Bybit, one of the leading cryptocurrency exchanges in the industry, has officially expanded its operations to Argentina as a licensed Virtual Asset Service Provider (VASP) and card operator.
Bybit announced that the VASP license, granted by Argentina’s Financial Intelligence Unit (FIU), will allow it to provide its full suite of product offerings to customers in the region. Crypto traders in Argentina will now be able to explore Bybit‘s s spot and derivatives markets, joining other participants in betting on the potential price performance of digital assets such as Bitcoin (BTC) and Ethereum (ETH).
Additionally, the exchange disclosed that users will be able to access its crypto-backed payment cards, offering Argentinian users new ways to manage and spend their digital assets.
Full Compliance to Local Regulations
Bybit emphasized that these offerings will be provided in full compliance with Argentina’s stringent anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. The exchange stated that its registration as a VASP and card issuer in Argentina highlights the country’s progressive approach to regulating the crypto industry.
Argentina recently established the VASP registry as part of its broader efforts to bring clarity and oversight to the rapidly growing digital asset sector. The law requires that crypto exchanges and related companies seeking to enter the country must register with financial regulators to be authorized to operate within Argentina.
Supporting the Argentinian Economy
The introduction of this new regulation, passed into law in March comes after the country’s newly elected President, Javier Milei signed a bill that allows the use of cryptocurrencies for payments and settlements.
This move is part of Argentina’s strategy to leverage the emerging crypto economy to address its ongoing economic challenges.
Bybit CEO Ben Zhou stated that the company’s entry into the Latin American market is expected to have a substantial impact on Argentina’s financial landscape. He further noted that the exchange is committed to helping Argentina revive its economy and empower its citizens to explore blockchain technology for payments.
This move marks a major milestone for the exchange, which prides itself on being “the second-largest crypto exchange by trading volume”, as it continues to expand its services across the Latin American market.
next