National Bank of Georgia grants VASP license to Bybit, boosting local crypto market
Bybit views Georgia as a strategic location
The National Bank of Georgia has granted a Virtual Asset Service Provider (VASP) license to the cryptocurrency exchange Bybit.
As stated by Bybit’s co-founder and CEO, Ben Zhou, this regulatory milestone highlights Bybit's commitment to providing a secure and compliant platform for Georgian users while supporting the region's ambition to become a blockchain hub.
The licensing process was preceded by a comprehensive review of Bybit's security and regulatory protocols by the National Bank of Georgia. With the VASP license, Bybit joins the Georgian cryptocurrency market as a key player alongside Binance and Tether.
Bybit views Georgia as a strategic location at the crossroads of Eastern Europe and Western Asia and aims to support the country's digital transformation ambitions. In 2024, the company obtained licenses in the Netherlands, Turkey, and Kazakhstan. Compliance with local regulatory requirements allows the exchange to legally serve its clients.
As recently announced, Bybit is inviting traders to compete for significant rewards in the European Copy Trading Competition. The competition, taking place from November 4 to November 24, 2024, offers European traders a chance to win part of a prize pool of 50,000 USDT. Registration is open until November 21, as indicated on the exchange’s website.
