Bybit Gears Up to Expand into Kazakhstan with Crypto Custody Approval in Sightp

Kazakhstan's crypto-friendly approach seems to be bearing fruit as Singapore-based crypto exchange Bybit announced its pre-approval from regulators for launching digital asset trading and custody services.

Bybit declared its "in-principle" approval from Kazakhstan's Astana Financial Services Authority (AFSA), marking the first step in solidifying its presence within the Astana International Financial Centre (AIFC).

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The Co-founder and CEO of Bybit, Ben Zhou, expressed his optimism regarding the expansion, citing the "promising potential" of the Commonwealth of Independent States (CIS) region for the crypto sector's growth.

However, he remained conscious of the need to abide by local regulations. Zhou elaborated on the company's commitment, stating:

It has always been our primary objective to operate our business in compliance with relevant rules and regulations.

As part of the "in-principle" approval, Bybit has to fulfill certain pre-conditions before it can fully begin servicing the local population. The completion of the application process will cement the authorization to commence its operation.

This development comes amidst Kazakhstan's concerted efforts to position itself as a regional hotspot for crypto, blockchain, and mining activities.

Earlier this year, local authorities mandated that 75% of profits from crypto mining should be exchanged via a crypto platform to mitigate tax evasion. As a result, the country reported around $7 million in crypto taxes for 2022.

As it now stands, Kazakhstan is piloting the development of its digital currency, further underscoring its commitment to the crypto sphere.