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), introduced a new stage in the development of digital finance in Kazakhstan at Central Eurasia’s largest international tech forum, Digital Bridge 2025.
Crypto for Everyday Transactions: QR Payments in the National Sandbox
In partnership with the National Payment Corporation of the National Bank of the Republic of Kazakhstan, Bybit Kazakhstan showcased a demonstration of QR-based crypto payments in a test environment as part of its upcoming participation in the National Bank’s regulatory sandbox.
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 tenge (KZT).
“This is where digital assets become part of daily life,” said Mazurka Zeng, Executive Director of Fiat & Pay at Bybit. “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.
Milestone in Stablecoin Utility: First-Ever Regulatory Fee Paid via QR Pay
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.
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.
“Our collaboration with AFSA and SkyBridge proves that digital finance innovation can coexist with strong regulatory oversight,” said Ablaikhan Aubakir, Country Manager at Bybit Kazakhstan. “Executing the first stablecoin-based fee payment bridges compliance with convenience and sets a precedent for future institutional adoption.”
“The acceptance of our first fee in stablecoins marks a significant milestone toward a future-oriented financial ecosystem. It highlights AFSA’s commitment to driving innovation and establishing secure, transparent, and adaptive regulatory frameworks that evolve with the pace of global financial transformation,” added Evgeniya Bogdanova, CEO of AFSA.
Mazurka Zeng also participated in the panel “Stablecoins and the Future of Digital Finance” at Digital Bridge 2025, emphasizing that stablecoins can bridge TradFi and DeFi, advancing secure and compliant digital payments on a global scale.
Notes
This initiative applies only to regulatory fees payable by AIFC Participants and applicants for authorisation and registration in the AIFC. It does not include taxes or other government payments in the Republic of Kazakhstan. Kazakhstan’s tenge (KZT) remains the sole legal tender in the Republic of Kazakhstan.
About Bybit Kazakhstan
Bybit Kazakhstan is authorized by the financial regulator of the Astana International Financial Centre (AIFC) — the Astana Financial Services Authority (AFSA) — to conduct regulated activities, including operating a digital asset trading platform, providing custodial services, carrying out investment activities as both principal and agent, and managing investments in relation to digital assets under License No. AFSA-A-LA-2024-0027.
The license status and validity can be verified on the official AFSA website: www.afsa.kz.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Users can discover the future of decentralized finance at Bybit.com.
About AFSA
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC.
Over 4,400 firms from more than 85 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz
The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. https://aifc.kz/