Bybit Limited (Bybit Kazakhstan), a subsidiary of Bybit — the world’s second-largest cryptocurrency exchange by trading volume — and licensed by the Astana Financial Services Authority (AFSA), demonstrates the execution of crypto transactions with a QR code. The test transaction was sent during Central Asia’s largest fintech forum.
Crypto QR payment use case demonstrated by Bybit Kazakhstan
According to the official statement by Bybit Kazakhstan, a fully-owned subsidiary of top crypto exchange Bybit, it showcased the QR-authorized crypto transaction at Digital Bridge 2025 forum.
Bybit Kazakhstan and AFSA Pioneer Stablecoin Payments for AIFC Regulatory Fees
Mazurka Zeng, Chief Operating Officer at Bybit said, “Bybit Kazakhstan is honored to stand alongside AFSA in shaping a regulatory-first model for stablecoin adoption for AIFC Regulatory Fees”
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— Bybit (@Bybit_Official) September 5, 2025
The experiment took place in partnership with the National Payment Corporation of the National Bank of the Republic of Kazakhstan.
Through Bybit Pay, users can scan a standard merchant QR code and make purchases directly from their crypto wallets, with payments automatically converted into the national currency — the Kazakhstani Tenge (KZT).
Mazurka Zeng, Executive Director of Fiat & Pay at Bybit, is excited by the role of Kazakhstan in global stablecoin adoption:
This is where digital assets become part of daily life. Kazakhstan is one of the first countries in the world where you will be able to use a single wallet to pay for your morning coffee and much more over time. This is a real step toward financial inclusion powered by blockchain technology.
The initiative reflects Kazakhstan’s ambition to safely integrate its payment infrastructure with the national financial system. Once launched within the sandbox, QR crypto payments will be available in partner merchant locations, further strengthening the role of digital assets in Kazakhstan’s financial ecosystem.
Regulatory fee payments in stablecoins pioneered by SkyBridge Digital Finance, AFSA
Alongside consumer payments, Bybit Kazakhstan also achieved a regulatory breakthrough. At a special side event of Digital Bridge 2025, organized by Bybit Kazakhstan, SkyBridge Digital Finance Ltd., a licensed participant of the AIFC FinTech Lab, successfully executed the country’s first-ever regulatory fee payment in stablecoins using the Bybit QR Pay solution.
Ablaikhan Aubakir, Country Manager at Bybit Kazakhstan, welcomes the collaboration and its initial results:
Our collaboration with AFSA and SkyBridge proves that digital finance innovation can coexist with strong regulatory oversight. Executing the first stablecoin-based fee payment bridges compliance with convenience and sets a precedent for future institutional adoption.
Bybit Kazakhstan acted as the designated provider, converting the stablecoin payment into fiat for direct remittance to AFSA — marking a historic milestone in compliant crypto utility within Kazakhstan’s regulated financial ecosystem.
