Bybit exchange has announced that it has obtained a license to operate a cryptocurrency exchange in Cyprus and offer custody services for digital assets.
This announcement comes after facing regulatory challenges, including investigations in Japan and discontinuing services in Canada and the United Kingdom.
Cyprus is emerging as a hub for cryptocurrency, with a growing population of 1.2 million and a focus on embracing disruptive technologies like blockchain.
However, the country’s goal is to become a center for cutting-edge technologies, which has attracted interest from international crypto businesses. Ben Zhou, the co-founder, and CEO of Bybit, expressed his support for building a compliant, secure, and transparent cryptocurrency industry. He believes it will benefit those seeking financial freedom.
Therefore, Bybit’s decision to expand into Cyprus comes at a strategic time. With Binance, a major player in the crypto industry, ceasing operations in Cyprus, Bybit sees the opportunity to fill the void and recognizes the market’s immense potential.
Moreover, Bybit plans to expand its presence in the European Union (EU) with the newly obtained license. Cyprus has proactively established an advanced registration system in preparation for the upcoming EU regulations. This system known as the Markets in Crypto Assets law (MiCA), which will take effect in 2024.
