In short: Bybit has secured in-principle approval from the Astana Financial Services Authority to operate as a licensed cryptocurrency operator in Kazakhstan. The company plans to expand its crypto services in the region as well as other emerging markets. Once licensed, Bybit will offer digital asset exchange and custody services in Kazakhstan, which is seen as a gateway to the Commonwealth of Independent States.
Our quick analysis:
Singapore-based crypto exchange Bybit has been granted in-principle approval from the Astana Financial Services Authority (AFSA) to operate as a digital asset exchange and custody provider in Kazakhstan, a jurisdiction that serves as a gateway to the growing crypto market in the Commonwealth of Independent States (CIS).
The Commonwealth of Independent States is a regional organization composed of several former-Soviet states that have embraced cryptocurrencies and related activities, such as mining and blockchain development. Bybit aims to expand its presence in this fast-growing market, which it believes has great potential.
While Kazakhstan became a mining hub following China's crackdown in 2021, it has since attempted to regulate the crypto space through new legislation. Bybit has always been committed to operating in compliance with applicable regulations, and it has welcomed the opportunity to operate as a licensed service provider in Astana's Financial Centre.
"We are thrilled to receive approval from the AFSA. The CIS holds promising potential, and we are eager to open our world-class trading platform to crypto enthusiasts in the region," said Bybit co-founder and CEO Ben Zhou.
Bybit's attempts to secure the license come on the heels of other major players like Binance, who secured a full cryptocurrency license in Kazakhstan in October 2022. Do you think more global cryptocurrency exchanges will follow Bybit's and Binance's lead in licensing in Kazakhstan? Let us know your thoughts in the comments below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Singapore-based crypto exchange Bybit has been granted in-principle approval from the Astana Financial Services Authority (AFSA) to operate as a digital asset exchange and custody provider in Kazakhstan, a jurisdiction that serves as a gateway to the growing crypto market in the Commonwealth of Independent States (CIS).
The Commonwealth of Independent States is a regional organization composed of several former-Soviet states that have embraced cryptocurrencies and related activities, such as mining and blockchain development. Bybit aims to expand its presence in this fast-growing market, which it believes has great potential.
While Kazakhstan became a mining hub following China's crackdown in 2021, it has since attempted to regulate the crypto space through new legislation. Bybit has always been committed to operating in compliance with applicable regulations, and it has welcomed the opportunity to operate as a licensed service provider in Astana's Financial Centre.
"We are thrilled to receive approval from the AFSA. The CIS holds promising potential, and we are eager to open our world-class trading platform to crypto enthusiasts in the region," said Bybit co-founder and CEO Ben Zhou.
Bybit's attempts to secure the license come on the heels of other major players like Binance, who secured a full cryptocurrency license in Kazakhstan in October 2022. Do you think more global cryptocurrency exchanges will follow Bybit's and Binance's lead in licensing in Kazakhstan? Let us know your thoughts in the comments below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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