- The company plans to expand in the CIS region
- And promises new services in the near future
The Bybit cryptocurrency exchange has received official permission to operate in Kazakhstan. The digital asset trading and storage license was issued by regulator AFSA Kazakhstan.
This announcement came as no surprise. On May 29, the firm said it had received preliminary approval in Kazakhstan.
Ben Zhu, co-founder and CEO of Bybit, said the new jurisdiction will allow the brand to expand its presence in the CIS.. This is especially important now that the U.S. and some other countries have launched harsh cryptocurrency crackdowns.
On May 8, the Bybit platform introduced mandatory verification for all users. Customers must verify their account at least at level 1 (i.e., send their selfies and photos of documents). Otherwise, they will lose access to exchange products and services.
Users who have not been vetted will only be able to close existing positions and orders, repay loans and withdraw funds. For those who passed the first stage of KYC, the daily withdrawal limit will be $1 million, and for Level 2 – $2 million.
In Kazakhstan, several well-known crypto-exchanges have already been formalized. So, Binance received a permit here on August 15 last year. In October 2022, the local parliament approved the first reading of five bills to regulate cryptocurrencies and mining. It establishes rules for companies, taxes and reporting.
Kazakhstan collected $7 million in taxes from miners last year.