Kazakhstan’s New Crypto Custody Service Provider
Bybit, a cryptocurrency exchange, is expanding its operations after getting “in-principle” authorisation from Kazakhstan officials.
The exchange stated on May 29 that it has received pre-approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC).
Ben Zhou, co-founder and CEO of Bybit, believes the Commonwealth of Independent States (CIS) has “promising potential” for growth in the crypto business.
Zhou also emphasised Bybit’s dedication to following local legislation. This comes after Japanese regulators recently flagged Bybit for operating without registration.
Under the “in-principle” approval granted to Bybit, the company is subject to pre-conditions that will lead to permanent authorization to commence servicing locals after the application process is fully completed.
(With inputs from Shikha Singh)
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