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Bybit, a cryptocurrency exchange, has confirmed its pursuit
of regulatory licensing in Austria. This move aligns with its efforts to expand
into key markets while adhering to local compliance requirements.
Meanwhile, Kazakhstan
has granted Bybit a full license from the Astana Financial Service
Authority, enabling the cryptocurrency exchange to offer trading, custody, and
investment management services.
Bybit Awaits Austrian Approval
The company plans to begin operations once it secures
approval from Austrian authorities. This step will ensure that the exchange
operates within the country’s regulatory framework.
At present, Bybit is not licensed in Austria. As a result,
it does not offer services in the Austrian market. Its team is evaluating the
best time for a potential launch, with updates expected in the coming weeks.
Expanding in Dubai and Partnering with NBA
Bybit
has received a provisional license from the Dubai regulator, two years
after establishing its headquarters in the city. This step advances the
platform toward becoming a fully licensed Virtual Asset Service Provider (VASP)
in Dubai.
“Dubai’s strategic location, progressive policies, and
innovation-driven environment offer unparalleled opportunities for businesses
and investors in the cryptocurrency sector,” said Helen Liu, Chief Operating
Officer of Bybit
The provisional license, issued by the Virtual Asset
Regulatory Authority, is currently non-operational. Last year, Bybit also
obtained a preliminary Minimum Viable Product license in Dubai as part of its
efforts to achieve full licensing in the region.
Meanwhile, Bybit
has formed a partnership with the Nordic Blockchain Association (NBA) to
support innovation and growth in the regional blockchain ecosystem, as reported
by Finance
Magnates. This collaboration aligns with the NBA’s efforts to improve the
blockchain community in the Nordics.
The association seeks to address challenges associated with
blockchain adoption and promote educational initiatives. Bybit’s participation
is expected to contribute to these objectives by utilizing the exchange’s
global influence to enhance local and international collaboration.
This article was written by Tareq Sikder at www.financemagnates.com.
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