Bybit Gets In-Principle Approval to Operate in Kazakhstan

• Bybit 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.
• The exchange has been expanding its service offering and recently announced that it will start offering crypto lending services.
• Kazakhstan recently announced new regulations requiring 75% of the revenue made from crypto mining to be sold through a crypto exchange.

Bybit Gets “In-Principle” Approval for Operations in Kazakhstan

Bybit has received an “in-principle” approval from the Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody services provider in Kazakhstan. The co-founder and CEO of Bybit, Ben Zhou, stated that the Commonwealth of Independent States (CIS) provides promising potential for the crypto industry.

Expanding Service Offerings

Bybit has been actively expanding its service offerings. Most recently, it announced on May 2 that it would begin offering crypto lending services. In March this year, Bybit also partnered with Mastercard for a new debit card to allow crypto payments.

Kazakhstan Regulations

Local officials in Kazakhstan announced new regulations in February requiring 75% of the revenue made from crypto mining to be sold through a cryptocurrency exchange as part of efforts to crack down on tax evasion within the industry. The country reported collecting about $7 million in cryptocurrency taxes during 2022. Currently, they are also in the pilot phase of their digital currency development plan.

Benefits For Crypto Industry

The expansion into Kazakhstan could bring about numerous benefits for both Bybit and other players within the cryptocurrency industry. With more countries adopting regulations towards cryptocurrencies, this could lead to greater marketplace stability which is beneficial for traders and developers alike.