UAE: Bybit, a UAE cryptocurrency exchange, has obtained a full license from the Astana Financial Services Authority on the 27th September 2024, allowing it to operate as a fully authorized market institution in Kazakhstan. This development represents a notable move in the company’s ongoing global expansion efforts.
With this full authorization, Bybit Kazakhstan will offer a range of services including operating a digital asset trading facility, providing custody and dealing in investments as both an agent and principal. Additionally, the fintech firm will offer a range of products including spot and derivatives trading, margin trading and crypto loans.
Ben Zhou, co-founder and CEO of Bybit commented: “Kazakhstan has become a key player in the global crypto ecosystem and we are thrilled to be expanding our services in such a dynamic market. With this full license, we are committed to bringing our cutting-edge technology, security and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
The Bybit Kazakhstan website, accessible at ‘bybit.kz’, is set to launch in mid-October 2024 and this expansion into the country aligns with Bybit’s mission to enhance collaboration with crypto traders and investors across the CIS region.
A few days prior to securing its Kazakh license, Bybit introduced an ‘Islamic Account’ on the 24th September 2024, which is a Shariah compliant account specifically for Muslim investors. This initiative provides a trading option that aligns with Islamic law, potentially expanding access to cryptocurrency for the Muslim trader demographic.
“The account includes product offerings such as spot trading with 75 Shariah compliant tokens, a dollar cost averaging trading bot and a Spot Grid Bot,” Ben added. The account is globally accessible, except in countries with legal restrictions and carries double Shariah certification from both Crypto Halal and ZICO Holdings, ensuring that all products meet high standards of Islamic law.
Bybit’s introduction of Shariah compliant products coincides with its acquisition of a provisional license in Dubai from the Virtual Asset Regulatory Authority on the 16th September 2024. This non-operational approval enables the fintech firm to offer virtual asset exchange services to retail, qualified investors and institutional users.
The Islamic economy, serving nearly 1.9 billion people globally, is witnessing significant growth, with the Islamic finance sector currently valued at approximately US$2.3 trillion. The Middle East, Africa and South Asia regions are expected to play a crucial role in this expansion. By introducing a Shariah compliant trading platform, Bybit is engaging with this growing market and offering a reliable trading solution for Muslim traders.
Bybit established its international headquarters in Dubai in 2022 and recently renewed its partnership with the Dubai Multi Commodities Crypto Centre.
