Bybit, currently the second-largest cryptocurrency derivative exchange worldwide by volume, has been granted in-principle approval by the Astana Financial Services Authority (AFSA) of Kazakhstan to offer a range of crypto services.
The in-principle approval sets forth pre-conditions that Bybit must meet to secure permanent authorization, contingent upon the successful completion of the full application process.
Once these conditions are met, Bybit will be permitted to operate a digital asset trading facility and provide custody services within the Astana International Financial Centre (AIFC) in Kazakhstan.
Kazakhstan serves as a crucial access point to the Commonwealth of Independent States (CIS), a burgeoning market that is swiftly adopting cryptocurrencies.
The region has carved out a niche for itself as a hub for cryptocurrency activity, including mining and blockchain development. Bybit acknowledges the potential of this market and is eager to extend its services to customers in Kazakhstan and the broader CIS region.
Ben Zhou, co-founder and CEO of Bybit, expressed his company’s commitment to regulatory compliance, “Our primary objective has always been to operate our business in compliance with relevant rules and regulations.”
Bybit’s commitment to operating within regulatory frameworks is evident in its aspiration to establish a presence in the AIFC. The AIFC is recognized as a progressive fintech jurisdiction that provides a regulatory framework for cryptocurrencies in CIS countries.
The recent move by Bybit is a significant step forward in the ongoing global expansion of the cryptocurrency industry.