Bybit has been approved in principle to operate at the Astana International Financial Center in Kazakhstan.
The exchange announced on May 29 that it received pre-approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody services provider at the Astana International Financial Center (AIFC).
Bybit Will Be Subject to Prerequisites During This Process
Bybit co-founder and CEO Ben Zhou said he believes in the promising potential of the Commonwealth of Independent States (CIS) as a region for growth in the crypto industry.
Zhou also stressed Bybit’s commitment to complying with local regulations. In his speech, Zhou said: “It has always been our primary goal to conduct our business in accordance with the relevant rules and regulations.” As part of the pre-approval given to Bybit, the company will be subject to preconditions that will lead to permanent authorization to start serving after the application process is fully completed.
Bybit, which has been struggling to expand its services for the past few months, announced that it will begin offering crypto lending services to users on May 2.
This latest move to provide services in Kazakhstan has come as the country develops itself as a regional hub for crypto, mining and blockchain. In February, local officials heard about a new requirement that 75 percent of crypto mining revenue must be sold through a crypto exchange to prevent tax evasion.
