Bybit gets “in-principle” approval to begin operations in Kazakhstan

• Bybit has been in the process of expanding its service offerings.
• Bybit received “in-principle” approval from the Astana International Financial Centre to begin operations in Kazakhstan.
• The exchange will begin operating as a digital asset trading facility and as a custody services provider in the country.

Bybit has announced that it has received an “in-principle” approval from the Astana Financial Services Authority (AFSA) to start operating as a digital asset trading facility and as a custody services provider in Kazakhstan.

Commenting on the achievement, the co-founder and CEO of Bybit, Ben Zhou, stated that the Commonwealth of Independent States (CIS) as a region provides promising potential for the crypto industry.

Bybit expansion drive

Bybit has been in the process of expanding its service and product offering over the past few months.

The most recent move was its announcement on May 2 that it will start offering crypto lending services.

In March this year, Bybit announce a partnership with Mastercard for a new debit card to allow crypto payments.

Kazakhstan and cryptocurrencies

In February, local officials in Kazakhstan announced new regulations requiring 75% of the revenue made from crypto mining to be sold through a crypto exchange as the country cracks down on tax evasion in the industry.

Kazakhstan recently announced that it had collected about $7 million in crypto taxes in 2022. The country is also in the pilot phase of its digital current development.