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Cryptocurrency exchange Bybit has launched a dedicated Kazakhstan platform following regulatory approval from the Astana Financial Services Authority (AFSA), marking a significant expansion into Central Asia's crypto market.
The world's second-largest crypto exchange by trading volume has developed bybit.kz, a localised website offering spot and derivatives trading services specifically for Kazakhstan residents. The platform will provide margin trading and crypto loans, with plans to integrate local currency (Kazakhstan Tenge) payment options through partnerships with domestic banks.
The move comes as Kazakhstan continues to emerge as a significant player in the global cryptocurrency landscape, particularly following China's crypto mining ban in 2021, which led to an influx of mining operations into the country.
The new platform will offer customer support in Kazakh, Russian and English languages, catering to the multilingual nature of the Kazakhstan market. The exchange has implemented Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols in line with local regulatory requirements.
Bybit, established in 2018, currently serves over 50 million users globally and is known for its partnership with Formula One team Oracle Red Bull Racing, the current Constructors' and Drivers' champions.
The launch follows several other major cryptocurrency exchanges seeking to establish regulated operations in Kazakhstan, as the country works to position itself as a crypto-friendly jurisdiction while maintaining regulatory oversight.
