- Bybit has announced a major milestone in Kazakhstan.
- The exchange will now operate as a fully regulated market institution in the country.
- The development followed a consent to full authorization on September 6.
Kazakhstan’s Astana Financial Service Authority (AFSA) has granted crypto exchange Bybit a full license to operate in the country.
The development came barely a month after AFSA granted the exchange “consent to full authorization” on September 6, putting it on track to become Kazakhstan’s first regulated Digital Asset Trading Facility (DATF).
Bybit’s Full Authorization in Kazakhstan
According to a press release on September 27, AFSA’s full authorization positions Bybit as a regulated market institution in Kazakhstan, marking a significant leap forward in the exchange’s global expansion efforts.
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Bybit said the license would allow its local entity to provide a comprehensive range of crypto-related services, including a trading platform via the domain by bit.kz and investment management services as both an agent and a principal.
Scheduled to launch in mid-October this year, the domain will also support spot and derivatives trading, margin trading, and digital asset loan services for users in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
Bybit founder and CEO Ben Zhou lauded the win, noting that it was an exciting opportunity for the exchange to expand to Kazakhstan’s dynamic crypto market.
“With this full license, we are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry,” Zhou stated.
Per the statement, the development unlocks a new chapter for Bybit, solidifying its commitment to fostering growth and innovation within the broader global crypto industry. Other exchanges with plans to expand to Kazakhstan include Binance, which also secured consent to full authorization on September 6.
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