Crypto Exchange Bybit Receives VASP License in Georgia

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As a seasoned researcher with a keen interest in the intersection of finance and technology, I find Bybit’s strategic moves particularly intriguing. Having followed the crypto market for years, I’ve witnessed its transformative potential and the challenges that come with it – from regulatory hurdles to adoption barriers.

Bybit, a well-known digital currency trading platform, has obtained a license for providing Virtual Asset Services (VASP) in Georgia. This allows them to offer regulated services to customers within that region.

On Tuesday, November 5th, it was announced that the National Bank of Georgia had issued a license to the company, after thoroughly examining its safety and regulatory procedures. This move indicates Georgia’s dedication to fostering controlled development in the field of cryptocurrency.

Strengthening Crypto Adoption in Georgia

By obtaining approval for this license, Bybit becomes one of the prominent industry names such as Binance and Tether that are actively investigating opportunities in the Georgian market. This move is an extension of their broader strategy to encourage cryptocurrency use in the transcontinental nation, strategically positioned where Eastern Europe and West Asia meet. The exchange views Georgia as fertile ground for technological advancements and intends to help the country achieve its goal of digital modernization.

Ben Zhou, the co-founder and CEO of the company, stated that achieving this regulatory milestone demonstrates our commitment to offering a secure and compliant platform for users in Georgia, and also supports the region’s goals of becoming a significant hub for blockchain technology.

It’s an honor for us to have been officially recognized as a Virtual Asset Service Provider (VASP) by the National Bank of Georgia. This milestone signifies the beginning of a new phase in our mission to foster the expansion of the cryptocurrency environment. Our registration underscores our dedication to ensuring users in Georgia have access to a safe and compliant platform,” he expressed.

As a researcher, I’ve noticed that Bybit has been methodically venturing into diverse markets, securing regulatory approvals in numerous jurisdictions throughout 2024. For instance, it has managed to obtain licenses in the Netherlands, Turkey, and Kazakhstan. In these countries, it operates under the Astana Financial Services Authority (AFSA). These regulatory milestones enable Bybit to legally cater to its customers and comply fully with local regulations.

Building Partnerships for Innovation and Growth

In 2024, Bybit expanded its reach beyond just licensing by establishing substantial partnerships. Notably, it teamed up with the Nordic Blockchain Association (NBA) to nurture creativity and expansion within the local cryptocurrency community. This strategic collaboration aims to strengthen regional ties while also encouraging global collaborations that will stimulate innovation and growth across the entire industry.

In July, our company partnered with BLIK, a prominent payment platform in Poland, for a deal that eliminated transaction fees for regional customers. This collaboration was primarily designed to boost the company’s presence in Europe and stimulate interest among users to delve into the cryptocurrency market.

Following a fruitful year of working together, the company has also recently extended its alliance with the Dubai Multi Commodities Centre (DMCC). Notably, the exchange has elevated the company’s status from a crucial ecosystem partner to an advisory role.

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2024-11-05 18:06