Cryptocurrency exchange Bybit has secured a full license in Kazakhstan, paving the way for its expansion into the CIS region. This milestone grants Bybit the status of a fully regulated market entity, allowing it to offer a comprehensive range of services to traders and investors.
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| Bybit, a leading cryptocurrency exchange, has obtained a full operating license in Kazakhstan, marking a significant expansion into the CIS region. The license empowers Bybit to offer a wider range of services to local users, including digital asset trading, custody, and investment. Image Courtesy: Bybit |
Astana Kazakhstan - September 30, 2024:
Bybit, the world's second-largest cryptocurrency exchange, has secured a full operating license from Kazakhstan's Astana Financial Service Authority (AFSA). This significant move marks a major step in Bybit's global expansion and positions it as a fully regulated market player in the Central Asian nation.
The license opens a new chapter for Bybit in Kazakhstan, allowing it to offer a comprehensive suite of services to local users. These include digital asset trading, asset custody, investment opportunities (both as an intermediary and principal), and investment management. This diverse range of offerings caters to the evolving needs of Kazakhstani crypto enthusiasts and investors.
The move also benefits the broader Commonwealth of Independent States (CIS) region. Bybit's entry into Kazakhstan creates a more robust crypto ecosystem in the region, providing users with access to a secure and reliable platform.
Bybit CEO Ben Zhou emphasizes the company's commitment to fostering innovation and growth in the global crypto space.The Kazakhstan license allows Bybit to leverage its cutting-edge technology, security practices, and transparency to empower local traders with the tools they need to thrive in the dynamic crypto market.
Bybit Kazakhstan will launch its dedicated website (bybit.kz) in mid-October 2024. This localized platform will likely offer spot and derivatives trading, margin trading, and crypto lending services.
Analysts see Bybit's expansion as a positive development for the region. As a fully regulated platform, Bybit Kazakhstan will enhance compliance and security standards, fostering trust and confidence among local users.
This move aligns with Bybit's mission to provide robust and transparent services tailored to the specific needs of regional crypto communities. By building strong relationships with traders in Kazakhstan and the CIS, Bybit aims to equip them with the knowledge and tools necessary to navigate the ever-changing digital asset landscape.
Bybit's Kazakhstan license marks a significant milestone for both the company and the CIS crypto market. It signifies Bybit's commitment to global expansion and its dedication to providing secure and reliable services to a wider audience. With a fully regulated platform in place, Bybit is poised to play a leading role in shaping the future of crypto trading in Kazakhstan and the CIS region.