Bybit Takes Over the Cyprus Market
Bybit, a crypto exchange based in Dubai, has announced that it is taking over the Cyprus market. The company has obtained licenses in Cyprus, allowing it to offer its services on the island. This includes providing a trading platform and storing customers’ tokens, which is not a common feature for licensed exchanges nowadays.
Bybit’s decision to focus on Cyprus comes after it left other countries, including Japan, Canada, and the United Kingdom, due to regulatory concerns. Bybit’s pattern of exiting countries aligns with that of Binance, another major crypto exchange, which has recently withdrawn from several countries, including Cyprus, Belgium, Canada, the Netherlands, and Nigeria.
Despite its withdrawal from other countries, Bybit intends to expand its presence in the European Union. By obtaining licenses in Cyprus, Bybit demonstrates its commitment to robust regulation and aims to create a safe and transparent crypto industry that complies with regulations.
In the Netherlands, Bybit has taken a significant step by partnering with Dutch SATOS. This collaboration allows traders to easily access all Bybit coins on SATOS and includes a promotional offer of $20 for new customers who make their first deposit.
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Crypto Companies Welcome Crypto Law MiCA
The crypto industry often praises the European rules for cryptocurrencies, and the recent passing of the Markets in Crypto-Assets Legislation (MiCA) further strengthens this sentiment. MiCA is set to be implemented next year and is anticipated to create a comprehensive regulatory framework for crypto activities in the European Union.
Conversely, some US government agencies express concerns that MiCA may divert the crypto market away from the United States. This apprehension appears to hold some truth, as European cities are increasingly being recognized as crypto hubs, and venture capitalists prefer to invest in Europe instead of the US.
The MiCA regulation sets Europe apart as a forerunner in the crypto industry and provides a sense of security and confidence for businesses operating within the European market.
Bybit’s decision to enter the Cyprus market and obtain licenses showcases the company’s commitment to robust regulation. With its focus on compliance and dedication to create a safe and transparent industry, Bybit aims to expand its presence in the European Union. Additionally, the passing of the MiCA regulation in Europe further solidifies the continent’s position as a leading force in the crypto industry. As the regulatory landscape continues to evolve and mature, it is crucial for crypto companies to navigate the complexities and foster innovation within the boundaries of compliance.