KEY TAKEAWAYS
- Bybit Kazakhstan launches a pilot project for QR-based digital asset payments under the AFSA’s license.
- The initiative involves collaboration with the NBK to test secure digital finance solutions in a regulatory sandbox.
- The project emphasizes compliance with KYC and AML protocols, ensuring a seamless user experience.
- A public demonstration of the prototype is planned at the Digital Bridge Astana event in October 2025.
Bybit Kazakhstan, a licensed crypto exchange under the Astana Financial Services Authority (AFSA), has initiated a pilot project for QR-based digital asset payments. This development follows the company’s formal application to the National Bank of the Republic of Kazakhstan (NBK) to participate in a special regulatory sandbox environment. The initiative aims to test secure and supervised digital finance solutions under the central bank’s oversight.
The pilot project allows verified users to scan a standard merchant QR code via a point-of-sale terminal or during online purchases. Payments are initiated through the Bybit Kazakhstan app using digital assets, which are then converted and settled in the local currency, tenge, through local partners. The project emphasizes audit-ready reporting, risk limits, and user-friendly prompts, ensuring a seamless experience for both merchants and users.
Building a Collaborative Ecosystem
Bybit Kazakhstan is collaborating with the NBK and the National Payment Corporation of Kazakhstan to create a sandbox environment prioritizing protective measures. The exchange’s role involves aligning product design, user experience, and compliance operations with local regulations and infrastructure. This effort reflects the company’s commitment to integrating strong oversight with effective product design.
The pilot project focuses on maintaining familiar processes for merchants while introducing protective mechanisms for users. Key principles include the application of Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, simplicity and speed for users, and minimal changes for merchants by utilizing standard QR payment methods. Full compliance with NBK oversight is a critical component of the initiative.
Public Demonstration at Digital Bridge Astana
Bybit Kazakhstan plans to showcase the prototype in a test environment at the Digital Bridge Astana event, scheduled for October 2–4, 2025. The demonstration will provide stakeholders with the opportunity to observe real transaction scenarios and review both the technical and compliance aspects of the project. This public display aligns with the formal sandbox application and ongoing pilot testing.
For more information, the official announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
Bybit Kazakhstan has launched a pilot project for QR-based digital asset payments, marking a significant step in the country’s digital finance landscape. This initiative is part of a regulatory sandbox overseen by the National Bank of the Republic of Kazakhstan, aiming to test secure digital finance solutions.
Recent industry reports indicate sustained growth in cryptocurrency adoption in Central Asia, with Kazakhstan leading regional developments. This aligns with the news event as Kazakhstan advances its crypto sector through initiatives like the QR-based payment pilot, reinforcing its position as a regional fintech hub.
As per insights from industry experts, regulatory sandboxes are crucial for balancing innovation and risk management in the evolving crypto landscape. This supports the significance of Bybit Kazakhstan’s pilot as it provides a controlled environment for testing new digital asset payment technologies under regulatory oversight.
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