Crypto asset (virtual currency) exchange Bybit has acquired a license for exchange and custody services in Cyprus.
The Dubai-based company said the move demonstrated its commitment to complying with local rules. The license strengthens the exchange’s presence in the European Union after facing regulatory scrutiny in Japan and pulling out of Canada and the United Kingdom.
Bybit co-founder and CEO Ben Zhou said in a statement, “This milestone is a testament to Bybit’s commitment to adhere to a robust regulatory framework while expanding its global presence. It is.” “We wholeheartedly support the regulatory objectives of building a compliant, secure and transparent cryptocurrency industry.”
Companies in the European Union (EU) are responding to new rules known as the Crypto Market Regulation (MiCA). This regulation can serve an entire block with a license from one member state. Cyprus, one of the EU member states, is looking to introduce a pre-registration system before the MiCA comes into force in 2024.
Cyprus was home to FTX’s EU division, but its license was revoked following FTX’s sudden bankruptcy in November. Binance recently sought to have its license revoked in the country as part of an apparent regulatory move in anticipation of MiCA.
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Bybit Gains Crypto License in Cyprus