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Bybit Receives Approval to Operate in Kazakhstan

Bybit, a cryptocurrency exchange platform, has obtained “in-principle” approval from the Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody services provider in the Astana International Financial Centre (AIFC) in Kazakhstan. This milestone indicates progress in Bybit’s expansion plan, as the firm recognizes the increasing cryptocurrency market in the Commonwealth of Independent States (CIS) region, especially in Kazakhstan, and aims to participate in the growth by offering its services to customers in the area.

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In response to user demands and to enhance the trading experience, Bybit has diversified its services and added crypto lending to its platform on May 2.

Kazakhstan has demonstrated its commitment to avoiding tax evasion by implementing proactive measures, including the mandate that entities engaged in crypto mining generate 75% of their revenue and collecting $7 million in crypto taxes for 2022. Also, the country’s ongoing pilot phase, through which it aims to create a digital currency, demonstrates its progressive approach toward accepting digital innovation in the financial sector.

Compiled by Coinbold


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