Bybit has received formal consent from the Astana Financial Services Authority for full authorization in Kazakhstan.
In a Sept. 6 press release, Bybit said it aims to tap into the growing crypto market in Kazakhstan and the broader Commonwealth of Independent States region.
The AFSA granted the approval, bringing the platform closer to becoming a fully regulated Digital Asset Trading Facility in the region.
This development follows Bybit Kazakhstan’s successful completion of a stringent regulatory process, which included an Anti-Money Laundering check, a business conduct audit, and compliance inspections.
You might also like: Coinbase stock forms risky patterns as crypto outlook darkens
Kazakhstan’s emerging role in crypto
Kazakhstan has emerged as a prominent player in the global crypto space, providing fertile ground for expansion. Earlier on Sept. 6, Binance made a similar announcement, securing formal consent from the 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, enhancing knowledge sharing and employee competencies through joint training and research projects.
Bybit’s move to secure a full license will allow the exchange to offer a range of digital asset products and services tailored to the local market.
This follows Bybit’s initial operating and custody licenses from AFSA, obtained in June 2023, which laid the groundwork for its regulatory alignment in the country.
The exchange has also engaged in educational efforts in Kazakhstan, offering blockchain and cryptocurrency courses to local banks as part of its broader push for crypto adoption in the CIS region.
You might also like: Japanese banks to test cross-border stablecoin transfers via SWIFT