Bybit Kazakhstan has launched the country's first fully regulated peer-to-peer cryptocurrency trading platform, marking a significant milestone in Central Asia's digital asset sector. The platform, which operates under the oversight of the Astana Financial Services Authority (AFSA), introduces a framework that combines the flexibility of P2P trading with institutional-grade compliance standards.

The November 26, 2025 launch represents Kazakhstan's first P2P system operating within a licensed regulatory framework, designed to provide enhanced transparency and security for digital asset transactions while addressing longstanding concerns about fraud and money laundering in peer-to-peer markets.

An Institutional Framework for Peer-to-Peer Trading

Unlike traditional P2P platforms where individual traders transact directly, Bybit Kazakhstan's model positions licensed financial institutions as market makers. Under this structure, AIFC-licensed institutions serve as Makers while verified retail users act as Takers, with all fiat currency transfers processed through corporate bank accounts rather than personal accounts.

During the initial phase, users conduct transactions exclusively through verified Halyk Bank cards. Each transaction undergoes comprehensive identity verification, including checks of names, Individual Identification Numbers (IIN), and banking details, with oversight provided by both Bybit Kazakhstan and participating licensed institutions.

The platform applies transaction limits of 2.5 million KZT (a little less than $5,000) per transaction and 5 million KZT daily, with no commission fees charged by Bybit Kazakhstan for P2P trades.

Kazakhstan’s First P2P Platform: How it Works

The trading mechanism follows familiar P2P patterns while incorporating regulatory safeguards. When purchasing cryptocurrency such as USDT, users select an available offer and transfer Kazakhstan Tenge (KZT) from their Halyk Bank account to a licensed institution's corporate account. Upon payment confirmation, the institution releases digital assets to the user's Bybit Kazakhstan wallet.

For selling cryptocurrency, users initiate orders and receive KZT from the institutional Maker to their verified card. After confirming the transfer, corresponding digital assets are released to the institution.

Compliance Infrastructure

The regulated model introduces several structural controls aligned with international anti-money laundering standards:

• All fiat transfers conducted exclusively through corporate accounts of licensed financial institutions
• Comprehensive KYC and AML compliance, including identity and bank detail verification
• Transaction-level supervision by both Bybit Kazakhstan and Maker institutions
• Complete traceability and regulatory reporting
• Joint support infrastructure provided by Bybit Kazakhstan and licensed partners

Bybit Kazakhstan operates under AFSA License No. AFSA-A-LA-2024-0027, per Chainwire, which authorizes the company to operate a digital asset trading platform, provide custodial services, and conduct investment activities related to digital assets.

Launch Campaign

To mark the platform's introduction, Bybit Kazakhstan has organized a promotional campaign running from November 17 to December 13, 2025. The initiative offers eligible new users various incentives tied to first P2P deposits, including guaranteed cryptocurrency rewards and prize draw entries.

The launch comes as Kazakhstan accelerates its push to become a regional digital finance hub. In September 2025, AFSA pioneered the acceptance of stablecoin payments for regulatory fees, with Bybit becoming the first signatory to the related multilateral memorandum of understanding.

Crypto Adoption in Kazakhstan: Current State

Kazakhstan has emerged as one of Central Asia's most progressive jurisdictions for digital asset development, though adoption remains in relatively early stages compared to global leaders. Recent data reveals both the country's potential and the challenges ahead.

A Growing but Still Emerging Market

Cryptocurrency ownership in Kazakhstan has doubled over a two-year period, climbing from 4% in 2022 to approximately 8% in 2024, according to research by RISE Research and Freedom Horizons. The country now ranks 57th globally in the Chainalysis Global Crypto Adoption Index, having improved by five places from the previous year.

Investment in mining infrastructure has driven wallet usage growth of some 23.1%, reaching 6.7 million users as of 2025. User penetration stands at 7.74% in 2025 and is projected to reach 8.36% by 2026, according to Statista market forecasts.

Regulatory Progress and Infrastructure

The regulatory landscape has evolved substantially since the Law on Digital Assets took effect on April 1, 2023. As of October 2024, the AIFC hosts 11 licensed cryptocurrency exchanges offering access to 112 cryptocurrencies, with registered users surpassing 140,000. Trading activity on these platforms reached $815 million between January and October 2024.

Tax revenues from the digital asset sector showed notable growth in 2024, with licensed providers contributing $367,000 over eight months, compared to $275,000 for the full year 2023. Crypto-mining activities added $10.4 million in tax revenue over ten months.

In October 2025, the AIFC received recognition as one of four jurisdictions worldwide to fully implement all ten priority recommendations from the International Organization of Securities Commissions (IOSCO) for crypto and digital asset regulation.

Challenges and Government Priorities

Despite regulatory progress, significant challenges remain. Estimates suggest that only 5% of crypto investors use regulated platforms, with approximately 90% of cryptocurrency transactions occurring outside the legal sector. In 2024, authorities shut down 36 unlicensed exchanges with combined turnover of 60 billion tenge ($117.24 million).

President Kassym-Jomart Tokayev has called for urgent reforms to improve digital asset infrastructure and strengthen the legal framework. The government has also increased requirements for miners, mandating they sell 75% of mined assets on AIFC platforms in 2025, up from 50% in 2024.

State-Backed Innovation

Kazakhstan launched its first state-backed cryptocurrency reserve, the Alem Crypto Fund, on September 29, 2025, managed by state-owned Qazaqstan Venture Group under AIFC oversight. The fund aims to diversify national reserves and strengthen the country's role in the global crypto economy.

The National Bank of Kazakhstan is also developing a central bank digital currency, the digital tenge, with launch plans for 2025, further signaling the government's commitment to digital finance infrastructure.

Regional Context

Within Central Asia, Kazakhstan trails Uzbekistan in adoption metrics. Uzbekistan ranked 33rd globally (a leap of 54 positions) while Kazakhstan holds the 57th spot. However, Kazakhstan's investment in regulatory infrastructure, mining capacity, and financial center development positions it strategically for long-term growth.

The combination of high banking penetration (81% in 2021), widespread smartphone adoption (83% in 2023), robust internet access (92% as of 2024), and efficient fintech services creates a favorable environment for digital asset adoption as regulatory clarity continues to improve.

About Bybit Kazakhstan

Bybit Kazakhstan (Bybit Limited) is authorized by the Astana Financial Services Authority to conduct regulated digital asset activities under License No. AFSA-A-LA-2024-0027. The company operates a digital asset trading platform, provides custodial services, and manages investment activities related to digital assets within the Astana International Financial Centre regulatory framework.

About the AIFC

The Astana International Financial Centre is a special economic zone in Kazakhstan's capital operating under an independent regulatory framework designed to attract international financial services and foster innovation in fintech and digital assets. The center is regulated by AFSA, which enforces standards aligned with international best practices.

Sources

• Chainwire: Bybit Kazakhstan Launches the Country’s First Fully Regulated P2P Platform
• Astana Financial Services Authority: Official Website
• Cointelegraph: Kazakhstan pilots USD-pegged stablecoin payments for regulatory fees
• The Astana Times: Cryptocurrency Ownership Expanding in Central Asia, Says Latest Report
• Chainalysis: 2025 Global Adoption Index
• Bybit: What Is Alem Crypto Fund? The First State Crypto Reserve of Kazakhstan
• Crypto Council for Innovation: Kazakhstan Cautiously Develops Crypto Sector to Help Support Finance
• The Astana Times: AIFC Recognized Among Global Leaders in Digital Asset Regulation by IOSCO
• Statista: Cryptocurrencies - Kazakhstan
• CoinLaw:  Cryptocurrency Adoption by Country Statistics 2025: Who’s Leading and Why?

‍‍

[Disclaimer: The content of this article is intended for entertainment and educational purposes only. No content published by Block319 is intended to constitute financial advice or advice of any kind. Block319 will not be liable for any losses incurred as a result of interacting with any platforms, products or services mentioned in this article. The blockchain industry is always risky. Always do your own research before engaging with any platform, product or service. If you believe the information included in this article is incorrect, please send an email to info@block319.com and we will endeavour to respond as soon as possible.]