Leading cryptocurrency exchange, Bybit has announced the acquisition of a Virtual Asset Service Provider (VASP) license from the National Bank of Georgia, another step in its global compliance strategy. This follows a series of exchange approvals in other regions, like the Netherlands and Kazakhstan.
In a press release today, Bybit said that international payment cards are accepted by Bybit, given that they are registered in Georgia. This enables the exchange to do business within the country’s growing cryptocurrency ecosystem. Since the company is targeted at fostering crypto economic development in new regions, it is also focused on its commitment to compliance operations in the sector.
Bybit’s Commitment to Blockchain Innovation Amidst Georgia’s Rising Crypto Sector
“Another endorsement for Bybit as we continue to earn the trust of residents in Georgia, whether they are professional traders, individuals, or families,” said Ben Zhou, Bybit’s CEO. “This registration is a testament to our determination to give users in Georgia the best secure and compliant space to trade on, which is a step in line with Georgia’s ambition to be a hub for blockchain innovation.”
Recently, interest in Georgia’s crypto sector has increased, making it a developing blockchain technology hub. Ripple’s executives also discussed integrating blockchain technologies toward economic digitalization with National Bank Governor Natia Turnava. The central bank would not provide details on what was discussed but confirmed the focus was on ‘pursuing avenues for collaboration in electronification of the Georgian economy.’
Bybit’s continual expansion of its worldwide footprint mirrors a greater crypto industry trend of regulatory compliance and innovation, advancing user experiences and economic expansion in the area.
This news is republished from another source. You can check the original article here
