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Crypto payments become part of Kazakhstan’s financial ecosystem

Astana, Kazakhstan, Oct. 16, 2025 — Bybit Limited (Bybit Kazakhstan), a subsidiary of Bybit — the world's second-largest cryptocurrency exchange by trading volume, 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 – 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 development: First-ever regulatory fee paid via QR Pay

Alongside consumer payments, Bybit Kazakhstan also achieved an important regulatory milestone. During a special event at 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 stablecoins into fiat for direct remittance to AFSA — marking a historic milestone in implementing crypto payments within Kazakhstan’s regulated financial ecosystem.

“Our collaboration with AFSA and SkyBridge proves that digital finance innovation can develop under strong regulatory supervision,” said Ablaikhan Aubakir, Country Manager at Bybit Kazakhstan. “Executing the first stablecoin-based fee payment combines compliance and convenience, setting a precedent for future corporate 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, promoting safe and regulated digital payments globally.

Milestone in Stablecoin Utility: First-Ever Regulatory Fee Paid via QR Pay

In addition to showcasing consumer payments, Bybit Kazakhstan achieved a regulatory breakthrough. At the Side Event of Digital Bridge 2025 held by Bybit Kazakhstan, SkyBridge Digital Finance Ltd., a licensed participant of the AIFC FinTech Lab, successfully executed the first-ever regulatory fee payment in stablecoin through Bybit’s 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 joined the panel “Stablecoins and the Future of Digital Finance” at Digital Bridge 2025, stressing how stablecoins can act as the bridge between TradFi and DeFi, advancing secure and compliant digital payments on a global scale.

This initiative applies only to regulatory fees payable by AIFC Participants and applicants for authorisation and registration in the AIFC and does not include taxes or other government payments in the Republic of Kazakhstan. Kazakhstan’s Tenge (KZT) is the sole legal tender in the Republic of Kazakhstan.

From left (fourth), Ablaikhan Aubakir, Country Manager at Bybit Kazakhstan; fifth from left, Mazurka Zeng, Executive Director of Fiat & Pay at Bybit; and sixth from right, Evgeniya Bogdanova, CEO of the Astana Financial Services Authority (AFSA), at the Side Event of Digital Bridge 2025 organized by Bybit Kazakhstan, where Bybit demonstrated Kazakhstan’s first-ever stablecoin regulatory fee payment via QR Pay.

Bybit Kazakhstan Showcases First Ever QR Based Crypto Payment at Digital Bridge 2025

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