The Argentine General Inspectorate of Justice has granted cryptocurrency exchange Bybit a license to provide crypto services.
Bybit, a cryptocurrency trading platform, announced that just a few weeks after going live with its Mastercard debit card offering, Argentina’s General Inspectorate of Justice had granted it a license to provide virtual assets.
The cryptocurrency exchange announced in a press statement dated August 15 that, in addition to obtaining the VASP license, it has expanded its services in the local market by becoming a card operator in Argentina.
With the license, the exchange is “dedicated to supporting Argentina’s economic growth and empowering its citizens through the payment capabilities and potential of blockchain technology,” according to Bybit CEO Ben Zhou.
Argentina Advances Crypto Regulation
The license was granted shortly after Bybit introduced its Bybit Card in Argentina. According to Joan Han, director of sales and marketing at Bybit, the rapid growth of digital assets in Argentina created a demand for creative solutions to increase financial inclusivity and convenience, which in turn drove the extension of the card program.
The mandatory registration procedures that were announced in late March were followed by the introduction of the VASP register earlier this year by Argentina’s National Securities Commission.
The CNV’s head, Roberto E. Silva, praised the nation for its quick steps to strengthen compliance procedures meant to thwart the funding of terrorism and money laundering.
Despite these efforts, the local cryptocurrency community is nonetheless cautious about more government regulation.
In a Forbes interview, Manuel Ferrari—a co-founder of the Money On Chain protocol and a member of the Argentine NGO Directive—called the register a “terrible idea” and claimed that Bitcoin should be viewed as “money, not a security.”
