The Astana International Financial Centre has granted “in-principle” permission for the bitcoin exchange to run there in Kazakhstan.
The Astana Financial Services Authority (AFSA) of Kazakhstan has granted “in-principle” clearance to cryptocurrency exchange Bybit to function as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC).
The CEO of Bybit, Ben Zhou, emphasizes the company’s growth strategy by citing the Commonwealth of Independent States (CIS) as an area with strong potential for growth in the cryptocurrency business.
In reaction to recent regulatory scrutiny in Japan, where the exchange was warned for operating without registration, Zhou underlines Bybit’s dedication to adhering to local laws.
By gaining approval in Kazakhstan, Bybit is able to keep growing its business and take advantage of expansion potential in the rapidly developing cryptocurrency sector.
“It has always been our primary objective to operate our business in compliance with relevant rules and regulations.”
Bybit Expands Service Offerings
In recent months, Bybit has been actively extending its offerings. On May 2, the company announced the launch of bitcoin loan services for its consumers in addition to its primary cryptocurrency trading platform.
In March, Bybit and Mastercard collaborated to introduce a new debit card that enables users to buy using cryptocurrency. This partnership improves the usability and accessibility of cryptocurrencies for regular transactions.
Kazakhstan as a Crypto Hub
The move of Bybit to provide services in Kazakhstan is in line with the nation’s expanding standing as a regional centre for blockchain, cryptocurrencies, and mining.
By making the change, Bybit is now able to take advantage of the market’s potential and newly-emerging opportunities in Kazakhstan.
Kazakhstan is currently in the pilot phase of its development of a central bank digital currency.