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. It also 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, as well as 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,” he further added.
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, as well as crypto loans.
Bybit's Expansion Strategy
Bybit is focusing on entering 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.
