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The Dubai-based cryptocurrency exchange Bybit said on Monday that it has been granted a license in Cyprus for the provision of custody and exchange services for digital assets. The company’s commitment to following local laws is demonstrated by the acquisition of this license, which also enhances its standing within the European Union (EU). This development happens after Bybit left the UK, left the Canadian market, and came under regulatory investigation in Japan.
The co-founder and CEO of Bybit, Ben Zhou, stressed the importance of this accomplishment in light of the business’s dedication to regulatory compliance. He stated, “This landmark is a testament to Bybit’s commitment to adhering to robust regulatory frameworks while expanding our global presence. We wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent.”
The Markets in Crypto Assets law, often known as MiCA, is presently being prepared for adoption in the European Union. With the help of this future rule, businesses will be able to service the whole EU market with a single member state’s license. Cyprus has implemented an advance registration procedure to be in line with the upcoming MiCA framework. By obtaining a license in Cyprus, Bybit strategically positions itself to take advantage of this new rule once it goes into force in 2024.
It’s important to remember that Cyprus formerly served as the home of FTX’s EU division until the exchange’s license was revoked as a result of its untimely collapse in November. As part of a regulatory consolidation push in advance of MiCA, Binance, another significant participant in the cryptocurrency market, recently requested to remove its status in Cyprus.
Bybit has proven its dedication to regulatory compliance and underlines its intention to have a firm footing in the European market with the successful acquisition of the crypto exchange and custody services license in Cyprus. With this most recent improvement, Bybit hopes to offer transparent and safe bitcoin services while remaining compliant with the shifting regulatory environment. Bybit is well-positioned for future development and success because to its proactive strategy to bolstering its footprint in the EU.