Bybit has achieved an important milestone in its expansion drive, receiving an “in-principle” approval from the Astana Financial Services Authority (AFSA) to begin operating as a digital asset trading facility and as a custody services provider in Kazakhstan.
Commenting on the achievement, co-founder and CEO of Bybit, Ben Zhou, highlighted the potential of the Commonwealth of Independent States (CIS) region for the crypto industry.
Bybit has been actively expanding its service offerings and product range in recent months. On May 2, the exchange announced that it will start offering crypto lending services. In March, the exchange announced a partnership with Mastercard for a new debit card to allow crypto payments.
Kazakhstan is also making strides in the crypto space. In February, local officials announced new regulations requiring 75% of the revenue made from crypto mining to be sold through a crypto exchange as the country cracks down on tax evasion. This year, Kazakhstan has collected around $7 million in crypto taxes. Additionally, the country is in the pilot phase of its digital currency development.
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