Bybit has been granted a virtual assets service provider license in Georgia, enabling the company to provide trading and other services in the country.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
Bybit, a leading cryptocurrency exchange, has secured a Virtual Asset Service Provider (VASP) license in Georgia, enhancing its ability to offer compliant services to users in the region.
According to an announcement on Tuesday, November 5, the National Bank of Georgia granted the license following a comprehensive review of the company’s security and regulatory protocols, signaling the country’s commitment to regulated crypto innovation.
With this license approval, Bybit joins major industry players like Binance and Tether in actively exploring the Georgian market. The company’s entry into the nation is part of its broader strategy to foster crypto adoption in the transcontinental country, which sits at the crossroads of Eastern Europe and West Asia. The exchange sees Georgia as a fertile ground for digital innovation and aims to support the nation’s ambition for digital transformation.
The company’s co-founder and CEO Ben Zhou said that this regulatory milestone underscores Bybit’s dedication to providing a secure and compliant platform for Georgian users while contributing to the region’s aspirations as a blockchain hub.
“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. This registration underlines our commitment to providing users in Georgia with a secure and compliant platform,” he said.
Bybit has been strategically expanding into new markets, gaining regulatory approval across various jurisdictions. So far, in 2024, it has received licenses in the Netherlands, Turkey, and Kazakhstan, where it operates under the Astana Financial Services Authority (AFSA). These regulatory achievements allow the exchange to legally serve its customers and fully adhere to local requirements.
Beyond licensing, Bybit has forged significant partnerships in 2024. Recently, it collaborated with the Nordic Blockchain Association (NBA) to foster innovation and growth within the regional crypto ecosystem. This strategic alliance is designed to build stronger connections within the regional ecosystem while also promoting international collaborations that will drive innovation and growth across the industry.
In July, the company teamed up with BLIK, one of the leading payment platforms in Poland, to offer zero-fee transactions to customers in the region. The deal was aimed at promoting the company in the European nation and encouraging users to explore the crypto market.
After a successful one-year collaboration, the company also recently renewed its partnership with the Dubai Multi Commodities Centre (DMCC). The exchange “upgraded the company’s role from a key ecosystem partner to an advisory position”.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
