• Bybit is licensed as a cryptocurrency trade and custody supplier in Cyprus.
• The Cyprus licensing comes because the trade prepares for the upcoming MiCA regulation.
• The UAE-based firm lately withdrew from the Canadian market.

Cryptocurrency trade Bybit has reportedly received regulatory approval to function as a cryptocurrency trade and custody service supplier in Cyprus.

The Dubai-based cryptocurrency platform introduced this on Monday, noting that the license goals to offer customers entry to safe buying and selling options and is a milestone in its regulatory compliance efforts. .

“At Bybit, we wholeheartedly assist the regulatory targets of constructing a compliant, safe, and clear cryptocurrency business that finally advantages all these looking for monetary freedom.Bybit co-founder and CEO Ben Zhou mentioned in an announcement.

EU MiCA regulation begins

Bybit’s regulatory milestone in Cyprus comes after the trade pulled out of Canada and the UK amid world scrutiny of the cryptocurrency trade.

Securing licenses in European Union nations is due to this fact key to the corporate’s efforts to strengthen its presence throughout the European Union, because the business approaches the welcome of Crypto Asset Market (MiCA) regulation.

The EU Finance Ministers accredited the MiCA in Could, and the pioneering regulatory framework is anticipated to return into power in 2024. The Cyprus license will allow Bybit to supply providers all through the area.

Earlier this month, Bybit acquired formal approval to function as a digital asset buying and selling facility and custody supplier in Kazakhstan. Binance was additionally lately licensed by the Astana Monetary Providers Authority (AFSA), which regulates the Astana Worldwide Monetary Heart (AIFC).