{"id":50784,"date":"2023-05-29T08:45:21","date_gmt":"2023-05-29T12:45:21","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=50784"},"modified":"2023-05-29T08:45:24","modified_gmt":"2023-05-29T12:45:24","slug":"bybit-receives-in-principle-approval-from-kazakhstan-regulatory-authorities","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bybit-receives-in-principle-approval-from-kazakhstan-regulatory-authorities\/","title":{"rendered":"Bybit Receives “In-Principle” Approval from Kazakhstan Regulatory Authorities"},"content":{"rendered":"\n

Bybit cryptocurrency exchange, in a bid to continue its expansion, has received \u201cin-principle\u201d approval<\/a> to operate in Kazakhstan as a crypto custody services provider.<\/p>\n\n\n\n

\"Bybit
Bybit Receives “In-Principle” Approval from Kazakhstan Regulatory Authorities<\/figcaption><\/figure>\n\n\n\n

The exchange announced on May 29 that it had received preliminary approval from Kazakhstan's Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC).<\/p>\n\n\n\n

Ben Zhou, co-founder and CEO of Bybit, believes that the Commonwealth of Independent States\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> (CIS) has “promising potential” for development in the crypto industry.<\/p>\n\n\n\n

Additionally, Zhou emphasized Bybit's commitment to complying with local regulations. This comes after Japanese regulators recently flagged Bybit for operating without registration.<\/p>\n\n\n\n

\n

\u201cIt has always been our primary objective to operate our business in compliance with relevant rules and regulations.”\u00a0<\/em><\/p>\n<\/blockquote>\n\n\n\n

In accordance with the “in-principle” approval granted to Bybit, the company is subject to preconditions that will result in permanent authorization to begin providing services to locals once the application process is finalized.<\/p>\n\n\n\n

Bybit has been in the process of expanding its service offerings over the past few months. On May 2, it was announced that crypto lending services<\/a> would be made available to users.<\/p>\n\n\n\n

In March, the company partnered with Mastercard to offer a new debit card for cryptocurrency transactions.<\/p>\n\n\n\n

Kazakhstan has steadily become a regional hub for crypto, mining, and blockchain, prompting the latest step to offer services there.<\/p>\n\n\n\n

Local officials declared in February that 75% of crypto mining revenue must be sold on a cryptocurrency exchange<\/use><\/svg><\/span><\/a> to combat tax evasion. A few months later, Kazakhstan disclosed that it had collected approximately $7 million in cryptocurrency taxes in 2022.<\/p>\n\n\n\n

Kazakhstan is presently in the pilot phase of developing a digital currency issued by its central bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bybit cryptocurrency exchange, in a bid to continue its expansion, has received \u201cin-principle\u201d approval to operate in Kazakhstan as a crypto custody services provider. The exchange announced on May 29 that it had received preliminary approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody services provider […]<\/p>\n","protected":false},"author":12,"featured_media":34804,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[14620,662,1406,14621],"class_list":["post-50784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-in-principle-approval","tag-bybit","tag-crypto-exchange","tag-kazakhstan-regulatory-authorities"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/image-255.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/50784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=50784"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/50784\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/34804"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=50784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=50784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=50784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}