Bybit Receives VASP License from National Bank of Georgia
On November 5th, 2024, Bybit, the world’s second-largest cryptocurrency exchange by trading volume, proudly announced its successful registration as a Virtual Asset Service Provider by the National Bank of Georgia. This significant milestone showcases Bybit’s strong dedication to regulatory compliance and solidifies its position as a trustworthy and active partner in driving digital economic development within the country.
Global Compliance Strategy
Bybit has been actively pursuing its global compliance strategy by obtaining licenses in key markets throughout 2024. Notable achievements include regulatory approvals in the Netherlands, Kazakhstan, and Türkiye. These accomplishments underscore Bybit’s proactive approach to establishing a transparent and secure environment for digital assets on a global scale.
“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,” said Ben Zhou, Co-founder and CEO at Bybit. “This registration underlines our commitment to providing users in Georgia with a secure and compliant platform, further contributing to the region’s ambition of becoming a hotbed for blockchain innovation.”
Empowering Georgia’s Digital Transformation
Bybit’s entry into the Georgian market is poised to support the country’s aspirations for digital transformation. With the increasing demand for cryptocurrencies, Bybit aims to provide top-tier trading solutions that empower local users, entrepreneurs, and institutional investors. The company’s commitment to fostering innovation and global best practices aligns with Georgia’s strategic positioning as a hub for digital economic growth.
About Bybit
Bybit, established in 2018, is the world’s second-largest cryptocurrency exchange, catering to over 50 million users globally. The platform offers a professional trading environment with features such as an ultra-fast matching engine, round-the-clock customer service, and multilingual community support. Bybit is also a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team.
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Contact:
Head of PR Tony Au Bybit tony.au@bybit.com
Original article published on Chainwire
Analysis of Bybit’s VASP License Acquisition
Bybit’s successful registration as a Virtual Asset Service Provider by the National Bank of Georgia marks a significant step in the company’s commitment to regulatory compliance and its support for the growth of the crypto ecosystem. This achievement not only highlights Bybit’s dedication to providing a secure and compliant platform for users in Georgia but also underscores its role in fostering blockchain innovation within the region.
Furthermore, Bybit’s strategic entry into the Georgian market aligns with the country’s digital transformation goals, offering world-class trading solutions that cater to the increasing demand for cryptocurrencies. By introducing global best practices, education, and innovation opportunities, Bybit aims to enrich Georgia’s digital economy and contribute to its development as a hub for technological advancement.
Overall, Bybit’s acquisition of the VASP license in Georgia not only strengthens its global regulatory presence but also positions the company as a key player in driving digital economic growth and innovation within the region. This development signifies Bybit’s commitment to compliance, security, and user empowerment, making it a reliable partner for individuals, businesses, and institutional investors seeking to participate in the digital asset space.