Bybit, a leading cryptocurrency exchange, has gained formal consent from Kazakhstan’s Astana Financial Services Authority (AFSA) for full authorization to operate in the country. This milestone is part of Bybit’s broader strategy to tap into the growing crypto market in Kazakhstan and the Commonwealth of Independent States (CIS) region.

Meeting Regulatory Standards

Bybit’s approval from AFSA is the culmination of a rigorous regulatory process, which included a thorough Anti-Money Laundering (AML) review, a business conduct audit, and compliance inspections. The completion of these steps brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility in Kazakhstan.

This approval builds on the initial operating and custody licenses Bybit secured from AFSA in June 2023, marking significant progress toward full regulatory alignment in the country.

Kazakhstan: A Key Player in Crypto

Kazakhstan has emerged as a key player in the global cryptocurrency scene. The country has developed a supportive regulatory environment, which has attracted major crypto companies like Bybit and Binance. On the same day as Bybit’s announcement, Binance also received consent from AFSA to operate as a fully regulated exchange in Kazakhstan.

The strategic importance of Kazakhstan is growing. In July 2024, the country entered a partnership with China to collaborate on Central Bank Digital Currency (CBDC) research, focusing on knowledge sharing and employee training in digital finance.

Bybit has also been actively involved in educational initiatives within Kazakhstan. The exchange offers blockchain and cryptocurrency courses to local banks, aiming to boost understanding and adoption of digital assets. These efforts are part of Bybit’s broader push to promote crypto education and adoption across the CIS region.

What This Means for Kazakhstan’s Crypto Market

By securing full authorization, Bybit can now offer a variety of digital asset products and services tailored to Kazakhstan’s local market. This move is expected to enhance the country’s growing crypto ecosystem, providing more opportunities for individuals and businesses to engage with digital assets.

Bybit’s expansion reflects the growing influence of Kazakhstan in the global crypto landscape and the country’s ongoing efforts to become a central hub for digital finance in the region.