Crypto exchange Bybit has announced plans to obtain regulatory licensing in Austria as part of its strategy to expand into new markets while adhering to local compliance standards.
In a Thursday, 10 October 2024, press release, the exchange said it is committed to aligning its operations with regional regulations to foster growth in the European market.
Bybit currently lacks licensing in Austria. But, the company indicated that it will commence operations once it receives regulatory clearance.
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Bybit Secures License In Kazakhstan
In addition to its Austrian ambitions, Bybit recently secured a full license from the Astana Financial Service Authority in Kazakhstan. This license allows the exchange to offer a range of services, including trading, custody, and investment management, in the Central Asian country.
Bybit is also making strides in the Middle East. The exchange received a provisional license from Dubai’s Virtual Asset Regulatory Authority, advancing its goal of becoming a fully licensed Virtual Asset Service Provider (VASP) in the city.
The license follows two years after Bybit established its headquarters in Dubai and aligns with its aim of achieving full regulatory approval.
“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, Bybit’s Chief Operating Officer.
📣 Bybit is pleased to confirm that it is pursuing regulatory licensing in Austria.
We will launch operations subject to approval by local authorities, ensuring full compliance with regulatory standards at the appropriate time
Read more: https://t.co/E1GGwevTSf pic.twitter.com/uRgUNVuBZD
— Bybit (@Bybit_Official) October 11, 2024
Furthering its global expansion, Bybit has partnered with the Nordic Blockchain Association (NBA) to promote blockchain innovation and development in the Nordic region.
The collaboration aims to address challenges in blockchain adoption and support educational initiatives. By leveraging Bybit’s global presence, the partnership seeks to strengthen both local and international blockchain ecosystems.
Meanwhile, in early August, Bybit made the decision to cease its operations in France, citing changes in French regulations as the reason behind its withdrawal.
“In light of recent regulatory developments from the French regulator, Bybit will stop offering our products and services to French nationals and residents,” the company said at the time.
In May 2024, the Autorité des Marchés Financiers (AMF) said that Bybit had been blacklisted since 2022 due to its lack of authorization to provide digital asset services in the country. “Bybit is not authorised to provide its digital asset services in France,” the regulator said.
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Bybit Introduces Digital Rupee Payments For Indian Users
More recently, Bybit launched digital rupee payments, integrating the Indian central bank digital currency (CBDC) into its platform.
The e-rupee, offered as a wallet-based payment solution, adds to Bybit’s existing payment options.
The exchange’s currect options include bank transfers, third-party services like Paytm, and India’s Unified Payments Interface (UPI), the national payments portal managed by the Reserve Bank of India (RBI).
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
