On Monday, May 29, the Astana Financial Services Authority (AFSA) pre-approved the platform.
Now cryptocurrency exchange representatives are waiting for the application process to be completed.
Bybit co-founder and CEO Ben Zhou said he believes in the “promising potential” of the CIS as a growth region for the crypto industry.
Zhou tried to assure that Bybit is ready to comply with all local laws:
“Our main goal has always been to conduct business in accordance with the rules and regulations.”
Earlier in May, the company announced that it would begin offering cryptocurrency lending services to users.
The authorities of the Republic of Kazakhstan are 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 with cryptocurrencies are legalized only through exchanges registered in the free economic zone International Financial Center “Astana” (MFCA).
In February in Kazakhstan, miners were obliged to sell 75% of their crypto-assets to cryptocurrency exchanges.