Cryptocurrency exchange Bybit continues to expand its operations after receiving “in principle” approval from Kazakhstan’s regulators.
On May 29, the exchange announced its pre-approval by the Astana Financial Services Authority (AFSA) of Kazakhstan to operate as a digital asset trading entity and custody service provider in the Astana International Financial Center (AIFC).
Ben Zhou, co-founder and CEO of Bybit, stated that believes in the “promising potential” of the Commonwealth of Independent States (CIS) as a growth region for the crypto industry.
Zhou also underscored Bybit’s commitment to complying with local regulations. This occurs after Bybit was recently flagged by Japan regulators for operating without registration.
“Our main objective has always been to carry out our activity in accordance with the relevant rules and regulations.”
Pursuant to the “in principle” approval granted to Bybit, the company is subject to pre-conditions that will lead to permanent authorization to start providing services to premises once the application process has been fully concluded.
In recent months, Bybit has been expanding its service offering. On May 2, it announced that it would begin offering users cryptocurrency lending services.
In March, the company collaborated with Mastercard to offer a new debit card for cryptocurrency payments.
The latest move to offer services in Kazakhstan comes as the country has become a regional center for cryptocurrency, mining, and blockchain.
In February, Local authorities announced a new mandate that 75% of revenue from cryptocurrency mining must be sold through a cryptocurrency exchange to crack down on tax evasion. A few months later, Kazakhstan revealed that it collected around $7 million in taxes from cryptocurrencies in 2022.
Kazakhstan is currently in the pilot phase of developing a central bank digital currency.
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