Bybit Kazakhstan, in collaboration with the Astana Financial Services Authority (AFSA), has presented an innovative new service that allows participants in the AIFC to pay regulatory fees using U.S. dollar-pegged stablecoins.
Bybit and AFSA Collaboration
At the Astana Finance Days event, Bybit Kazakhstan announced its strategic collaboration with AFSA, marking a landmark step in utilizing stablecoins for regulatory fee payments. Bybit became the first signatory of the memorandum of understanding, showcasing the company as a trusted partner in Kazakhstan.
The Role of Stablecoins in the Financial System
AFSA has introduced a new framework allowing licensed digital asset service providers to act as agents for settling fees via stablecoins. In this context, stablecoins offer more transparent and efficient transactions.
The Future of Digital Finance in Kazakhstan
This partnership reinforces Kazakhstan's standing as a leader in regulated digital finance and highlights Bybit's commitment to fostering innovation within compliant frameworks.
The collaboration between Bybit and AFSA presents new opportunities for digital finance in Kazakhstan, demonstrating the potential integration of traditional and digital financial service formats.
