Leading derivatives crypto exchange Bybit has secured preliminary operational license to provide crypto services in the country of Kazakhstan. The license allows the exchange to establish as a digital asset trading platform, and also serve as a digital asset custodian.
Bybit is one of the top crypto exchanges in the world. Known as a top derivatives trading exchange, Bybit was initially founded in Hong Kong and had its headquarters in Singapore. It is one of the exchanges with the highest liquidity for trading crypto assets, and also one of the cheapest and most beginner-friendly to use.
The License issued by Kazakhstan’s financial regulator Astana Financial Services Authority (AFSA) empowers Bybit to run a digital asset trading facility and to offer custody services at Astana’s financial hub, Astana International Financial Centre (AIFC).
Described as an ‘in-principle’ license, the license also sets conditions that Bybit must meet to attain full authorization when it completes the full license application process.
”We are delighted to receive an in-principle approval from AFSA. We believe in the promising potential of the Commonwealth of Independent States (CIS) and are eager to open up our world-class trading platform from crypto enthusiasts in the region,’ Bybit CEO and Co-Founder Ben Zhou said in reaction to the license.
Bybit Expanding its Reach
One of Bybit’s goals as an exchange is to bring about wider crypto adoption. Spreading its reach is one of the best ways to accomplish this, and securing a license in Kazakhstan is a major step towards in the big picture.
Historically, Kazakhstan is a crypto-friendly country that has served as a major place for mining Bitcoin because of its cheap electricity. Bybit applying for a license further proves that the country is open to developing into a crypto hub.
Bybit also recently moved its global headquarters to Dubai, another crypto-friendly place that has embraced the development of cryptocurrency companies.
The United Arab Emirates (UAE) as a region has also embraced blockhain and crypto, and its resolve to develop the sector has made it necessary to bring up regulations that support the industry.
The license in Dubai also started with an in-principle license that led to the headquarters moving there, which means it could potentially secure a full license in Kazahkstan as well.
Countries Embracing Crypto
Many countries have recently opened their doors to cryptocurrencies, in the hope of becoming crypto hubs. One of these is Hong Kong, an administrative region of China. Hong Kong came up with regulation that is meant to encourage the growth of crypto as well as protect consumers.
Australia also started working on crypto regulation to support the industry last month, and has joined Hong Kong to attract crypto companies as a hub for their development. As Bybit is expanding, these may be its next areas of interest.
