Bybit Approved by Kazakhstan for Crypto Operations
Adekunle Joshua
Cryptocurrency exchange Bybit has received "in-principle" approval from Kazakhstan regulators
This approval from Kazakhstan's Astana Financial Services Authority (AFSA) allows ByBit to operate as a digital asset trading facility and custody services provider.
Bybit aims to comply with local regulations, following recent scrutiny from Japanese regulators
Upon completing the application process, Bybit will also receive permanent authorization to serve locals
Recently, Bybit partnered with Mastercard to expand its service offerings with crypto lending services and a new debit card for cryptocurrency payments.
Kazakhstan has been positioning itself as a regional hub for crypto, mining, and blockchain.
Recently, the country mandated 75% of crypto mining revenue must be sold via a crypto exchange to combat tax evasion.
Kazakhstan is currently in the pilot phase of developing its digital currency.