As a seasoned crypto investor with a keen eye for regulatory compliance and market potential, I view Bybit’s registration as a VASP by the National Bank of Georgia as a strategic move that positions them favorably in the rapidly evolving global crypto landscape. With previous licensing acquisitions from reputable jurisdictions like the Netherlands, Kazakhstan, and Türkiye, Bybit has demonstrated its commitment to adhering to regulatory frameworks, ensuring user trust, and fostering growth in the digital asset ecosystem.
On November 5, 2024, Bybit, one of the world’s top two cryptocurrency exchanges by trading volume, revealed that they have officially registered with the National Bank of Georgia as a Virtual Asset Service Provider (VASP), indicating their intent to comply with Georgian regulations in the digital asset sector.
In 2024, Bybit’s Georgian VASP registration adds another license to their growing regulatory collection, which includes licenses from the Netherlands, Kazakhstan, and Türkiye. This new registration allows Bybit to operate within the legal parameters of Georgia’s cryptocurrency market.
Ben Zhou, Bybit`s Co-founder and CEO, making comments on this development, said that “We are honored to be registered as the VASP by the National Bank of Georgia, marking a new chapter in our journey to support the growth of the crypto ecosystem,” He added that “This registration underlines our commitment to providing users in Georgia with a secure and compliant platform, further contributing to the region’s ambition of becoming a hotbed for blockchain innovation.”
Benefits of VASP Licence to Georgia
Through the granting of this license, Bybit is now able to participate in the innovative projects driving Georgia’s digital transition. In light of the rising interest in cryptocurrency within the region, the exchange plans to customize its trading platforms to better serve individual users, entrepreneurs, and institutional clients based in Georgia.
Expanding into Georgia’s market is opportune, given that the nation is carving out a unique space within the burgeoning digital economy. This focus includes swift regulatory advancements and advantageous geographical positioning.
Bybits Objectives
In simpler terms, Bybit aims to adapt international practices for the Georgian market, offer educational resources, and stimulate innovation within the region.
This advancement aligns with Bybit’s vision of functioning within international regulatory guidelines, as demonstrated by their licensing initiatives across different regions in 2024. The exchange is regulated, enabling it to operate across multiple continents, and its growth plans extend across the continents, reflecting its strategy to establish a regulatory presence in key markets.
In addition, Bybit can operate its operations under the watchful eye of the country’s central bank, which is advantageous for building this nation’s cryptocurrency framework. As a Validated Virtual Asset Service Provider (VASP), Bybit will carry out activities that adhere to the regulatory guidelines set by the National Bank of Georgia, thereby contributing to Georgia’s regulated local market for digital assets.
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2024-11-05 16:20