Introduction of Kazakhstan’s First P2P Trading Platform
Bybit Ltd., a notable cryptocurrency exchange, has introduced Kazakhstan’s inaugural peer-to-peer (P2P) trading platform, which operates under a fully regulated framework. This innovative service marks a significant advancement as it sets the precedent for P2P trading to be conducted legally within the nation. Licensed by the Astana Financial Services Authority (AFSA), the platform aims to ensure a safe and transparent environment for users to trade digital currencies.
Operational Framework and Security Features
The new system is designed to function alongside licensed financial institutions within the Astana International Financial Centre (AIFC) framework, where these institutions act as Makers. Verified users of the platform are termed Takers. A key feature of this platform is its requirement that all fiat transactions are processed through banking accounts owned by licensed institutions, rather than through personal accounts, enhancing security and oversight.
Initially, users will handle fiat transfers using approved Halyk Bank cards. Each transaction is rigorously monitored with identity and data verifications, including checks on users’ names and bank details. Both Bybit Kazakhstan and the respective financial institutions oversee these operations to maintain compliance with regulatory standards.
Transaction Process
When purchasing cryptocurrency, users can select offers and send Kazakhstani tenge directly from their Halyk Bank account to the Maker’s corporate account. Following payment confirmation, the Maker releases the digital currency to the user’s wallet on Bybit Kazakhstan. Conversely, sellers initiate their orders to receive Kazakhstani tenge via their verified card, and upon confirmation of the transfer, the Maker receives the corresponding digital assets.
Compliance and Transaction Monitoring
This P2P model adheres to essential structural principles, which include conducting fiat transfers solely via the corporate accounts of licensed institutions, strict compliance to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, and thorough transaction monitoring, ensuring each transaction is fully traceable.
Bybit Kazakhstan operates as a licensed entity under the AFSA, with the participating financial institutions holding necessary licenses for fiat settlements. Users, acting as Takers on the platform, are required to complete KYC processes before participating in transactions. Notably, the platform has established a maximum transaction limit of 2.5 million tenge and a daily cap of 5 million tenge, with no commission fees charged on P2P trades.
Promotional Campaign and Future Commitment
To celebrate the launch of this platform, Bybit Kazakhstan is conducting a promotional campaign from November 17 to December 13, where new users can enjoy various incentives tied to their initial P2P deposits. Rewards include crypto bonuses and chances to participate in prize draws, with further details available through the exchange’s official channels.
The platform intends to provide the flexibility of P2P trading while ensuring a secure trading environment backed by licensed financial entities. As the ecosystem evolves, Bybit Kazakhstan expresses its commitment to continue collaborating with local institutions. This move comes on the heels of Kazakhstan’s recent initiatives, such as launching a domestic stablecoin supported by Solana and Mastercard, and announcing plans for a national cryptocurrency reserve.
