Bybit Kazakhstan, the authorized arm of one of the worldโs largest crypto exchanges, has launched a fiat deposit and withdrawal service in partnership with Bank CenterCredit.
Building Bridges Between TradFi and Crypto
The new channel with a Kazakhstan financial institution allows local users to move Kazakhstani tenge (KZT) directly between their Bybit and Bank CenterCredit accounts, creating a fully integrated on-ramp and off-ramp that bypasses third-party intermediaries.
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Operating under the Astana Financial Services Authority (AFSA), which licenses and regulates Bybitโs local operations, the service complies with Kazakhstanโs financial regulations, ensuring a secure and regulated crypto-fiat gateway.
This launch is part of a broader effort to foster institutional collaboration in Kazakhstanโs evolving digital asset sector.ย
Michelle D., Head of Regulated Regions at Bybit, described the partnership as an effort to โbridge the gap between traditional finance and cryptoโ while operating within a compliant regulatory framework.
The launch builds on Bybit Kazakhstanโs recent rollout of a localized trading platform, underscoring the companyโs long-term strategy to expand in regulated markets.ย
Bybit plans further local integrations as it adapts to Kazakhstanโs regulatory landscape and user demands.
Kazakhstanโs Crypto Momentum
Kazakhstan has experienced significant growth in cryptocurrency adoption, with the share of the population owning digital assets doubling from 4% in 2022 to approximately 8% by 2024.
The country has recently announced plans to build a โCryptoCity,โ a pilot zone designed to explore cryptocurrency transactions within a regulated sandbox environment.ย
Why This Matters
Kazakhstan has emerged as a regional leader in digital asset regulation, with a clear licensing regime and centralized oversight. Bybitโs compliant fiat channel launch marks a significant milestone in the countryโs fintech development and crypto adoption.
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People Also Ask:
Bybit is one of the worldโs largest cryptocurrency exchanges, offering trading services for spot, derivatives, and other digital assets.
A crypto-fiat gateway allows users to convert traditional (fiat) currency, such as USD or KZT, into cryptocurrency and vice versa, enabling seamless deposits and withdrawals.
They simplify access to the crypto economy by integrating traditional banking systems, reducing friction for users and improving regulatory transparency.
A regulatory sandbox is a controlled environment where fintech or crypto companies can test new services under regulatory supervision without the full burden of standard regulations.
Sandboxes allow innovation to develop while protecting users and helping regulators understand emerging technologies before creating long-term policies.
