🌎 Bybit Gains Full Authorization to Operate in Kazakhstan Crypto Market

Bybit has received formal consent from the Astana Financial Services Authority (AFSA) for full authorization to operate in Kazakhstan.

In a recent press release, Bybit announced its intention to explore the growing crypto market in Kazakhstan and the broader Commonwealth of Independent States (CIS) region. The AFSA’s approval brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility in the area.

This development follows Bybit Kazakhstan’s successful completion of a rigorous regulatory process. The process included an Anti-Money Laundering check, a business conduct audit, and compliance inspections.

Kazakhstan’s Emerging Role in Crypto

Kazakhstan has become a significant player in the global crypto space, offering fertile ground for expansion. Earlier, Binance made a similar announcement, securing formal consent from the AFSA to operate as a 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.