Bybit, one of the world’s leading cryptocurrency exchanges, has obtained a license to operate as an exchange and custody service in Cyprus. This move comes after Binance’s departure from the island, strengthening Cyprus’s crypto ecosystem. Bybit’s entry into the market will facilitate trading between crypto and fiat currency pairs and provide various crypto-related financial services.
Bybit’s License Approval
Bybit has announced its acquisition of a license to operate in Cyprus. This development marks a crucial step for Bybit’s global expansion strategy.
Ben Zhou, the co-founder and CEO of Bybit, emphasized the significance of this milestone in a press release. He highlighted the role of cryptocurrencies as an alternative to the traditional financial system and expressed excitement about introducing the “Crypto Ark” to Cyprus.
Cyprus’s Growing Crypto Hotspot Status
Cyprus is emerging as a prominent crypto hotspot in the Mediterranean region, partly due to initiatives from the public sector. In 2022, Kyriacos Kokkinos, the former deputy minister to the president for research, revealed the country’s ambition to become a hub for disruptive technologies like blockchain.
Moreover, the Cypriot central bank had previously expressed concerns about cryptocurrencies.
Furthermore, the government’s interest in embracing blockchain technology and crypto was evident when they introduced the bill on Distributed Ledger Technology Law in 2021. However, the bill did not progress as planned. This is beacsue the Cypriot Ministry of Finance decided against moving forward with it in April 2023.
Bybit’s Vision for the Cyprus Market
Bybit acknowledges the immense potential of the Cyprus market and its commitment to fueling the growth of the local cryptocurrency ecosystem. The recently approved license positions Bybit to contribute significantly to the development and adoption of cryptocurrencies in Cyprus.
With its established reputation and comprehensive range of services, Bybit aims to attract users and facilitate seamless crypto transactions in the country.
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