Cryptocurrency exchange Bybit has just received in-principle approval to operate in Kazakhstan from The Astana Financial Services Authority (AFSA).
After completing the full application process, the company will be able to operate a digital asset trading platform and provide custodial services at the Astana International Financial Center.
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Bybit co-founder and CEO Ben Zhou has noted the "promising potential" for the development of the cryptocurrency sector in the Commonwealth of Independent States (CIS).
He has also highlighted the platform's commitment to comply with local regulations.
The exchange introduced mandatory verification for all platform users on May 8.