Bybit has officially received consent from the Astana Financial Services Authority (AFSA) for full authorization to operate in Kazakhstan. This confirmation marks the exchange's move to tap into the growing crypto market in Kazakhstan and the CIS region.
Kazakhstan's Role in the Crypto Industry
Kazakhstan has emerged as a notable player in the global crypto space, creating favorable conditions for expansion. On September 6, Binance also secured formal consent from AFSA to operate as a fully regulated trading platform in Kazakhstan. In July, Kazakhstan and China initiated a strategic partnership to collaborate on Central Bank Digital Currency research, solidifying the country's position in the crypto arena.
Regulatory Process
The process for obtaining full authorization involved an Anti-Money Laundering check, a business conduct audit, and compliance inspections. These steps brought Bybit Kazakhstan an operational and custody license, which the company received in June 2023.
Future Plans for Bybit
With full authorization, Bybit can offer a range of digital asset products and services tailored to the local market. Additionally, the company is already engaging in educational efforts in Kazakhstan, offering blockchain and cryptocurrency courses for local banks as part of its broader strategy to promote the crypto industry in the CIS region.
AFSA’s approval of full authorization confirms Bybit’s intention to strengthen its position in Kazakhstan and the CIS region. With its current and future initiatives, the country continues to play a significant role in the global crypto space.
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