Bybit Gets A License To Expand Its Operation In Cyprus
When it comes to regulatory approval, you get a feeling to have a negative response. Due to ongoing regulatory scrutiny, you do not expect something positive. Fortunately, you do not face the same situation everywhere. Crypto exchange Bybit has received a license to operate the business in Cyprus.
Now this exchange can offer exchange and custody services to the people in the country. It is important to have easy on-ramps and off-ramps of crypto. People will get crypto-related financial services. Bybit has crypto and fiat currency pairs and traders can easily trade.
The central bank of Cyprus warned against cryptocurrency before. The vibe was like avoiding crypto. Now it seems they are interested to embrace blockchain technology and crypto. You cannot fight against technology. If you avoid or fight against technology, it will only let you down in the long run.
You can overlook what's going on and pretend like nothing is happening. People are adopting crypto and the adoption rate will keep going up. If a country becomes reluctant to embrace crypto and blockchain technology, it will stay behind.
I am wondering why some countries put extreme pressure on crypto exchanges. They just make it hard to operate crypto businesses in their countries or drive them away from their countries. They think they establish more control in this way. Bybit has stopped its services and exited Canada. Cyprus gives green signals and welcomes Bybit.
According to the co-founder and CEO of Bybit Ben Zhou, it is important to have a global presence and they are excited to operate their business and offer crypto services in Cyprus. It feels great to see positive news. Crypto exchange crypto.com also secured a regulatory license to operate its business in Spain.
If a country is able to draw the attention of crypto businesses, that will be better in the long run which will accelerate innovation and development in crypto. Crypto enterprises prefer to have certainty from a regulatory standpoint. They do not have to face challenging situations from regulatory agencies. It will be good for planning and executing the plan to move forward.
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Reference: 1.
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It's nice to see the crypto companies get approved and it's good news after all the crypto crackdown. I am just wondering what Bybit agreed to to get their approval.
Now the exchange can operate its business there. More people will get involved in crypto and that's great.