Bybit 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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