The Astana Financial Service Authority (AFSA) in Kazakhstan has granted a full licence to Bybit, one of the top cryptocurrency exchanges in the world. Bybit is now able to function in the nation as a fully licensed market institution thanks to this accomplishment.
Bybit is now able to provide a wide range of services to its users, including as investment management, custody services, and digital asset trading, under this new license. The AFSA of Kazakhstan will now oversee the company’s operations, enhancing Bybit’s standing in Central Asia and the larger Commonwealth of Independent States (CIS) area.
The Entry of Bybit into Kazakhstan and the CIS
With the complete licence, Bybit will have a lot more opportunity to offer goods in Kazakhstan, including margin trading, spot and futures trading, and cryptocurrency loans. This action highlights Kazakhstan’s expanding influence inside the global cryptocurrency market.
Mid-October 2024 will see the launch of “bybit.kz,” a specialised platform designed to meet the requirements of regional cryptocurrency dealers and investors, by Bybit. The CEO and co-founder of Bybit, Ben Zhou, voiced his enthusiasm for the growth, saying, “We are excited to be expanding our services in such a dynamic market. Kazakhstan has emerged as a key player in the global crypto ecosystem.”
Introducing the Islamic Account on Bybit
Bybit has made history by launching an Islamic Account, making it the first cryptocurrency exchange in the world to provide a platform that conforms with Islamic law. With the help of the Islamic Account, Muslim traders can participate in the constantly expanding, presently valued at over $2.3 trillion, Islamic financial sector in a way that is compliant with their religious beliefs.
Bybit has obtained dual certification from ZICO Holdings and Crypto Halal Certification to guarantee that its Islamic Account complies with the strictest Shariah legal requirements. To ensure complete conformity with Islamic finance principles, the platform was built in partnership with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal.
A variety of Shariah-compliant products are available through The Islamic Account, such as spot trading with 75 permitted tokens, a trading bot that uses dollar-cost averaging (DCA), and a spot grid bot. Users from all over the world can access this service, with the exception of nations where cryptocurrency trading is prohibited by law.
Obtaining a CASP license and initiating TRY Pairs with Bybit Türkiye
Bybit has also increased its footprint in Turkey by being approved by the Capital Markets Board (CMB) of Turkey to operate as a Crypto Asset Service Provider (CASP). Under the leadership of Narkasa Yazılım Ticaret Anonim �\irketi, Bybit Türkiye is dedicated to fostering Turkey’s developing cryptocurrency scene while adhering to all applicable local laws.
Bybit and Narkasa teamed up in June 2024 to create a solid foundation in the Turkish market. Since then, a number of significant features have been made available to Turkish users:
TRY Trading Pairs: Bybit introduced Turkish Lira (TL) trading pairs in early September 2024, enabling users to trade cryptocurrencies with TL directly, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
One-Click Purchase feature: Making it easier for new users to buy cryptocurrencies.
Local Bank Integration: Bybit’s integration with Vakıfbank and Ziraat Bank allows for easy transfer and withdrawal of TL.
Turkish users now have easier access to the site thanks to the addition of TRY trading pairs, which do away with the necessity for currency conversions. On August 30, 2024, the trading pairs—USDT/TRY, BTC/TRY, and ETH/TRY—became accessible, demonstrating Bybit’s continued dedication to growing its clientele in Turkey.
Bybit’s unwavering expansion into Kazakhstan and Turkey demonstrates its dedication to offering cutting-edge, safe cryptocurrency trading solutions worldwide.
