• Bybit, a cryptocurrency exchange, has been approved by Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a crypto custody service provider in the country.
• Kazakhstan has established itself as a hub for cryptocurrencies, crypto mining and blockchain development by adopting laws regulating crypto mining and exchange in January.
• Bybit recently launched an in-house lending service that bridges the gap between lenders and borrowers in the crypto space.
Bybit Receives Pre-approval to Operate Crypto Custody Service Provider
Cryptocurrency exchange Bybit announced on Monday that it received pre-approval to operate as a crypto custody service provider in Kazakhstan from the Astana Financial Services Authority (AFSA). This approval subjects it to pre-conditions leading to permanent authorization upon completion of its full application process.
Kazakhstan Establishes Itself as Crypto Hub
Kazakhstan has fast established itself as a hub for cryptocurrencies, crypto mining and blockchain development by adopting laws regulating crypto mining and exchange in January 2021. The laws regulate the circulation of crypto within the country while introducing a licensing regime for miners and exchanges. Bybit recognized this opportunity to expand its growth in the space.
Bybit Lending Launched
Bybit announced earlier that it launched an in-house lending service called “Bybit Lending” which delivers hourly interest payments from lending pools. This new service also allows lenders to deposit and redeem loaned digital tokens without any lock-up periods. Borrowers on the platform can take out loans for trading options on the platform with greater amounts than their loan balance ensuring lenders’ capital is safe.
Objective of Establishing Compliant Cryptocurrency Industry
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…We are committed to continuing improving standards of cryptocurrency industry and providing valuable experience to our customers.“
This article is provided for informational purposes only