- Bybit has been licensed as a cryptocurrency trade and custody supplier in Cyprus.
- The licensing in Cyprus comes as exchanges put together for the upcoming MiCA laws.
- The UAE-based firm not too long ago exited the Canadian market.
Crypto trade Bybit has reportedly obtained regulatory approval to function as a cryptocurrency trade and custody service supplier in Cyprus.
The Dubai-based crypto platform introduced this on Monday, noting that the license is a vital step in its dedication to regulatory compliance because it seeks to offer customers with entry to safe buying and selling options.
“At Bybit, we wholeheartedly help the regulatory aim of constructing a compliant, safe, and clear cryptocurrency business for the advantage of all who search monetary freedom.“mentioned Ben Zhou, co-founder and CEO of Bybit, in a press release.
EU MiCA regulation is coming
Bybit’s regulatory milestone in Cyprus comes on the heels of Canada and the UK’s trade exit from the worldwide crypto trade assessment.
Securing the license within the European Union nation is subsequently vital to the corporate’s efforts to bolster its presence within the bloc because the business strikes nearer to welcoming regulation of crypto asset markets ( Mica).
EU finance ministers accredited MiCA in Might, with the modern regulatory framework as a consequence of come into power in 2024. Licensing in Cyprus will permit Bybit to supply its companies throughout the bloc.
Earlier this month, Bybit obtained official approval to function as a digital asset buying and selling hub and custodial supplier in Kazakhstan. The license from the Astana Monetary Service Authority (AFSA), which regulates the Astana Worldwide Monetary Middle (AIFC), was additionally not too long ago granted to Binance.