As part of its global market expansion efforts, Bybit recently announced via a November 5 press release that it has obtained a Virtual Asset Service Provider (VASP) license from the Bank of Georgia. The license approval implies that Georgia’s national financial authority now recognizes the presence of exchange in the country’s digital assets market.
Therefore, Bybit will freely operate in Eastern European nations without limitations as long as the services are within the purview of regulatory guidelines. Interestingly, Bybit’s license approval aims to advance digital asset transformation efforts. In addition, it will help boost crypto adoption among the country’s citizens, which could invariably boost Georgia’s national economic outlook.
The exchange hopes to achieve the crypto adoption goals by developing trading solutions for the nation’s local populace. Part of the press release noted: “As the demand for cryptocurrencies grows, Bybit is committed to delivering world-class trading solutions to empower local users, entrepreneurs, and institutional investors.”
Bybit’s CEO Speaks on the Exchange’s Latest Achievement
Reacting to the trading platform’s new feat, Ben Zhou, a co-founder and Chief Executive Officer (CEO) at Bybit, expressed his excitement about the VASP license approval. “We are honored to be registered as the VASP by the National Bank of Georgia, marking a new chapter in our journey to support the growth of the crypto ecosystem,” he stated.
Furthermore, the CEO noted that Bybit’s latest feat underscores the exchange’s dedication to ensuring Georgia users enjoy trading features under a secured and compliant platform. He added that the trading platform’s presence in the Eastern European nation’s digital assets landscape will contribute significantly to its ambition of becoming a hub for blockchain innovations.
Bybit’s Previous VASPs License Approvals and Regulatory Hurdles
Before its recent feat, Bybit announced in September that it had obtained a VASP license endorsement from Dubai’s Virtual Asset Regulatory Authority (VARA). Aside from its exploits in Dubai, Bybit was recently deemed non-compliant by Dutch regulatory authorities. Consequently, the exchange will likely pay a $2.4 million fine as specified by the nation’s central bank.
