TradingView News: Bybit Obtains Comprehensive Cryptocurrency License in Kazakhstan and Aims for Expansion in the CIS Region

Cryptocurrency trading platform Bybit has been officially authorized with a comprehensive license by the Astana Financial Service Authority (AFSA) in Kazakhstan. This endorsement is key to the platform’s strategic growth within the region, authorizing Bybit to provide diverse cryptocurrency-related services while advancing its global outreach.

Cryptocurrency Advances in Kazakhstan

Kazakhstan is gaining prominence as a significant center for cryptocurrency transactions, particularly as tighter regulations take effect in other global regions. The newly obtained license empowers Bybit to deliver digital asset exchange, secure storage solutions, and asset management services to clients within Kazakhstan and the broader Commonwealth of Independent States (CIS).

Ben Zhou, Bybit’s Co-founder and CEO, remarked on the licensing achievement, stating: “With its increasing importance in the crypto world, we’re excited about our growth prospects in Kazakhstan’s vibrant market.

“This complete license ensures our promise to bring our advanced technology, robust security measures, and unparalleled transparency to Kazakhstani cryptocurrency traders. We aim to equip them with superior tools and services that will enhance their trading success in this rapidly evolving sector.”

Bybit intends to start its operations in Kazakhstan in October 2024, accessible via the “bybit.kz” domain. The exchange is set to introduce various offerings, including spot and derivatives marketplaces, leveraged trading, and cryptocurrency-backed loans.

Bybit’s Strategic Growth

Bybit’s expansion focuses on jurisdictions that provide welcoming regulatory frameworks for digital currencies. The company’s concerted efforts to venture into the CIS underscore its dedication to service areas where the demand for cryptocurrency trading is on an upswing.

The official initiation of Bybit Kazakhstan is slated for the second half of October 2024, operating within the regulatory climate prescribed by the AFSA. Bybit is emphasizing its commitment to regulatory compliance, particularly as scrutiny intensifies across the worldwide crypto industry. Their suite of services seeks to equip local investors with requisite trading resources in a marketplace experiencing heightened cryptocurrency uptake.

In a recent development, Bybit secured a provisional license from the Dubai regulatory authorities, two years post setting up its headquarters in the city. This clearance sets the stage for Bybit to earn the status of a fully accredited Virtual Asset Service Provider (VASP) in Dubai. Previously, Bybit was granted a preliminary Minimum Viable Product (MVP) license in Dubai last year.