Bybit Granted License to Operate as a Digital Asset Trading Facility in Kazakhstan by AFSA
Crypto exchange Bybit has been granted a license by the Astana Financial Service Authority (AFSA) to operate as a digital asset trading facility and provide custody services in Kazakhstan, bolstering its commitment to transparency and regulatory compliance and expanding its services to millions of users worldwide.
In a milestone move for the digital asset industry, leading crypto exchange Bybit has been granted the license to operate a Digital Asset Trading Facility and provide custody in Kazakhstan. The authorization was given by the Astana Financial Service Authority (AFSA), the regulator of the Astana International Financial Centre, recognizing Bybit as an Authorised Market Institution on June 7, 2023.
This move by the AFSA follows its in-principle approval, marking an essential step in Bybit’s growth strategy. The authorization will ramp up Bybit’s efforts in solidifying its position in the Commonwealth of Independent States (CIS) market while fully complying with the local regulatory regime.
The granting of this license reflects a progressive approach toward the digital asset industry in Kazakhstan and sets the stage for Bybit to extend its state-of-the-art trading and custodial services to millions of users worldwide. This announcement signifies a crucial step for Bybit in advancing the accessibility and adoption of digital assets in the region.
Bybit’s achievement is a testament to the belief that responsible digital asset service providers can and should provide the necessary guardrails for investors. The company has emphasized a commitment to ensuring transparency that its investors have come to expect. It sees this license not just as a permit to operate but as an obligation to uphold the highest standards of service provision in the digital asset space.
This milestone aligns with Bybit’s broader mission of providing secure, reliable, and quality digital asset trading services to its global user base. Bybit is now well-positioned to expand its influence and impact in the CIS and nearby regions.
The license will undoubtedly boost Bybit’s growth potential in these new markets. It marks the start of a new chapter for Bybit and, more importantly, for the millions of potential digital asset users in the CIS and beyond who can now access a platform that combines high-quality trading facilities with the safety measures that a fully regulated operation brings.
In summary, Bybit’s achievement is a gain for the company and a boost for the digital asset industry. It demonstrates how a well-regulated crypto exchange can operate effectively within a regulated environment, instilling trust and reliability among investors and setting a benchmark for others in the industry. This approval will likely catalyze further growth and innovation in the sector, contributing to the increasing mainstream adoption of digital assets.