•Bybit, a Dubai-based crypto platform, has secured regulatory approval to operate as a cryptocurrency exchange and custody services provider in Cyprus.
•The license is seen as an important milestone for Bybit as it looks to offer users access to secure trading solutions that comply with global regulations.
•The move comes ahead of the EU’s Markets in Crypto Assets (MiCA) regulation which is expected to take effect in 2024.
Bybit Secures Crypto Exchange License in Cyprus
Bybit, a Dubai-based crypto platform, has reportedly secured regulatory approval to operate as a cryptocurrency exchange and custody services provider in Cyprus. The UAE-based company recently exited the Canadian market. The license is seen as an important milestone for Bybit as it looks to offer users access to secure trading solutions that comply with global regulations.
Commitment To Regulatory Compliance
Ben Zhou, co-founder and CEO of Bybit, said that the company wholeheartedly supports the regulatory objective of building a cryptocurrency industry that is both compliant, secure and transparent ultimately benefiting all those seeking financial freedom.
EU’s MiCA Regulation Coming
Securing the license in Cyprus will allow Bybit to offer its services across the European Union bloc ahead of the coming Markets in Crypto Assets (MiCA) regulation which is expected to take effect in 2024. Earlier this month, Bybit also received official approval to operate as a digital asset trading facility and custody provider in Kazakhstan by the Astana Financial Service Authority (AFSA).
Other Exchanges Receiving Licenses
Bybits‘ licensing milestone also follows other exchanges such Binance who were granted licenses by AFSA on similar grounds. This shows how exchanges are preparing themselves for more stringent global regulations on crypto assets while offering users access reliable platforms for their investments activities.
Conclusion
Bybits’ regulatory milestone comes at an opportune time when more stringent regulations are being put into place and investors are looking for secure and transparent services when engaging with cryptocurrencies markets. With its new Cypriot license now under its belt, Bybit can look forward expanding its presence further across EU member nations while offering customers access reliable trading opportunities.