- You can start working in the country only after receiving the final permit
- The company previously announced plans to expand its business in Hong Kong.
Crypto exchange Bybit received pre-approval for the provision of services for the storage of cryptocurrencies in Kazakhstan. On May 29, the exchange announced that it had received permission to operate as a cryptocurrency trading platform from the Astana Financial Services Authority (AFSA). The company also received permission from a custody service provider at the Astana International Financial Center (AIFC).
The so-called “principled” approval from local regulators provides for the fulfillment of conditions that will lead to obtaining final approval to start serving the local population after the completion of the application process.
Bybit’s CEO and co-founder, Ben Zhou, expressed his belief in the “great potential” of the CIS as a region for the development of the cryptocurrency sector.
At the same time, Zhou emphasized Bybit’s commitment to comply with local laws. This comes after the company recently received a warning from Japanese regulators for operating without registration.
“We have always had the primary goal of operating our business in accordance with applicable laws and regulations,” Ben said.
Bybit is expanding its operations in Kazakhstan as the country develops as a regional hub for cryptocurrencies, mining and blockchain. At the end of 2022, there were reports that Binance and the Blockchain Center research laboratory are launching a large-scale educational project in Kazakhstan. Thus, Kazakhstan has become the first country in the world to provide classical higher education in the field of blockchain.