Crypto exchange Bybit received &ldquo;in-principle&rdquo; approval to operate as a crypto custody service provider in Kazakhstan.
&nbsp;Cryptocurrency exchange Bybit announced on Monday that it received pre-approval to operate as a crypto custody service provider in Kazakhstan. Bybit was approved by Kazakhstan&rsquo;s Astana Financial Services Authority (AFSA) to serve as a digital asset trading facility and provide custody services at the Astana International Financial Centre (AIFC).
Bybit&rsquo;s in-principle approval subjects it to pre-conditions leading to permanent authorization upon the exchange&rsquo;s completion of the full application process.
Kazakhstan Established Itself as a Hub for Digital Assets
Kazakhstan, as a gateway to the Commonwealth of Independent States (CIS), has fast established itself as a hub for cryptocurrencies, crypto mining and blockchain development. In January, Kazakhstan adopted laws regulating crypto mining and exchange. The laws regulate the circulation of crypto within the country while introducing a licensing regime for crypto miners and exchanges.
Bybit recognized the opportunity to expand its growth in the 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. Bybit firmly supports the regulatory objective of establishing a compliant, secure, and transparent cryptocurrency industry to benefit users.

Adding,

We are delighted to receive an in-principle approval from AFSA. We believe in the promising potential of the CIS and are eager to open up our world-class trading platform for crypto enthusiasts in the region.
We are committed to continuing to improve the cryptocurrency industry&rsquo;s standards and provide a valuable experience to our customers.

Bybit Now Offers Lending Services
The Dubai-based exchange announced earlier that it launched an in-house crypto lending service for its users: Bybit Lending. The newly launched service delivers hourly interest payments from lending pools, and lenders can also deposit and redeem loaned crypto tokens without any lock-up periods.
The exchange says its new service bridges the gap between lenders and borrowers in the crypto space. Borrowers on the exchange can take out loans to use on the platform&rsquo;s many trading options and must post greater than or equal amounts to their loan to ensure lenders&rsquo; capital is safe.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bybit Receives “In-Principle” Approval to Operate in Kazakhstan

Crypto Daily™

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