Bybit Receives “In-Principle” Approval to Operate in Kazakhstan

Crypto exchange Bybit received “in-principle” approval to operate as a crypto custody service provider in Kazakhstan.

 Cryptocurrency exchange Bybit announced on Monday that it received pre-approval to operate as a crypto custody service provider in Kazakhstan. Bybit was approved by Kazakhstan’s Astana Financial Services Authority (AFSA) to serve as a digital asset trading facility and provide custody services at the Astana International Financial Centre (AIFC).

Bybit’s in-principle approval subjects it to pre-conditions leading to permanent authorization upon the exchange’s completion of the full application process.

Kazakhstan Established Itself as a Hub for Digital Assets

Kazakhstan, as a gateway to the Commonwealth of Independent States (CIS), has fast established itself as a hub for cryptocurrencies, crypto mining and blockchain development. In January, Kazakhstan adopted laws regulating crypto mining and exchange. The laws regulate the circulation of crypto within the country while introducing a licensing regime for crypto miners and exchanges.

Bybit recognized the opportunity to expand its growth in the space. Ben Zhou, co-founder and CEO of Bybit, said:

It has always been our primary objective to operate our business in compliance with relevant rules and regulations. Bybit firmly supports the regulatory objective of establishing a compliant, secure, and transparent cryptocurrency industry to benefit users.

Adding,

We are delighted to receive an in-principle approval from AFSA. We believe in the promising potential of the CIS and are eager to open up our world-class trading platform for crypto enthusiasts in the region.

We are committed to continuing to improve the cryptocurrency industry’s standards and provide a valuable experience to our customers.

Bybit Now Offers Lending Services

The Dubai-based exchange announced earlier that it launched an in-house crypto lending service for its users: Bybit Lending. The newly launched service delivers hourly interest payments from lending pools, and lenders can also deposit and redeem loaned crypto tokens without any lock-up periods.

The exchange says its new service bridges the gap between lenders and borrowers in the crypto space. Borrowers on the exchange can take out loans to use on the platform’s many trading options and must post greater than or equal amounts to their loan to ensure lenders’ capital is safe.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.