Kazakhstan’s Astana Financial Service Authority (AFSA) has officially granted crypto exchange Bybit a full license to operate in the country, positioning it as a significant player in the region's burgeoning cryptocurrency landscape. This development comes just weeks after AFSA initially provided “consent to full authorization” on September 6, paving the way for Bybit to become Kazakhstan’s first regulated Digital Asset Trading Facility (DATF).
In a press release dated September 27, AFSA announced that Bybit’s full authorization elevates it to the status of a regulated market institution within Kazakhstan. This marks a pivotal moment for the exchange, significantly bolstering its global expansion strategy. With this license, Bybit’s local entity is set to offer a comprehensive suite of crypto-related services through its upcoming domain, bybit.kz.
Scheduled to launch in mid-October, the platform will feature various trading options, including spot and derivatives trading, margin trading, and digital asset loan services. These offerings will cater not only to users in Kazakhstan but also to the wider Commonwealth of Independent States (CIS) region, enhancing Bybit’s footprint in the area.
Ben Zhou, founder and CEO of Bybit, expressed enthusiasm about this milestone. He emphasized the exchange's dedication to leveraging its advanced technology, security, and transparency to benefit crypto traders in Kazakhstan. “With this full license, we are committed to bringing our cutting-edge technology to crypto traders in Kazakhstan, ensuring they have access to the best tools and services in this fast-growing industry,” Zhou stated.
Bybit is not alone in its ambitions to capture the Kazakhstani market. Binance, another major exchange, also received consent for full authorization on the same day as Bybit’s initial approval. This competitive landscape underscores Kazakhstan’s appeal as a burgeoning hub for cryptocurrency trading, drawing interest from several key players in the global crypto market.
Bybit’s full licensing marks a significant leap forward, not just for the exchange but for the entire cryptocurrency ecosystem in Kazakhstan. This development not only enhances Bybit's operational capabilities but also aligns with the country’s efforts to establish a regulated and secure trading environment for digital assets. As the exchange prepares to launch its services, the commitment to innovation and trader security will likely attract a robust user base in this dynamic market.
September 2024, Cryptoniteuae