Bybit’s new license in Cyprus is a sign of the growing acceptance of cryptocurrency by regulators around the world.
Cyprus is a well-liked travel destination because of its stunning beaches, intriguing historical sites, and lively culture. A population of about 1.2 million individuals from different cultures lives on the island.
Bybit’s expansion into Cyprus comes after the company faced regulatory scrutiny in Japan and exited Canada and the UK. The new license indicates the company’s dedication to compliance and will aid in its entry into the EU.
Bybit is a strong supporter of regulatory oversight in the cryptocurrency industry, and they believe that compliance is essential for building a safe and transparent market.
Companies in the EU are gearing up for the Markets in Crypto Assets (MiCA) regulation, which will allow them to operate across the bloc with a license from a single member state. Cyprus is one of the early movers, introducing an advanced registration regime ahead of MiCA’s 2024 deadline.
Cyprus is emerging as a hub for cryptocurrency in the Mediterranean, with the government providing support for businesses and startups in the sector.
While Cyprus is making progress in the field of cryptocurrency, Malta is still the clear leader in the Mediterranean.
Malta is known as “Blockchain Island” for a reason. The country has a very supportive regulatory environment for cryptocurrency businesses, and Bitcoin OGs like Adam Back speak highly of the crypto environment there.
Bybit sees Cyprus as a key market for cryptocurrency growth, and the newly-approved license will help the company tap into the island’s potential.