“Bybit has received a digital asset trading license and custody license from AFSA (Astana Financial Services Authority). With this license, Bybit will increase its influence in the CIS and surrounding regions,” Bybit co-founder Ben Zhou wrote on Twitter.
The license was approved under the legislation of the Astana International Financial Center (AIFC), a special economic zone whose residents can enter the markets of Central Asia and the EAEC. The center now has more than 2,000 registered companies from 75 countries.
Bybit is actively exploring opportunities in Kazakhstan. In late May, the platform received preliminary approval from local regulators to register as a cryptocurrency storage provider for citizens. Zhou then assured that Bybit is ready to comply with all local laws.
In May, the company announced that it would begin offering cryptocurrency lending services to customers.
Kazakh authorities are now actively building legislation to regulate mining and trade in digital currencies. Cryptocurrency in the country refers to unsecured digital assets and is not a means of payment. Transactions in cryptocurrencies are legalized only through exchanges registered in the free economic zone of MFCA;