What many have described as a landmark development in the crypto exchange space, full licensure has been granted to Bybit by the Astana Financial Services Authority of Kazakhstan.
Bybit Wins Full Licence to Operate in Kazakhstan
Bybit announced on Sept. 6 that the platform is positioned to take advantage of Kazakhstan’s growing crypto market, but also from the wider CIS region. The formal approval by the AFSA is an important part of the process for Bybit to turn into a fully regulated Digital Asset Trading Facility in the country.
This is in line with the approval received after them Kazakhstan went through various multilayered regulatory checks, including AML review, auditing for business conduct, and compliance checking.
Kazakhstan’s Growing Role within the Crypto World
Kazakhstan has rapidly established itself as a key player in the wider cryptocurrency ecosystem, providing rich soil for firms such as Bybit to grow. On a similar note, Binance also received formal clearance from the AFSA to operate fully within the region on the same day, Sept. 6.
And these aren’t the only developments on this crypto-friendly landscape that Kazakhstan harbors. In July, the country’s government cooperated with China on research into CBDCs-a staple of one’s commitment to strengthening skills and resources in the sector, if any.
Bybit’s Road to Full Licensing in Kazakhstan
Bybit seeks full authorization to legally sell a suite of digital-asset services designed for the local market of Kazakhstan. The move is the next development after the firm received its first operating and custody licenses from AFSA back in June this year, thus remaining consistent with the legal framework of the country.
Not only has it expanded its offerings, but also, them has been proactive in furthering crypto adoption in Kazakhstan by providing educational initiatives. It has carried out blockchain and cryptocurrency training courses for the local banks, a testament to its wider mission of encouraging growth across the CIS region.
Formal authorisation from Kazakhstan is but another feather in the cap of Bybit, putting it right at the forefront of the fast-growing digital asset market in Central Asia and underlining its global strategy.
