Bybit, a cryptocurrency exchange, announced recently that it had been granted a license to provide custody and exchange services in Cyprus.
The company, which has its headquarters in Dubai, claimed that the action demonstrates its dedication to following local laws. After facing regulatory scrutiny in Japan and leaving Canada and the United Kingdom, the exchange’s foothold in the EU is strengthened by the license.
According to Ben Zhou, co-founder and CEO of Bybit, “This landmark is a testament to Bybit’s commitment to adhering to strict regulatory frameworks while growing our global presence.” The regulatory goal of creating a regulated, secure, and transparent cryptocurrency market is one that we heartily embrace.
Businesses in the European Union are getting ready for new regulations called the Markets in Crypto Assets legislation, or MiCA, which would let them serve the entire union with a license from a single member state. One of the EU members, Cyprus, has implemented an advance registration system before MiCA takes effect in 2024.
The EU division of FTX was based in Cyprus until the exchange’s unexpected collapse in November, at which point its license was revoked. In an apparent effort to consolidate regulations in advance of MiCA, Binance recently tried to end its presence in the nation.