TLDR
- Bybit has launched Kazakhstan’s first fully licensed P2P crypto trading platform.
- The platform is regulated by the Astana Financial Services Authority under the AIFC framework.
- All fiat transactions are conducted through corporate bank accounts of licensed financial institutions.
- Users must verify their identity, IIN, and bank details before conducting any transactions.
- Halyk Bank cards are used for fiat transfers during the initial launch phase.
Bybit has introduced a fully licensed peer-to-peer (P2P) cryptocurrency platform in Kazakhstan under AFSA regulation. This launch marks the country’s first P2P trading system that operates within a fully regulated framework. The platform aims to ensure secure crypto transactions through local financial institutions.
Bybit Enables Licensed Crypto Trading System
Bybit Kazakhstan operates under a license from the Astana Financial Services Authority (AFSA). Financial institutions licensed under the AIFC act as Makers on the platform. Verified users complete KYC requirements and operate as Takers.
Fiat transactions are processed through corporate bank accounts, not personal ones. These corporate accounts belong to AFSA-licensed institutions. This structure ensures regulated oversight and accountability for every transaction.
All fiat settlements initially use verified Halyk Bank cards. Each transfer undergoes strict identity verification checks. These include confirmation of name, IIN, and banking details.
Every transaction is supervised by both Bybit Kazakhstan and the licensed financial institution involved. The system provides full traceability and detailed reporting. These institutions also support users jointly with Bybit.
When users buy crypto, they select an offer and send funds to the Maker’s corporate account. The Maker releases the digital assets to the user after confirming receipt. The assets are delivered directly into the user’s Bybit Kazakhstan wallet.
When selling, users initiate a sale order on the platform. The Maker transfers fiat to the user’s verified Halyk Bank card. After the fiat transfer is confirmed, the platform releases crypto to the Maker.
Platform Sets Daily and Transaction Limits
The P2P platform sets a transaction cap of 2.5 million tenge per operation. A daily limit of 5 million tenge also applies. Bybit does not charge commissions for P2P trades.
The system adheres to strict anti-money laundering and KYC standards. All parties involved must complete full identity verification. Each transaction is monitored for compliance under AFSA supervision.
Bybit Kazakhstan aims to create a secure environment with clear regulatory structures. Financial institutions manage fiat settlements, while Bybit oversees platform operations. This structure separates user activities from personal banking channels.
Bybit launched a promotional campaign alongside the platform rollout. The campaign runs from November 17 to December 13. It targets new users making their first P2P deposit.
Eligible participants may receive crypto rewards and prize draw entries. Campaign details are available through official Bybit Kazakhstan channels. The promotion is exclusive to verified users completing qualified transactions.
Bybit states it will expand cooperation with local institutions. The company plans to develop the ecosystem through further partnerships. It will continue platform oversight in compliance with AFSA requirements.
In September, Kazakhstan introduced a national stablecoin linked to Solana and Mastercard. Later, the country outlined plans for a cryptocurrency reserve. These steps reflect ongoing developments in Kazakhstan’s digital asset market.
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