Cryptocurrency exchange Bybit has confirmed its pursuit of a regulatory license in Austria, aligning with its strategy to expand into key markets while adhering to local compliance requirements. This development follows Bybit's recent acquisition of a full license from Kazakhstan's Astana Financial Services Authority (AFSA), enabling the platform to offer trading, custody, and investment management services.
Regulatory Progress in Austria and Kazakhstan
Austrian Licensing Plans
- Bybit intends to commence operations in Austria upon receiving approval from local authorities.
- The exchange currently lacks an Austrian license and does not provide services in the market.
- The team is evaluating the optimal timeline for launch, with updates expected in the coming weeks.
Kazakhstan's Full License Approval
The AFSA license grants Bybit comprehensive operational rights, reinforcing its presence in Central Asia. This milestone underscores Bybit's commitment to regulatory compliance and market expansion.
Strategic Expansion in Dubai and NBA Partnership
Dubai Headquarters and Licensing
Bybit secured a provisional license from Dubai’s Virtual Assets Regulatory Authority (VARA) after establishing its regional headquarters in the city two years ago. This step advances the exchange’s goal of becoming a fully licensed Virtual Asset Service Provider (VASP) in Dubai.
Key Highlights:
👉 Bybit’s COO Helen Liu emphasized Dubai’s strategic advantages for crypto businesses, citing its innovation-driven ecosystem and progressive policies.
- The provisional license follows Bybit’s 2022 Minimal Viable Product (MVP) license, part of its phased approach to full licensure.
Collaboration with the NBA
Bybit partnered with the Nordic Blockchain Association (NBA) to support blockchain innovation in Northern Europe. The alliance aims to:
- Address adoption challenges.
- Promote educational initiatives.
- Enhance cross-border collaboration through Bybit’s global network.
FAQs
Q: What services will Bybit offer in Kazakhstan?
A: The AFSA license permits trading, custody, and investment management services.
Q: When will Bybit launch in Austria?
A: The timeline depends on regulatory approval; updates will be shared soon.
Q: How does the Dubai license benefit Bybit?
A: It positions the exchange to operate as a fully regulated VASP in a key crypto hub.
Q: What is the focus of Bybit’s NBA partnership?
A: Fostering blockchain innovation and education in Nordic regions.
Q: Does Bybit currently serve Austrian clients?
A: No, operations will begin post-licensing.
Q: Why is Dubai a strategic location for Bybit?
A: Its progressive regulations and global connectivity attract crypto enterprises.
Bybit’s dual focus on regulatory compliance and strategic partnerships highlights its ambition to become a leading global crypto exchange. 👉 Explore Bybit’s latest developments in compliant market expansion.