Bybit, recognized as the world’s second-largest cryptocurrency exchange by trading volume, has announced that it has secured a full license from the Astana Financial Service Authority (AFSA). This strategic move enables Bybit to function as a legal market actor in Kazakhstan, thus being a crucial step in its globalization strategy.
Bybit Aims to Enhance Crypto Landscape in Kazakhstan and CIS Region
With this full authorization, Bybit Kazakhstan aims to develop a range of services comprising a digital asset trading platform, a custody service, and investment management. This new license has multiple prospects for automobile users in Kazakhstan and the Commonwealth of Independent States (CIS) region.
The co-founder and CEO of Bybit, Ben Zhou, states that Kazakhstan is gradually entering the list of countries determining the crypto landscape. He said he looks forward to extending services within this active market and stated that Bybit is ready to bring the best technology, security, and transparency to the crypto traders from within.
The planned services for Bybit Kazakhstan are spot and derivatives trading services, margin trading services, and crypto loan services. The official website named ‘bybit.kz’ will be launched in mid-October 2024. This expansion aligns with Bybit’s mission to offer trustworthy services that suit crypto traders and investors in Kazakhstan.
Bybit Targets CIS Traders with Innovative Digital Asset Strategies
Many have considered this a positive move towards improving and advancing the cryptocurrency space. An interesting facet that might just work for Bybit is the fully regulated platform that guarantees high standards of compliance and the highest levels of security. The company is confident in creating good relations with the Kazakh and CIS traders. It seeks to offer strategies to assist the constantly evolving digital asset market.
The move indicates that Bybit is more serious about providing regulated services in the crypto space, as the firm currently caters to over 50 million users across the world. This strategy is positive for Bybit and the digital currency market in the particular country of location since it paves the way for a prosperous future of digital trading in the region.
