Bybit Gets In-Principle Approval to Operate in Kazakhstan
• Crypto exchange Bybit has announced it has received “in-principle” approval from the Astana International Financial Centre to operate as a digital asset trading facility and custody services provider in Kazakhstan.
• The Commonwealth of Independent States (CIS), the region which includes Kazakhstan, provides promising potential for the crypto industry.
• To further expand its offering, Bybit recently announced that it will start offering crypto lending services and partnered with Mastercard for a new debit card to allow crypto payments.
Bybit Expansion Drive
Cryptocurrency exchange Bybit has been on an expansion drive over recent months, announcing plans to offer crypto lending services and partnering with Mastercard for a new debit card allowing users to make payments in cryptocurrency.
Kazakhstan Regulations
In February, local officials in Kazakhstan introduced regulations requiring 75% of revenue made from cryptocurrency mining operations be sold via a crypto exchange, aiming to crack down on tax evasion within the industry. They also reported collecting around US$7 million in taxes during 2022 from cryptocurrency activities. The country is also currently piloting its own digital currency project.
Promising Potential for Crypto Industry
The move by Bybit into the CIS region highlights the potential this area holds for further growth within the cryptocurrency markets. Ben Zhou, co-founder and CEO of Bybit said: “The CIS region is home to many of our most active users and we are delighted that we can now provide them with even more comprehensive support through our presence here.“
Conclusion
Bybit’s continued expansion drive into different countries signals confidence in the future of cryptocurrencies and their increasing adoption worldwide as an alternative financial system. With positive regulatory developments taking place throughout Central Asia – particularly within Kazakhstan – there appears to be plenty of scope for further growth within this market over coming years.
