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- 1 Crypto exchange Bybit seeks expansion in Kazakhstan.
- 2 The firm recently received “in-principle” approval from regulators in the Central Asian region.
About a month earlier, the crypto firm announced the launch of its global headquarters in Dubai. The leading cryptocurrency exchange announced that Kazakhstan’s Astana Financial Services Authority (AFSA) granted the pre-approval.
With the consent, Bybit can now operate as a crypto trading facility and a custody services platform in Kazakhstan. The operations would be facilitated at Astana International Financial Centre (AIFC).
Kazakhstan continued to position itself in prominent crypto-related operations. Earlier, it was among the leading countries in terms of crypto mining operations, especially after the crypto crackdown in China made the miners halt their operations and leave the country. The recent activities indicate the country’s aspirations to become a cryptocurrency, mining, and block-related activities hub on a regional level.
By bit Operates in Compliance with Rules
The co-founder and the CEO of Bybit, Ben Zhou, stated that their main objective is to operate the business in obedience to the rules and regulations. Bybit supports the secure and transparent cryptocurrency industry to provide benefits to users.
He also stated that they are committed to providing improved industry standards and valuable experience to customers. Zhou’s statements are made in response to an investigation from the Japanese regulators. This is regarding operations of Bybit without proper registration.
For full authorization, the company must attain specific conditions. Then, it will become liable to provide its services to the local population. Once all the criteria are fulfilled, Bybit will officially serve the local market.
By bit Focuses on Expansion
Bybit is a cryptocurrency exchange headquartered in Dubai. It offers a professional platform where crypto traders can find easy and well-organized trading. The traders can trade in multi-currency.
Bybit is enlarging its services. In March, it partnered with Mastercard to introduce a debit card. This card is designed specifically for cryptocurrency payments. It also announced on 2nd May to serve the crypto services to users.
By bit Expansion in Kazakhstan Benefitted in Crypto Trading and Investing
Bybit expansion in Kazakhstan is based on the country’s focus on crypto, blockchain, and mining. In February, local authorities introduced a requirement stating that 75% of crypto mining revenue must be sold through a crypto exchange to avoid tax evasion.
As a result of this, Kazakhstan has collected over $7 million in crypto taxes for the year 2022.
The country is in the early stages of developing its own digital currency. Bybit seeking development in Kazakhstan will be beneficial, providing a user-friendly way of trading and investing in cryptocurrency. It will be more reliable as it serves as an extra layer of security while transferring funds.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
