Bybit Granted Pre-Approval as Crypto Custody Service Provider in Kazakhstan

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Key Takeaways:

  • The Astana International Financial Centre authorized Bybit “in-principle” to operate in Kazakhstan.
  • The exchange will begin providing custody services and acting as a trading platform for digital assets in the nation.

Bybit, a cryptocurrency exchange, keeps growing its business after getting “in-principle” clearance from Kazakhstani authorities.

The exchange announced on May 26 that it had received preliminary clearance from Kazakhstan’s Astana Financial Services Authority (AFSA) to function as a supplier of custody services at the Astana International Financial Centre (AIFC) and a trading facility for digital assets.

Bybit has been given “in-principle” approval, which is subject to pre-conditions that, once the application procedure is entirely finished, will result in permanent authorization to start serving locals.

Co-founder and CEO of Bybit, Ben Zhou, expressed his belief in the “promising potential” of the Commonwealth of Independent States (CIS) as an area for the development of the cryptocurrency market. He thinks Bybit’s expansion has a lot of potential in the CIS region.

In addition, Zhou emphasized Bybit’s dedication to following local laws. Following a recent warning from Japanese authorities for operating without the required registration, Bybit is now being addressed. As Zhou put it:

“It has always been our primary objective to operate our business in compliance with relevant rules and regulations.” 

The move by Bybit to increase its services in Kazakhstan is in line with the country’s rising interest in blockchain, cryptocurrency, and mining. To curb tax evasion, local officials implemented a rule requiring 75% of cryptocurrency mining profits to be sold through a cryptocurrency exchange in February.

Recently, Kazakhstan reported that it had received around $7 million in cryptocurrency taxes in 2022. The nation is also developing its Central Bank Digital Currency, which is now in the pilot stage.

According to the Hong Kong Monetary Authority (HKMA), the pilot program for the digital Hong Kong dollar (CBDC) has just started. The initiative’s introduction demonstrates how committed the Asian country is to incorporate the use of virtual currencies into its financial system.

The Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force has just revealed a metaverse platform called CyberDefender. With the use of this platform, the general public will be made aware of the potential advantages and drawbacks of Web3, as well as the recently created concept of the metaverse.

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