Bybit has obtained preliminary approval from the Astana Financial Services Authority (AFSA) in Kazakhstan to operate as a digital asset trading platform and custody service provider within the country.
The “in-principle” approval subjects Bybit to pre-conditions that, if met, will result in permanent license to begin service locals after the application procedure is finished successfully. Once granted full approval, the crypto exchange will be able to establish a facility in the Astana International Financial Centre (AIFC).
In its announcement, Bybit noted that it sees “Kazakhstan as a gateway to the rapidly growing Commonwealth of Independent States (CIS) market, which has shown remarkable progress in embracing cryptocurrencies and blockchain technology.”
Ben Zhou, the co-founder and CEO of Bybit, expressed delight in receiving the in-principle approval from AFSA and expressed confidence in the promising potential of the region. He stated that he anticipates opening Bybit’s “world-class trading platform” to crypto enthusiasts in the area.
Zhou also highlighted Bybit’s strong commitment to establishing a compliant, secure, and transparent cryptocurrency industry that ultimately benefits users.
Zhou stated:
“We are committed to continuing to improve the cryptocurrency industry’s standards and provide a valuable experience to our customers.“
Once granted full approval, the crypto exchange will be able to establish a facility in the Astana International Financial Centre (AIFC) in Kazakhstan.
In another development, Bybit has introduced an in-house cryptocurrency lending service that will allow users to deposit their cryptocurrencies and earn interest on their holdings. The lending service offers traders and investors an alternative way to generate profits from their digital assets. To ensure the safety of lenders, Bybit mandates that borrowers on their platform provide collateral assets equivalent to or exceeding the loan amount.
Bybit’s progress in obtaining approval from the Astana Financial Services Authority and its expansion into the thriving cryptocurrency market of Kazakhstan demonstrates its ongoing dedication to extending its reach into vibrant and emerging markets.
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