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Kazakhstan Embraces Cryptocurrencies as Bybit Secures Regulatory Approval

Cryptocurrency exchange Bybit has obtained preliminary approval from the Astana Financial Services Authority (AFSA) to operate as a Kazakhstan digital asset trading facility and custody services provider.

This milestone achievement opens up new opportunities for Bybit in the Commonwealth of Independent States (CIS) region, according to Ben Zhou, the co-founder and CEO of Bybit. Zhou believes that the CIS region holds immense potential for the crypto industry.

Bybit has been significantly expanding its services and product offerings recently. On May 2, the company announced its foray into crypto lending services, further diversifying its portfolio. This move allows Bybit to cater to the growing demand for crypto lending among its user base.

In another notable development, Bybit partnered with Mastercard in March, aiming to launch a new debit card enabling crypto payments. This collaboration seeks to bridge the gap between traditional financial systems and the crypto industry, facilitating the mainstream adoption of cryptocurrencies.

The regulatory landscape in Kazakhstan has also been evolving. In February, local authorities introduced new regulations mandating that 75% of revenue generated from crypto mining must be sold through a crypto exchange. This regulation is part of the government’s efforts to combat tax evasion within the industry.

Kazakhstan has been actively embracing cryptocurrencies and blockchain technology. The country collected approximately $7 million in crypto taxes in 2022, highlighting the growing significance of the digital asset sector.

Furthermore, Kazakhstan is currently in the pilot phase of developing its own digital currency, joining the ranks of nations exploring the potential of central bank digital currencies (CBDCs).

By securing the “in-principle” approval from the AFSA, Bybit has positioned itself to tap into the promising crypto market in Kazakhstan and the wider CIS region. With its expanding range of services and strategic partnerships, Bybit continues to strengthen its foothold in the global cryptocurrency industry, driving innovation and adoption in the ever-evolving digital asset landscape.

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