Bybit Launches Kazakhstan’s First Localized Crypto Platform

The world’s second-largest cryptocurrency exchange by trading volume, has officially launched a Kazakhstan-specific platform at bybit.kz, marking a major step in its global expansion.

The platform was unveiled on October 31 following full authorization from Kazakstan’s financial regulator, the Astana Financial Services Authority (AFSA), ensuring Bybit’s compliance with local regulations.

Kazakhstan Crypto Landscape

Kazakhstan is gaining recognition as a hub for cryptocurrency, especially as regulations in other regions become more restrictive.

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In July, Kazakhstan underscored its supportive approach to cryptocurrency by forming a strategic alliance with China to jointly explore Central Bank Digital Currency (CBDC) innovations. This partnership focuses on exchanging expertise and advancing skills, with plans for collaborative training sessions and research projects designed to boost both countries’ capabilities in digital currency development.

Additionally, local universities amd banks are starting to offer blockchain and crypto courses, which shows the country’s commitment to adopt this innovative technology and make sure people understand it.

With this recent full license (granted ot Sept. 6), Bybit aims to offer Kazakhstan traders access to their full spectre of services to navigate the dynamic crypto space.

ByBit in Kazakhstan

Bybit Kazakhstan will officially launch in October 2024 under the new domain “bybit.kz,” offering a range of products such as spot trading, derivatives, margin trading, and crypto loans.

The newly localized platform brings Kazakhstan traders access to Bybit’s extensive cryptocurrency services with a focus on user experience and security.

Traders can engage in spot trading with real-time liquidity, as well as derivatives and margin trading for those interested in more advanced strategies. Bybit Kazakhstan has also introduced crypto loans, allowing users to leverage their assets without liquidating them.

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An upcoming fiat gateway for Kazakhstan Tenge (KZT) is expected soon through partnerships with local banks, allowing users to deposit and withdraw KZT directly, thereby enhancing transaction ease and speed.

ByBit Expansion Efforts

Bybit is strategically entering regions with supportive regulatory frameworks for digital assets, positioning itself in markets where crypto activity is on the rise. Its expansion across the Commonwealth of Independent States (CIS) demonstrates a clear focus on reaching emerging hubs of cryptocurrency trading.

In Dubai, Bybit recently secured a provisional license, moving closer to becoming a fully licensed Virtual Asset Service Provider (VASP) in the city where it established its headquarters two years ago. This follows an earlier preliminary license under Dubai’s Minimum Viable Product (MVP) framework, highlighting Bybit’s ongoing progress within the region’s regulatory landscape.

The exchange also marked a new milestone in its Latin American growth strategy by securing official registration in Argentina. Now recognized as a Virtual Asset Service Provider (VASP) and authorized card operator, Bybit is set to expand its services in the region further.

This latest regulatory approval in Kazakhstan emphasises Bybit’s global expansion strateegy and the need for investment, trading and educational tools not just in developing regions, but in technologically advanced regions such as the UAE.

Kostadin Dimitrov