Bybit has obtained a license to operate as a digital asset exchange and offer custody service in Cyprus. This development paves the way for Bybit to introduce a range of trading options that cover both cryptocurrency and fiat currency pairs. Additionally, the exchange will offer a variety of crypto-related financial services tailored to customers in Cyprus and other EU member states.
Cyprus is widely acknowledged as a thriving centre for cryptocurrency endeavours, boasting a burgeoning community of crypto enthusiasts and a regulatory landscape that supports such activities. Bybit’s newly acquired license solidifies its position as a reputable and compliant platform operating in the Cyprus and the broader EU cryptocurrency market.
According to Ben Zhou, the co-founder and CEO of Bybit, the company strongly embraces the regulatory goal of establishing a cryptocurrency industry that is compliant, secure, and transparent, ultimately benefiting individuals pursuing financial independence.
Zhou expressed his excitement about this significant milestone and highlighted Bybit’s unwavering dedication to adhering to comprehensive regulatory frameworks while expanding its global presence. He stated, “This landmark is a testament to Bybit’s commitment to adhering to robust regulatory frameworks while expanding our global presence. We look forward to bringing the Crypto Ark to Cyprus.“
This development is another example of Bybit’s participation in the ongoing expansion wave within the cryptocurrency exchange industry. In May 2023, Bybit received preliminary approval from the Astana Financial Services Authority (AFSA) in Kazakhstan. This approval allows the exchange to operate as a digital asset trading platform and custody service provider in the country, subject to meeting certain pre-conditions before obtaining a permanent license.
Bybit sees Kazakhstan as a strategic entry point into the rapidly growing Commonwealth of Independent States (CIS) market, which has demonstrated significant progress in the adoption of cryptocurrencies and blockchain technology. Upon successful completion of the application process, Bybit will be granted full approval and be able to establish a facility in the Astana International Financial Centre (AIFC).
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