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Bybit exchange licensed in Kazakhstan

Crypto exchange Bybit received official permission to work in Kazakhstan. The license for trading in digital assets and storage was issued by the regulator AFSA Kazakhstan.

This message did not come as a surprise. On May 29, the firm announced that it had received preliminary approval in Kazakhstan.

Bybit co-founder and CEO Ben Zhu noted that the new jurisdiction will allow the brand to expand its presence in the CIS. This is especially important now that the US and some other countries have launched harsh crypto crackdowns.

On May 8, the Bybit platform introduced mandatory verification for all users. Clients must verify their account at least at level 1 (that is, send their selfies and photo documents). Otherwise, they will lose access to the products and services of the exchange.

Unverified users will only be able to close existing positions and orders, repay loans, and withdraw funds. For those who have passed the first stage of KYC, the daily withdrawal limit will be $1 million, and for level 2 – $2 million.

Several well-known crypto exchanges have already been officially registered in Kazakhstan. So, Binance received permission here on August 15 last year. In October 2022, the local parliament approved in the first reading 5 bills on the regulation of cryptocurrencies and mining. It sets the rules for the operation of companies, taxes and reporting.

Last year, Kazakhstan collected $7 million in taxes from miners.

Source: Cryptocurrency

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