KEY TAKEAWAYS
- Bybit Kazakhstan launched a QR-based crypto payment system, enhancing digital finance integration in Kazakhstan.
- The system allows crypto payments to be converted to the national currency, tenge, via Bybit Pay.
- Bybit achieved a regulatory milestone by enabling stablecoin fee payments, setting a precedent for corporate adoption.
Bybit Kazakhstan, a subsidiary of the global cryptocurrency exchange Bybit, has introduced a pioneering QR-based crypto payment system at the Digital Bridge 2025 forum. This initiative marks a significant advancement in integrating digital finance into everyday transactions in Kazakhstan.
In collaboration with the National Payment Corporation of the National Bank of the Republic of Kazakhstan, Bybit Kazakhstan demonstrated the use of QR-based crypto payments in a controlled test environment. This demonstration is part of Bybit’s upcoming participation in the National Bank’s regulatory sandbox. The system allows users to make purchases by scanning a merchant’s QR code, with payments being converted from cryptocurrency to the national currency, tenge (KZT), via Bybit Pay.
“This is where digital assets become part of daily life,” stated Mazurka Zeng, Executive Director of Fiat & Pay at Bybit. The initiative aims to integrate digital payments into Kazakhstan’s financial ecosystem, enhancing financial inclusion through blockchain technology.
Regulatory Milestone: Stablecoin Fee Payment via QR Pay
In addition to consumer transactions, Bybit Kazakhstan achieved a regulatory milestone by facilitating the first-ever regulatory fee payment in stablecoins. This was executed by SkyBridge Digital Finance Ltd., a participant of the AIFC FinTech Lab, using Bybit’s QR Pay solution. Bybit Kazakhstan converted the stablecoins into fiat currency for direct remittance to the Astana Financial Services Authority (AFSA).
Ablaikhan Aubakir, Country Manager at Bybit Kazakhstan, emphasized the significance of this development, stating that it bridges compliance with convenience and sets a precedent for future corporate adoption. Evgeniya Bogdanova, CEO of AFSA, highlighted the milestone as a step towards a future-oriented financial ecosystem, underscoring AFSA’s commitment to innovation and secure regulatory frameworks.
The initiative is limited to regulatory fees payable by AIFC participants and does not include taxes or other government payments in Kazakhstan. The tenge remains the sole legal tender in the country.
For more details, the announcement can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
Bybit Kazakhstan has launched a QR-based crypto payment system, marking a significant step in integrating digital finance into everyday transactions in Kazakhstan.
A recent report highlights that the adoption of QR-based crypto payments is accelerating, driven by technological advancements and consumer demand. This aligns with Bybit’s initiative, which leverages QR technology to facilitate seamless crypto-to-fiat transactions, enhancing the accessibility of digital payments.
As per insights from CryptoBriefing, the integration of QR-based crypto payments is seen as a key driver for mainstream adoption, offering a secure and versatile payment method. This supports Bybit Kazakhstan’s efforts to enhance financial inclusion through blockchain technology.
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