Cryptocurrency exchange Bybit Ltd. has launched a fully regulated peer-to-peer trading platform in Kazakhstan, the company announced.
summary
- Bybit Kazakhstan has launched the country’s first licensed P2P cryptocurrency trading system.
- Regulated models require full KYC, AML checks, and transaction supervision.
- The platform offers zero-fee P2P transactions and promotional campaigns for new users.
According to the company, this launch will be the first P2P system in the country to operate within an approved framework. The platform is a cryptocurrency exchange licensed by the Astana Financial Services Authority (AFSA) and is designed to provide a transparent and secure environment for buying and selling digital assets.
The system is operated in partnership with financial institutions licensed under the AIFC framework. These institutions act as makers and authenticated users act as takers. The company says all fiat transactions are processed through corporate bank accounts belonging to licensed institutions, rather than personal bank accounts.
In the initial rollout phase, users will perform fiat money transfers through authorized Halyk Bank cards. Each transaction is subject to identity and data checks, including name, IIN, and bank account details verification, supervised by both Bybit Kazakhstan and participating institutions, the company said.
The trading process follows a standard structure
When users purchase cryptocurrencies, they select an offer and transfer Kazakh tenge from their Khalik Bank account to the manufacturer’s corporate account. Once the payment is confirmed, the manufacturer will release the digital assets to the user’s Bybit Kazakhstan wallet. If a user wants to sell cryptocurrencies, he initiates an order and receives Kazakhstan Tenge from the manufacturer on a verified card. After the transfer is confirmed, the corresponding digital asset is released to the manufacturer.
The regulated P2P model includes several structural elements. Transfers of fiat currency will only be made through corporate accounts at licensed financial institutions. Compliance with AML and KYC standards, including identity and bank details verification. Supervision of each transaction by Bybit Kazakhstan and Maker institutions. Full traceability and reporting. The company says that support will be provided jointly by Bybit Kazakhstan and licensed financial institutions.
Bybit Kazakhstan acts as a licensed platform regulated by AFSA. Financial institutions acting as Makers hold AFSA licenses and manage fiat payments. Users must act as takers and complete KYC verification. The platform applies a maximum transaction amount of 2.5 million tenge and a daily limit of 5 million tenge. Bybit Kazakhstan does not charge fees for P2P transactions, the company said.
In connection with the launch of the platform, Bybit Kazakhstan conducted a promotional campaign from November 17th to December 13th. The company says that during this period, eligible new users will have access to various benefits associated with their first P2P deposit, including cryptocurrency incentives and participation in prize draws. Campaign details and conditions are available through Bybit Kazakhstan’s official channels.
The platform combines the flexibility of P2P trading with a security framework supported by licensed financial institutions. Bybit Kazakhstan plans to continue cooperation with local institutions as the ecosystem develops, the company said.
In September, Kazakhstan launched an indigenous stablecoin backed by Solana (SOL) and Mastercard. It subsequently announced plans to establish a national cryptocurrency reserve.
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