• Bybit, a cryptocurrency exchange, announced that it has received pre-approval to operate as a crypto custody service provider in Kazakhstan.
• The exchange was approved by Kazakhstan’s Astana Financial Services Authority (AFSA) to provide digital asset trading and custodial services.
• Bybit also recently launched an in-house crypto lending service for its users, which provides hourly interest payments from lending pools without any lock-up periods.
Bybit Receives Pre-Approval in Kazakhstan
Cryptocurrency exchange Bybit announced on Monday that it received pre-approval to operate as a crypto custody service provider in Kazakhstan. Bybit was approved by Kazakhstan’s Astana Financial Services Authority (AFSA) to serve as a digital asset trading facility and provide custody services at the Astana International Financial Centre (AIFC). This “in-principle” approval subjects it to pre-conditions leading to permanent authorization upon the exchange’s completion of the full application process.
Kazakhstan Establishes Itself as Crypto Hub
Kazakhstan, as a gateway to the Commonwealth of Independent States (CIS), has fast established itself as a hub for cryptocurrencies, crypto mining and blockchain development. In January, Kazakhstan adopted laws regulating crypto mining and exchange. The laws regulate the circulation of crypto within the country while introducing a licensing regime for crypto miners and exchanges.
Bybit Committed to Compliance
Ben Zhou, co-founder and CEO of Bybit, said: It has always been our primary objective to operate our business in compliance with relevant rules and regulations. Bybit firmly supports the regulatory objective of establishing a compliant, secure, and transparent cryptocurrency industry to benefit users“. Adding „We are delighted to receive an in-principle approval from AFSA. We believe in the promising potential of the CIS and are eager to open up our world-class trading platform for crypto enthusiasts in the region.“
Bybit Launches Lending Service
The Dubai-based exchange also recently announced that they launched an in-house crypto lending service for their users called „Bybit Lending“. This delivers hourly interest payments from lending pools where lenders can deposit or redeem loaned out tokens without any lock up periods—bridging gaps between lenders & borrowers within this arena. Borrowers must post greater than or equal amounts than their loans taken out on this platform so that lenders capital is safe & secure too!
This article is provided for informational purposes only