Bybit Limited (Bybit Kazakhstan) is a subsidiary of Bybit, the world's second largest cryptocurrency exchange by trading volume and is licensed by the Astana Financial Services Authority (AFSA) to demonstrate the execution of cryptocurrency transactions using QR codes. This test transaction was submitted during Central Asia's largest fintech forum.
Bybit Kazakhstan Proven Encrypted QR Payment Use Case
According to an official statement from Bybit Kazakhstan, a wholly-owned subsidiary of top cryptocurrency exchange Bybit, the company unveiled QR-verified cryptocurrency trading at the Digital Bridge 2025 forum.
Bybit Kazakhstan and AFSA lead stablecoin payments for AIFC regulatory fees
“Bybit Kazakhstan is proud to work with AFSA to form a regulation-first model for the adoption of stablecoins in AIFC's regulated fees,” said Mazurka Zen, Chief Operating Officer of Bybit.
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— Bybit (@Bybit_Official) September 5, 2025
The experiment was carried out 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 to make purchases directly from their cryptocurrency wallets, and payments are automatically converted to the national currency, Kazakhstani Tenge (KZT).
Mazurka Zen
This is where digital assets become part of everyday life. Kazakhstan is one of the first countries in the world where you can now use one wallet to pay for things like your morning coffee. This is a real step towards financial inclusion using blockchain technology.
This initiative reflects Kazakhstan's ambition to securely integrate its payment infrastructure with the national financial system. Once launched within the sandbox, QR crypto payments will be available at partner merchants, further strengthening the role of digital assets in Kazakhstan's financial ecosystem.
SkyBridge Digital Finance, AFSA pioneers stablecoin to pay regulatory fees
Alongside consumer payments, Bybit Kazakhstan has also achieved regulatory breakthroughs. At a special side event of Digital Bridge 2025 hosted by Bybit Kazakhstan, SkyBridge Digital Finance Ltd., an authorized participant of AIFC FinTech Lab, successfully executed the country's first regulatory fee payment in stablecoin using the Bybit QR Pay solution.
Ablaikhan Aubakir, Country Manager of Bybit Kazakhstan, welcomes this collaboration and its first results.
Our collaboration with AFSA and SkyBridge proves that digital financial innovation can coexist with strong regulatory oversight. The implementation of the first stablecoin-based toll payment bridges convenience compliance and sets a precedent for future institutional adoption.
Bybit Kazakhstan acted as the designated provider and converted stablecoin payments to fiat currency for direct transfer to AFSA. This marked a historic milestone for a compliant crypto utility within Kazakhstan's regulated financial ecosystem.
