In Kazakhstan, Bybit Receives “In-principle” Clearance to Launch Operations

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Last Updated on May 29, 2023 by Bitfinsider

Bybit has said that it has obtained “in-principle” clearance from the Astana Financial Services Authority (AFSA) to begin conducting business in Kazakhstan as a trading platform for digital assets and as a supplier of custody services.

Ben Zhou, co-founder and CEO of Bybit, commented on the accomplishment by saying that the Commonwealth of Independent States (CIS) region has great potential for the cryptocurrency market.

Over the past few months, Bybit has been working to increase the range of services and products it offers. The most recent action was its May 2 declaration that company would begin providing services for crypto financing.

Bybit announced a partnership with Mastercard for a new debit card that will support cryptocurrency payments in March of this year.

As the nation pushes down on tax avoidance in the sector, local officials in Kazakhstan announced new regulations in February that mandate 75% of the earnings from cryptocurrency mining must be sold through a cryptocurrency exchange.

Recently, Kazakhstan reported that it has received around $7 million in cryptocurrency taxes in 2022. Additionally, the nation is still developing its digital infrastructure at its pilot stage.

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