Cryptocurrency exchange Bybit continues to expand its operations after receiving "in-principle" approval from Kazakh regulators.
On May 29, the exchange announced it received pre-approval from Kazakhstan's Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody service provider at the Astana International Financial Center (AIFC).
Ben Zhou, Bybit's co-founder and CEO, said he believes the Commonwealth of Independent States (CIS) has “huge potential” for the growth of the cryptocurrency industry. Zhou also highlighted Bybit's commitment to complying with local regulations. This comes after Bybit w as Recently flagged by Japanese regulators for operating without registration.
"Operating our business in compliance with the relevant rules and regulations has always been our primary goal." Under the "in-principle" approval granted to Bybit, the company is bound by preconditions that will result in a permanent authorization to start providing services to locals after the application process has been fully completed. Over the past few months, Bybit has been expanding its range of services. On May 2, it announced that it would begin offering crypto lending services to users.
In March, the company partnered with Mastercard to launch a new debit card for cryptocurrency payments. The latest move to offer services in Kazakhstan comes as the country steadily develops into a regional hub for cryptocurrencies, mining and blockchain.
In February, local officials announced a new rule that 75 percent of crypto mining revenues must be sold through crypto exchanges to crack down on tax evasion. A few months later, Kazakhstan revealed that it collected about $7 million in crypto tax es in 2022. Kazakhstan is Currently in the pilot phase of developing a central bank digital currency.
