Bybit Secures VASP and Card Operator License in Argentina

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As an analyst with extensive experience in the digital asset industry, I view Bybit’s recent registration as a Virtual Asset Service Provider (VASP) and card operator by Argentina’s Financial Information Unit (FIU) as a strategic move that could potentially solidify its foothold in the South American market.

Bybit has successfully registered as a Virtual Asset Service Provider (VASP) and card operator with Argentina’s Financial Information Unit (FIU). This registration enables the cryptocurrency exchange to lawfully carry out its activities in Argentina, so long as it adheres to the nation’s latest regulatory guidelines.

In March 2023, the VASP registration process was established in Argentina under new laws, aligning with worldwide guidelines established by the Financial Action Task Force (FATF) aimed at preventing money laundering and countering terrorism financing.

The Financial Intelligence Unit (FIU) keeps tabs on these registrations and scrutinizes financial transactions to deter unlawful actions. Bybit’s approval of registration indicates that the platform complied with the established regulatory standards.

As an analyst, I’d rephrase it as follows: In a recent press statement, Bybit’s CEO, Ben Zhou, emphasized that registering the company marks a significant milestone in our commitment to providing secure and dependable digital asset services. This registration will help us adhere to financial regulations effectively.

Meanwhile, although Bybit is growing in Argentina, it has encountered challenges in various other nations. For instance, earlier this year, Bybit temporarily halted its activities in France due to lack of necessary registration.

The business likewise exited the Canadian market in May 2023 because of tighter laws. However, Argentina continues to be an enticing market for Bybit, given that the nation is actively working towards regulation within its rapidly expanding cryptocurrency sector.

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2024-08-17 01:08