Bybit Receives Approval to Operate in Kazakhstan

Bybit, a leading cryptocurrency exchange, has received “in-principle” approval from the Astana International Financial Centre to commence operations in Kazakhstan. This approval allows Bybit to function as a digital asset trading facility and offer custody services in the country.

Bybit has been actively expanding its range of services and products in recent months. On May 2, the exchange announced its plan to provide crypto lending services, marking a significant step in its growth. In March, Bybit also formed a partnership with Mastercard to introduce a new debit card that enables crypto payments. Ben Zhou, the co-founder, and CEO of Bybit, expressed his enthusiasm for the potential of the Commonwealth of Independent States (CIS) region in the crypto industry. Bybit’s approval to operate in Kazakhstan reflects its commitment to capitalizing on the opportunities presented in this promising market. Kazakhstan has been actively regulating cryptocurrencies within its borders. In February, local officials introduced new regulations stipulating that 75% of revenue generated from crypto mining must be sold through a crypto exchange. This measure aims to curb tax evasion in the industry and ensure compliance with tax obligations. According to a report, In 2022, Kazakhstan collected approximately $7 million in crypto taxes, indicating the government’s growing focus on this sector. Moreover, the country is currently in the pilot phase of developing its own digital currency, highlighting its dedication to exploring innovative financial solutions.

Bybit’s receipt of “in-principle” approval from the Astana Financial Services Authority allows the exchange to commence operations as a digital asset trading facility and custody services provider in Kazakhstan. This marks a significant milestone in Bybit’s expansion efforts, with the company actively pursuing opportunities in the promising CIS region. Kazakhstan’s regulatory measures and tax collection initiatives demonstrate its commitment to fostering a transparent and compliant cryptocurrency industry.

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments. This is a news article only. 

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