1. BITBILIHome
  2. Article

Bybit obtains crypto exchange license in Cyprus

• 243 views

TL;DR Breakdown

  • Bybit secures license in Cyprus, expanding global presence and becoming a trusted platform in the Cyprus cryptocurrency market.
  • Cyprus emerges as a thriving hub for crypto activities, attracting companies with favorable regulations and anticipation of the upcoming EU-wide framework.
  • Bybit strategically positions itself amidst regulatory consolidation, demonstrating a commitment to compliance and security in the industry.

Description

Dubai-based crypto exchange Bybit has achieved a significant milestone by obtaining a license to operate a crypto exchange and offer custody services in Cyprus. This move comes after Bybit faced challenges in Japan and exited the Canadian and U.K. markets. Bybit’s commitment to regulatory compliance and dedication to robust frameworks have been key factors in … Read more

Dubai-based crypto exchange Bybit has achieved a significant milestone by obtaining a license to operate a crypto exchange and offer custody services in Cyprus. This move comes after Bybit faced challenges in Japan and exited the Canadian and U.K. markets.

Bybit’s commitment to regulatory compliance and dedication to robust frameworks have been key factors in this achievement. In a press release, the company’s co-founder and CEO, Ben Zhou, expressed his support for regulatory objectives to establish a compliant, secure, and transparent cryptocurrency industry.

The license obtained by Bybit allows the company to offer a comprehensive suite of services, including trading between cryptocurrencies and fiat currency pairs, financial services related to crypto assets, and customized custody solutions for clients in Cyprus and other European Union (EU) member states.

Cyprus and the crypto landscape

Cyprus has become a burgeoning hub for cryptocurrency activities. The country implemented an advanced registration regime in anticipation of the Markets in Crypto Assets regulation (MiCA), a new EU-wide regulatory framework set to take effect in 2024.

Bybit’s strategic move to secure a license in Cyprus positions the company advantageously as the EU gears up for MiCA. Also, MiCA will allow companies to serve the entire EU bloc with a license from a single member state, making Cyprus an attractive destination for crypto companies.

While Cyprus recently witnessed withdrawals of licenses from prominent exchanges like FTX and Binance, Bybit’s decision to pursue licensing in the country showcases a counter-trend. The crypto exchange remains confident in its ability to navigate the changing regulatory landscape, betting on its capacity to withstand regulatory consolidation and emerge as a leader in the crypto industry.

Bybit’s reputation for digital asset security, compliance, and protection further solidifies its position in the crypto industry. However, the crypto exchange boasts enhanced Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures and an ISO 27001:2013 certification for a robust security management system.

Bybit recently acquired a license to operate in Kazakhstan after receiving in-principle approval from the Astana Financial Service Authority (AFSA) earlier this year.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Bybit obtains crypto exchange license in Cyprus

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月29日 03:37
Next 2023年6月29日 05:32

Related articles

  • Shanghai Clearing House embraces digital yuan for settlements

    TL;DR Breakdown Shanghai Clearing House, Asia’s first counterparty clearing institution, now supports payments made with the digital yuan. The move aims to boost efficiency in managing commodity settlements and promote the digital yuan in international markets. This initiative aligns with the People’s Bank of China’s strategy to position the digital yuan as a cross-border transactional currency. Description In a groundbreaking development, Shanghai Clearing House, Asia’s foremost counterparty clearing institution, is welcoming the digital yuan as a medium of exchange for settlements. This measure heralds a new chapter in the realm of digital currencies as the Chinese central bank’s digital currency (CBDC) gains a firmer foothold in international commerce. Easing the way for … Read more In a groundbreaking development, Shanghai Clearing House, Asia’s foremost counterparty clearing institution, is welcoming the digital yuan as a medium of exchange for settlements. This measure heralds a new chapter in the realm of digital currencies as the Chinese central bank’s digital currency (CBDC) gains a firmer foothold in international commerce. Easing the way for bulk commodities settlement The Shanghai Clearing House’s decision is set…

    Article 2023年7月1日

  • U.S. debt ceiling talks approach critical default deadline

    TL;DR Breakdown The U.S. government is racing against a critical deadline to lift the $31.4 trillion debt ceiling to prevent a catastrophic default. The Treasury Department has warned that the government will run out of funds to pay its bills by June 5 unless Congress acts. A high-stakes negotiation is in the works in Washington as a critical deadline looms to lift the U.S. federal government’s $31.4 trillion debt ceiling. In a political climate fraught with a razor-thin margin in Congress, the consequences of a failure to resolve the current standoff are potentially catastrophic. The urgency of addressing the debt ceiling As we move closer to the clock striking midnight on this fiscal time bomb, the deadline of June 5, revised from an initial June 1 date, is fast approaching. The Treasury Department has asserted that the government could find itself unable to meet its financial obligations if Congress does not act decisively. However, sealing a deal is no easy feat. An agreement between President Joe Biden and top congressional Republican, Kevin McCarthy, is merely the starting gun in a…

    Article 2023年5月30日

  • Hong Kong and UAE set to transform cryptocurrency landscape

    TL;DR Breakdown The Hong Kong Monetary Authority and the Central Bank of the United Arab Emirates have announced their plans to collaborate on crypto regulations and financial technology development. Key topics discussed included financial infrastructure, financial market connectivity, and enhancing trade settlement across borders. This collaboration comes as the Securities and Futures Commission (SFC) of Hong Kong plans to allow virtual asset service providers (VASPs) to cater to retail investors starting from June 1. The Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (CBUAE) have announced their plans to collaborate on cryptocurrency regulations and financial technology development. In a meeting held on May 30, the two central banks agreed to strengthen cooperation in the areas of virtual asset regulations and advancements. The collaboration aims to facilitate discussions on joint fintech development initiatives and knowledge sharing between the respective innovation hubs of Hong Kong and the UAE. Key topics discussed included financial infrastructure, financial market connectivity, and enhancing trade settlement across borders. CBUAE Governor H.E. Khaled Mohamed Balama expressed his anticipation for an ongoing and…

    Article 2023年6月3日

  • Decreased gas fees: Ethereum network sees significant drop in transaction costs

    TL;DR Breakdown Ethereum gas fees have began to stablize following an upsurge from memecoins.  As of June 3, the national average gas price was 24 gwei. The quantity of NFT trades on the Ethereum network has increased. The first week of June the crypto market experienced a sharp decline in Ethereum network gas fees, which fell to $7.34 from a peak of $20 in May. Miner Extractable Value (MEV) bot usage and the waning memecoin mania are blamed for the fall. This decrease in gas costs might benefit Ethereum and its native currency, ETH, in the long run. Contents hide 1 Memecoin frenzy and MEV bots contribute to lower gas prices on Ethereum 2 How the rise of memecoins influenced Ethereum’s gas charges 2.1 Ethereum is gassed up 2.2 The NFT Angle 3 Shapella hard fork and ETH’s price surge: Uncertain impact Memecoin frenzy and MEV bots contribute to lower gas prices on Ethereum According to on-data, the average gas price, or transaction fee, on the Ethereum network dramatically dropped in the first week of June after reaching a multimonth…

    Article 2023年6月10日

  • China’s state banks shift: Selling dollars for yuan abroad

    Description In the cutthroat arena of global currencies, China is making a power move. The nation’s predominant state-owned banks have been actively offloading U.S. dollars, opting instead for their own currency: the yuan. This isn’t just a domestic play, either – they’re trading in both onshore and offshore spot foreign exchange markets. The reason? To put … Read more In the cutthroat arena of global currencies, China is making a power move. The nation’s predominant state-owned banks have been actively offloading U.S. dollars, opting instead for their own currency: the yuan. This isn’t just a domestic play, either – they’re trading in both onshore and offshore spot foreign exchange markets. The reason? To put the brakes on the accelerating depreciation of the yuan. A Bid to Halt the Yuan’s Slide Amidst the backdrop of an ever-evolving global economy, China’s banks haven’t just been sitting on the sidelines. While it’s not uncommon for these behemoths to trade on their own or execute client orders, the current scenario is distinct. Given the mounting pressures on the yuan, these institutions are now speculated…

    Article 2023年8月18日
TOP