Bank

Bybit has received formal consent from the Astana Financial Services Authority&nbsp;for full authorization in Kazakhstan.
In a Sept. 6 <a href="https://www.prnewswire.com/news-releases/bybit-expands-global-reach-receives-formal-consent-for-full-authorization-in-kazakhstan-302240634.html" target="_blank" rel="noopener noreferrer nofollow">press release</a>, Bybit said it aims to tap into the growing crypto market in <a href="https://crypto.news/tag/Kazakhstan/" target="_blank" rel="noopener noreferrer nofollow">Kazakhstan</a> and the broader Commonwealth of Independent States region.
The AFSA granted the approval, bringing the platform closer to becoming a fully regulated Digital Asset Trading Facility in the region.
This development follows Bybit Kazakhstan’s successful completion of a stringent regulatory process, which included an Anti-Money Laundering check, a business conduct audit, and compliance inspections.
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<h2 class="wp-block-heading" id="kazakhstan-s-emerging-role-in-crypto">Kazakhstan’s emerging role in crypto&nbsp;</h2>
Kazakhstan has emerged as a prominent player in the global crypto space, providing fertile ground for expansion. Earlier on Sept. 6, <a href="https://crypto.news/tag/Binance" target="_blank" rel="noopener noreferrer nofollow">Binance</a> made a <a href="https://crypto.news/binance-receives-regulatory-consent-in-kazakhstan-moves-closer-to-full-licensing/" target="_blank" rel="noopener noreferrer nofollow">similar announcement</a>, securing formal consent from the AFSA to operate as a fully regulated trading platform in Kazakhstan.
In July, Kazakhstan and China <a href="https://crypto.news/china-and-kazakhstan-central-banks-cbdc-partnership/" target="_blank" rel="noopener noreferrer nofollow">initiated a strategic partnership</a> to collaborate on Central Bank Digital Currency research, enhancing knowledge sharing and employee competencies through joint training and research projects.
Bybit’s move to secure a full license will allow the exchange to offer a range of digital asset products and services tailored to the local market.&nbsp;
This follows Bybit’s initial operating and custody licenses from AFSA, <a href="https://crypto.news/bybit-set-to-expand-into-kazakhstan-following-regulatory-approval/" target="_blank" rel="noopener noreferrer nofollow">obtained</a> in June 2023, which laid the groundwork for its regulatory alignment in the country.
The exchange has <a href="https://crypto.news/kazakhstan-launches-cbdc-development-agency/" target="_blank" rel="noopener noreferrer nofollow">also engaged in educational efforts</a> in Kazakhstan, offering blockchain and cryptocurrency courses to local banks as part of its broader push for crypto adoption in the CIS region.
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Bybit gains formal consent for full authorization in Kazakhstan

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