• Bybit, a cryptocurrency exchange, has received pre-approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a crypto custody service provider in Kazakhstan.
• The approval gives Bybit the opportunity to expand its business and support the regulatory objectives of establishing a compliant, secure and transparent cryptocurrency industry for users.
• Bybit also recently launched its own crypto lending service called Bybit Lending which allows lenders to deposit and redeem loaned tokens without any lock-up periods.
Bybit Receives In-Principle Approval for Crypto Custody Service in Kazakhstan
Cryptocurrency exchange Bybit announced on Monday that it has received pre-approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a crypto custody service provider in Kazakhstan. This approval will subject the exchange to pre-conditions leading to permanent authorization upon the completion of the full application process.
Kazakhstan Establishes Itself as Hub for Digital Assets
Kazakhstan is establishing itself as a hub for cryptocurrencies, crypto mining and blockchain development with laws regulating crypto mining and exchange being adopted by the country in January 2021. With this move from AFSA, Bybit recognizes an opportunity to expand its business in this space. 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.” He added that they are delighted to receive an in-principle approval from AFSA and believe that there is promising potential in CIS region with regards to digital assets.
ByBit Launches Crypto Lending Service
In addition, earlier this year, ByBit launched their own crypto lending service called ‘ByBit Lending’ which delivers hourly interest payments from lending pools. The platform provides an improved experience for both lenders and borrowers allowing them access loans without any lock up period when depositing or redeeming loaned tokens. Borrowers can take out loans on the platform while having greater than or equal amounts posted against their loan amount ensuring lender capital is safe at all times.
Commitment To Improving Cryptocurrency Standards
ByBit is committed towards providing users with valuable experiences while improving standards within cryptocurrency industry by complying with rules set forth by regulators such as AFSA.
This article is provided for informational purposes only; it should not be taken as legal advice or recommendation.