The Astana Financial Services Authority (AFSA) has given Bybit full permission to do business in Kazakhstan. This is an important milestone toward the company’s growth in Kazakhstan’s growing cryptocurrency market and the wider Commonwealth of Independent States (CIS) region.
The company Bybit said in a press release on September 6 that it planned to use this regulatory permission to become a fully regulated Digital Asset Trading Facility in Kazakhstan. The permission came after a strict regulatory process that included checks for money laundering, audits of business conduct, and compliance inspections.
Bybit Expands Crypto Services
Kazakhstan has become an important part of the global cryptocurrency economy, bringing in exchanges from other countries. Earlier that same day, Binance also got permission from AFSA to run in the country as a fully controlled platform.
With Bybit’s full license, the exchange will be able to offer a wide range of digital asset goods and services that are made for the local market. This comes after AFSA gave the business its first operating and custody licenses in June 2023. These licenses set the company up to follow the rules in Kazakhstan.
Along with working to align regulations, Bybit has been involved in educational projects. As part of its greater plan to increase crypto usage in the CIS region, it has taught blockchain and cryptocurrency to local banks.
This news comes after Kazakhstan and China formed a partnership in July to work together on Central Bank Digital Currency (CBDC) research. It shows that the region is becoming more committed to cryptocurrency innovation and growth.
