for crypto enthusiasts in the region. We are committed to continuing to improve the cryptocurrency industry’s standards and provide a valuable experience to our customers.”
Bybit has long been committed to adhering to regulatory frameworks and aspires to establish a presence in the AIFC, which serves as a progressive fintech jurisdiction and provides a robust regulatory framework for cryptocurrencies in CIS countries.
Bybit, founded in 2018, has quickly gained recognition in the cryptocurrency space for its professional platform, featuring an ultra-fast matching engine, excellent customer service, and multilingual community support. The exchange has garnered substantial popularity among traders worldwide, earning the distinction of being the proud partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team, as well as prominent esports teams including NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports.
Bybit’s expansion into Kazakhstan marks an exciting chapter for the exchange as it taps into the growing crypto market in the CIS region. As the company continues to prioritize compliance and user experience, it is well-positioned to cater to the demands of crypto enthusiasts in Kazakhstan and contribute to the development of the local and regional cryptocurrency industry.
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