Bybit expands compliance with VASP license in Georgia

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As an experienced crypto investor with a keen eye for regulatory compliance and geopolitical trends, I find the recent developments between Bybit and Georgia quite intriguing. Having navigated through the crypto market’s volatility over the past few years, I can appreciate Bybit’s strategic move to secure another VASP license in Georgia, a country that seems to be embracing blockchain technology wholeheartedly.

Bybit has been granted an additional Virtual Asset Service Provider (VASP) license, adding to its existing approvals in places like the Netherlands and Kazakhstan.

Bybit cryptocurrency exchange receives a Virtual Asset Service Provider license from Georgia’s National Bank, signifying another advancement in their worldwide compliance strategy.

On November 5, the exchange announced that its registration in Georgia enables it to function within the country’s thriving environment, which coincides with Bybit’s aim to foster cryptocurrency economic growth in emerging areas.

In simpler terms, Bybit’s CEO, Ben Zhou, emphasized that the exchange’s user registration underscores their dedication to offering a safe and compliant platform to users in Georgia. This step supports the region’s aim to foster innovation within blockchain technology, potentially making it a hub for such advancements.

Georgia bets on crypto

Currently, Georgia is drawing interest from the cryptocurrency industry. Previously mentioned in crypto.news, high-ranking officials from Ripple have discussed the potential use of blockchain technology for digitalizing the economy with Georgia’s National Bank Governor, Natia Turnava.

Although the particulars of the discussions have yet to be revealed, a spokesperson from the central bank affirmed that the main topic under discussion was identifying possible paths for joint efforts towards digitizing Georgia’s economy.

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2024-11-05 17:13