Bybit gains formal consent for full authorization in Kazakhstan

Bybit has received official approval from the Astana Financial Services Authority for full authorization in Kazakhstan.

Bybit said in a September 6 press release that it aims to tap into the growing cryptocurrency market in Kazakhstan and the broader Commonwealth of Independent States region.

By granting approval, AFSA has ensured that the platform is on track to become a fully regulated Digital Asset Trading Facility in the region.

This development comes after Bybit Kazakhstan successfully completed a rigorous regulatory process that included an Anti-Money Laundering check, business conduct audit, and compliance audits.

Kazakhstan’s emerging role in crypto

Kazakhstan has emerged as a major player in the global crypto space, providing fertile ground for expansion. Earlier on September 6, Binance made a similar announcement by receiving official approval from AFSA to operate as a fully regulated trading platform in Kazakhstan.

In July, Kazakhstan and China launched a strategic partnership to collaborate on Central Bank Digital Currency research and enhance knowledge sharing and employee competencies through joint education and research projects.

Bybit’s move to obtain a full license will allow the exchange to offer a range of digital asset products and services tailored to the local market.

Bybit’s initial operating and custody licenses from AFSA in June 2023 laid the groundwork for its regulatory compliance in the country.

The exchange is also engaged in educational activities in Kazakhstan, offering blockchain and cryptocurrency courses to local banks as part of its broader efforts to promote crypto adoption in the CIS region.