Bybit approved to operate in Kazakhstan
- Bybit has been expanding its range of services.
- Bybit has received “in-principle” approval from the Astana International Financial Centre to operate in Kazakhstan.
- The exchange will operate as a digital asset trading facility and a custody services provider in the country.
Bybit has announced that it has received “in-principle” approval from the Astana Financial Services Authority (AFSA) to begin operating as a digital asset trading facility and custody services provider in Kazakhstan.
Bybit’s co-founder and CEO, Ben Zhou, stated that the Commonwealth of Independent States (CIS) region offers promising potential for the crypto industry.
Bybit’s expansion drive
Bybit has been expanding its range of services and products over the past few months.
Its most recent announcement was on May 2, where it revealed it would start offering crypto lending services.
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In March of this year, Bybit also announced its partnership with Mastercard for a new debit card that would allow for crypto payments.
Kazakhstan and cryptocurrencies
In February, local officials in Kazakhstan announced new regulations requiring 75% of revenue generated from crypto mining to be sold through a crypto exchange, as the country cracks down on tax evasion within the industry.
Kazakhstan recently announced that it collected around $7 million in crypto taxes in 2022. The country is also in the pilot phase of its digital currency development.
