Bybit has announced its expansion into Latin America. The company has registered as a Virtual Asset Service Provider (VASP) and card operator in Argentina. This move makes Bybit one of the first to offer a full range of digital asset services in the Argentinian market.
Argentina's recent establishment of the VASP registry marks a step forward in regulating the cryptocurrency sector. Bybit’s registration highlights its intention to follow local regulations and offer a secure platform to users.
Argentina Embraces Digital Assets
As a VASP and card issuer, Bybit can now provide various crypto-related services to users in Argentina. This development comes as Argentina faces economic difficulties and recently approved a company to use cryptocurrency as registered capital.
This approval by the Argentine General Inspectorate of Justice shows Argentina's growing acceptance of digital assets.
“This achievement marks a significant step forward in our mission to provide accessible and secure digital asset services to users worldwide and our commitment against financial crime. Bybit is committed to supporting Argentina's economic growth and empowering its citizens through the payment capabilities and potential of blockchain technology,” said Ben Zhou, Co-Founder and CEO of Bybit.
Meanwhile, the Argentine government has established a registry for Virtual Asset Service Providers, requiring the registration of cryptocurrency exchanges and related companies. This move follows recent developments under President Javier Milei, who initially supported cryptocurrencies but is now facing criticism.
The new regulations, which include changes to anti-money laundering and counter-terrorism financing laws, were enacted on March 14 after approval by the Argentine Senate, as reported by Finance Magnates.
Bybit announced its expansion into Latin America.The company has registered as a Virtual Asset Service Provider (VASP) and card operator in Argentina.This move makes Bybit one of the first to offer a full range of digital asset services in the Argentine market.Argentina's… pic.twitter.com/3BVYYgaylE
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Adhering to Local Regulations
Bybit's entry into the Argentinian market aims to enhance the country's financial landscape with accessible and secure digital asset solutions. The company emphasizes the security of user assets, implementing measures to protect funds and data. Bybit adheres to Argentina's anti-money laundering and counter-terrorism financing regulations.
With its global infrastructure and liquidity, Bybit provides Argentinian users access to a variety of digital assets and cryptocurrency-backed payment cards, catering to their needs.
This article was written by Tareq Sikder at www.financemagnates.com.
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