Vision

Magnet

<p>In a significant stride towards expansion, Bybit, a titan among cryptocurrency exchanges and a global leviathan in the realm of digital asset trading, has secured in-principle approval from Kazakhstan&#8217;s Astana Financial Services Authority (AFSA). This preliminary approval signifies that upon the fulfilment of requisite conditions and the completion of the full application process, Bybit will procure a permanent license to operate a Digital Asset Trading Facility and offer Custody Services at the Astana International Financial Centre (AIFC).</p>
<h2 style="text-align: center;" id="bybit-8217-s-vision-for-central-asia">Bybit&#8217;s Vision for Central Asia</h2>
<p>Ben Zhou, Bybit’s <a href="https://twitter.com/Bybit_Official">co-founder</a> and CEO, expressed his elation at this monumental achievement. He underscored the promising potential of the Commonwealth of Independent States (CIS) and articulated an eagerness to unveil Bybit&#8217;s world-class trading platform to crypto enthusiasts in this burgeoning region.</p>
<p>As a vanguard in the crypto industry, Bybit is committed to adhering to stringent regulatory frameworks and upholds the AIFC as a beacon of progressive fintech jurisdiction in the CIS region. The exchange recognizes that the AIFC is pioneering a robust regulatory framework that will foster crypto development in other CIS countries​.</p>
<h2 style="text-align: center;" id="past-regulatory-hurdles">Past Regulatory Hurdles</h2>
<p>While the recent approval from AFSA paints a promising picture for Bybit, it&#8217;s imperative to remember that the exchange has previously navigated turbulent regulatory waters. For instance, Japan’s Financial Service Agency (FSA) has issued warnings to Bybit, among other exchanges, for operating without a license, highlighting the necessity for the exchange to respect and abide by national laws and regulations​1​.</p>
<h2 style="text-align: center;" id="the-astana-international-financial-centre-aifc-a-magnet-for-crypto-firms">The Astana International Financial Centre (AIFC): A Magnet for Crypto Firms</h2>
<p>The AIFC is diligently carving its niche as a global epicenter for business and finance, enticing a plethora of <a href="https://walletinvestor.com/magazinadmin/eu-proposes-ai-copyright-rules-balancing-regulation-and-innovation/">crypto</a> firms with its progressive approach and conducive business environment. Ingeniously modeled after the Dubai International Financial Center, the AIFC operates under English common law, maintaining a legal system completely independent of the domestic Kazakh system.</p>
<p>This strategic design offers a harmonious blend of familiarity and innovation, thus providing institutional and foreign investors with a sense of security. The AIFC presents frameworks and laws that are more recognisable to these investors, creating a conducive environment for them to channel capital into Kazakhstan.</p>
<h2 style="text-align: center;" id="conclusion">Conclusion</h2>
<p>As Bybit prepares to extend its reach into Kazakhstan, this development underscores the potential of the CIS region as a burgeoning hub for crypto innovation. This, coupled with the progressive stance of the AIFC, places Kazakhstan on the global map as a promising destination for future crypto ventures.</p>

Bybit Set to Conquer Central Asia: Regulatory Approval Marks Entry into Kazakhstan

Table of Contents

WalletInvestor

Other articles published on May 29, 2023

Breaking - Bobcoin introduction on Avalanche and Polygon

Unleashing the Potential of Crypto: Hong Kong’s Regulatory Changes to Boost Altcoin Trade

Big solana buys on Huobi may be driven by Hong Kong’s new crypto regulations

The Sandbox CEO Recovers Hacked Twitter Account; Warns Users of Phishing Scam

Lawyer’s Regret: Using ChatGPT in Court Leads to Unforeseen Consequences

The Most Attractive Factors of DogeMiyagi, Avalanche, and Cardano

Join our free newsletter for daily crypto updates!