Bybit Receives Pre-approval in Kazakhstan to Operate as a Crypto Broker
- Bybit has been pre-approved to operate as a crypto asset broker in Kazakhstan by the Astana Financial Services Authority (AFSA).
- The exchange received in-principle approval from the Kazakhstan authorities and is on its way to becoming permanently authorized.
- The CEO of Bybit, Ben Zhou, said that he believes in the “promising potential” of the Commonwealth of Independent States (CIS).
- Zhou added that his firm’s “primary objective” is to work with local regulators and comply with local laws.
One of the leading crypto exchanges in the industry that was heavily affected by the 2022 crypto market bear run, Bybit, is eyeing expansion of operations in Kazakhstan, a region known for contributing the most crypto miners after the United States. Interestingly, the crypto exchange confirmed that it has been given pre-approval from the Kazakhstan Astana Financial Services Authority (AFSA), the independent regulator of the Astana International Financial Centre (AIFC) responsible for maintaining the safety and robustness of the AIFC financial system.
As per reports, the crypto trading platform announced that the AFSA has pre-approved Bybit to operate as a digital asset trading facility and as a custody services provider at the AIFC. Additionally, the firm recently received in-principle approval from authorities as well. This means that the company is subject to “pre-conditions,” which will then allow it to be transformed into a permanently authorized crypto exchange in Kazakhstan, permitting it to serve locals after the completion of the application.
However, Ben Zhou, the co-founder and CEO of the crypto exchange, stated that he believes in the “promising potential” of the Commonwealth of Independent States (CIS), a regional intergovernmental organization in Eurasia, as a region for growth in the crypto industry.
Furthermore, the Bybit CEO also stressed the importance of complying with local regulations after his company was called out by Japanese regulators for operating in the region without a registration. Zhou stated that the exchange will work towards complying with local laws, while adding:
“It has always been our primary objective to operate our business in compliance with relevant rules and regulations.”
Moreover, it is important to note that Bybit has been in the process of expanding its services and offerings after the 2022 crypto market winter. It was revealed on May 2 that the crypto exchange will offer users crypto lending services in an attempt to capitalize on the void left by the bankruptcy of popular lending platform Celsius Network.
As reported earlier by Bitnation, popular American payment processor Mastercard struck a new partnership with Bybit that would see the crypto exchange debut a new debit card that would support payments and withdrawals from existing crypto holdings. The debit card will be issued by Moorwand, which will leverage the Mastercard network to enable fiat-based transactions by debiting cryptocurrency holdings when used to pay for items or services.
“Bybit users will be able to access and manage their funds faster, more securely, and more conveniently. By launching Bybit Card, we are creating a full 360-degree journey for our users, offering next level reliability, products, and opportunities. We are confident that these innovative payment solutions will improve people’s lives and are a step towards a brighter future for crypto and finance,” said the crypto exchange.
During the crypto winter of 2022, the crypto exchange laid off a significant number of employees and reduced operational costs. The firm’s pre-approval in Kazakhstan suggests a rising interest in crypto firms in the region, which has set its eyes on regulating the industry. The National Bank of Kazakhstan (NBK) is working on the launch of its central bank digital currency (CBDC), called the digital tenge.