Astana, Kazakhstan — Bybit Kazakhstan, the AFSA-licensed arm of global exchange Bybit, has filed its application to join the National Bank of Kazakhstan’s (NBK) regulatory sandbox—and is already running its first pilot project: QR-based payments with digital assets.
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The prototype allows verified users to scan a standard merchant QR code, confirm the purchase in the Bybit Kazakhstan app, and pay with digital assets. Behind the scenes, the funds are converted and settled in tenge through local partners.
For merchants, the process looks and feels identical to existing QR payments; for regulators, it provides real-time, audit-ready data to study how digital finance can operate safely under central bank oversight.
Principles Behind the Pilot
Bybit Kazakhstan has designed the pilot with three guiding priorities:
Security First: KYC/AML checks, risk controls, and audit-ready logs.
Seamless for Users: Simple app interface, fast transactions.
Minimal Change for Merchants: Works with standard QR payment flows.
The goal is to balance user safety, merchant familiarity, and regulatory clarity, while generating practical insights for NBK and the National Payment Corporation of Kazakhstan.
Building with Regulators, Not Around Them
Bybit Kazakhstan emphasizes that strong oversight and thoughtful design go hand in hand. The sandbox environment allows the central bank to monitor performance, ensure compliance, and test protective measures before any wider rollout.
The first live demonstration will take place at Digital Bridge Astana, October 2–4, 2025, where stakeholders can witness real transaction scenarios in a controlled environment. Attendees will be able to review both the technical architecture and compliance measures powering the pilot.
Bybit’s Broader Mission
Globally, Bybit ranks as the second-largest crypto exchange by trading volume, serving more than 70 million users. The company is known for its emphasis on transparency, security, and bridging the gap between TradFi and DeFi.
Locally, Bybit Kazakhstan is fully authorized by the Astana Financial Services Authority (AFSA) under License No. AFSA-A-LA-2024-0027, which covers trading, custody, and investment activities tied to digital assets.
