thenewscrypto.com
- Bybit crypto exchange can now operate in Austria with the MiCA license
- The second-largest crypto exchange has established its European headquarters in Vienna
MiCA has made it mandatory for crypto asset trading service providers to secure their license to be able to operate in European countries. Its policies became effective and improved the regulatory environment for crypto in Europe at the beginning of this year. Bybit is the latest crypto exchange that secured a MiCA license in Austria.
The Austrian Financial Market Authority (FMA) has announced the news on its official website. It granted the MiCAR to the second-largest crypto exchange, allowing it to offer services in 29 European Economic Area (EEA) countries. This move underlines Bybit’s focus and commitment to offering its services with full compliance.
Bybit will now be able to passport its regulated and localized crypto products and services to all people across the 29 countries. Since Vienna is the capital of Austria, Bybit has established its European headquarters in the city. This marks a milestone for Bybit’s global expansion plans.
Co-founder and CEO of Bybit, Ben Zhou, stated,
“Securing the MiCAR license in Austria is a testament to our compliance-first approach at Bybit. We are actively collaborating with regulators and pursuing licenses globally to ensure our users can access our innovative platform with the highest levels of regulatory and compliance assurance.”
Bybit Plans to Create Employment in Austria
Bybit has not only secured the MiCA license but also plans to make heavy investments in the country. The exchange has further announced its plans to create more than 100 job opportunities in Austria. This is in line with the exchange’s vision to offer more localized services to users.
Apart from Bybit Co-founder and CEO Ben Zhou, another executive, Mazurka Zeng, has also expressed their commitment to compliance and transparency. In addition to securing a license to offer its services, Bybit also has broader plans to foster the country’s crypto community. It expressed its interest in collaborating with the Blockchain for Good Alliance (BGA) and extending its resources to strengthen the crypto education system in the country.
Bybit lost around $1.5 billion in one of the biggest crypto hacks in history earlier this year. However, the exchange got back up within no time and did a commendable job in offering its services to users without any disturbances. Though the CEO, Ben Zhou, took several initiatives to track the funds, it seems like the hackers are becoming more sophisticated by the day.
Nonetheless, Bybit has created its own reputation in the industry by serving billions of users across the globe. Securing a MiCA license and establishing an HQ in Vienna will only further boost its performance and expansion.
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