Bybit Receives Georgian VASP License, Strengthening Global Regulatory Presence

Dubai, United Arab Emirates, November 5th, 2024, Chainwire

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is proud to announce it has successfully been registered as a Virtual Asset Service Provider by the National Bank of Georgia. The milestone represents the company's strong commitment to complying with regulations and positions it as an active and reliable partner in fostering digital economic development in the country.

Building on its global compliance strategy, Bybit has gone through the licensing process in key markets during 2024—including the Netherlands, Kazakhstan, and Türkiye. These regulatory achievements are a demonstration of the commitment by Bybit to proactive efforts in creating a transparent and secure environment for digital assets globally.

“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."Bybit’s entry into the Georgian market aims to facilitate the country’s ambitions to embrace digital transformation. As the demand for cryptocurrencies grows, Bybit is committed to delivering world-class trading solutions to empower local users, entrepreneurs, and institutional investors.

At the forefront of progressive regulation and boasting a strategic geographical positioning, Georgia has fertile ground for a digital economy. Bybit looks forward to enriching this vibrant ecosystem with the inculcation of global best practices, education, and opening new innovation opportunities for the region.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL ) Red Bull Racing team.

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This article was originally published on Chainwire

Source: Investing.com