“IN-principle” Pre-Approval has been granted to Bybit to open itself as a crypto Exchange in the country.
On May 29, Bybit, a prominent cryptocurrency exchange, received pre-approval from the Astana Financial Services Authority (AFSA) in Kazakhstan. This pre-approval allows Bybit to operate as a crypto exchange in the country at the Astana International Financial Centre.
The exchange continues to expand its presence and establish itself as a trusted player in the cryptocurrency industry.
Commitment to Compliance and Regional Growth
Bybit’s co-founder and CEO, Ben Zhou, expressed the company’s commitment to operating within the framework of relevant rules and regulations. By securing pre-approval from the AFSA, Bybit aims to ensure compliance with local regulations in Kazakhstan.
Additionally, Zhou highlighted the promising potential of the Commonwealth of Independent States as a region for growth in the crypto industry.
Addressing Past Concerns and Future Prospects
Bybit’s journey towards pre-approval in Kazakhstan follows a previous incident where the company faced scrutiny in Japan for operating without registration. As a result, Bybit recognizes the importance of regulatory compliance and takes it seriously.
“In-Principle” Approval and Path to Permanent Authorization
Bybit’s pre-approval from the AFSA grants them an “in-principle” approval status. However, there are preconditions that the company must fulfil before obtaining permanent authorization to provide services to the local population, while complying with the local norms.
Kazakhstan allows Bybit to operate inside its domestic territory as a crypto exchange to cater services to its naturals.
It is a matter to consider that the new normal element in the financial world is now covering every nuke and corner of the globe.
There are signals that it can become the next big thing in the ever-evolving terms of financial transaction. Financial transaction system started with thebarter system to presently leading to digital currency. If the volatile tendency of cryptocurrency is checked, it can also earn faith of the investors and users.
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