Bybit Secures Full License to Operate in Kazakhstan Market

• Bybit secures full license from Astana Financial Service Authority, expanding regulated operations in Kazakhstan.
• Bybit Kazakhstan set to launch mid-October, offering spot, derivatives, margin trading, and loans under bybit.kz domain.
• Bybit’s new license marks Kazakhstan as a key crypto hub, boosting regional economy with secure, compliant digital services.

Cryptocurrency exchange platform bybit secures a full license from the Astana financial service authority. This development allows Bybit to fully function as a regulated market entity in Kazakhstan, which aligns with the firm’s expansion plans worldwide. Bybit Kazakhstan will now offer a wide range of products and solutions such as a digital asset trading platform, wealth management, and personal monetary services for cryptocurrencies.

Co-founder and Chief Executive Officer of Bybit, Ben Zhou, stated positively on the organization’s new chapter in Kazakhstan.”Kazakhstan has emerged as a central figure in the global crypto landscape. We are excited to bring our advanced technology and robust security measures to a market as dynamic as Kazakhstan,” Zhou stated. Bybit’s dedication to the first principles of transparent practices and high quality of service will satisfy the precise requirements of the trading community arranged across the region.

Bybit’s Licensed Operations and Offerings

With operations set to begin in mid-October 2024, Bybit Kazakhstan will operate under the by bit.kz domain. The platform will accommodate different forms of trading, including spot trade, Derivatives, marginal trade, and loans. This expansion offers many prospects for the owners and users in the local and regional zones and establishes Bybit as a significant player in the CIS area.

The granting of this license follows a preliminary consent from AFSA on September 6, marking a quick progression to full authorization. This regulatory achievement permits Bybit to serve an increasing number of customers with services that are compliant with local legislation and significantly increase the level of customers’ confidence and protection. This approval lies under Kazakhstan’s large-scale strategy to become a digital economy powerhouse by creating a competent and progressive framework for cryptocurrencies.

A Strategic Move in the Crypto Ecosystem

Bybit’s licensing in Kazakhstan represents a strategic enhancement of its global footprint. The decision to expand into Kazakhstan was driven by the country’s robust and growing role in the cryptocurrency sector, which offers a promising environment for digital finance innovation. Bybit aims to leverage this opportunity to extend its state-of-the-art services to the CIS market, underscoring its commitment to compliance and customer service in every market it enters.

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This full authorization strengthens Bybit’s position in the market and serves as a testament to its adherence to regulatory standards and commitment to security. The exchange’s initiative in Kazakhstan will contribute significantly to the regional economy by providing secure and regulated crypto services, potentially setting a benchmark for other entities in the crypto space.