Bybit secures MiCAR License in Austria
Bybit, the world's second-largest cryptocurrency exchange by trading volume, has received its Markets in Crypto-Assets Regulation (MiCAR) license from the Austrian Financial Market Authority (FMA), signifying a pivotal moment in its European expansion.
With this new license, Bybit can now operate as a fully compliant crypto-asset services provider and passport its regulated and localised crypto products and services to nearly 500 million Europeans in 29 EEA (European Economic Area) member states through its EEA hub, which is based in Austria. Alongside this regulatory milestone, Bybit has also established its official European headquarters in Vienna, Austria.
The MiCAR license underscores Bybit's unwavering commitment to meeting the highest regulatory standards in Europe, including crucial safeguards that are designed to enhance transparency, prevent illicit activities, and protect consumers within the European Union's digital finance ecosystem.
'Securing the MiCAR license in Austria is a testament to our compliance-first approach at Bybit', stated Ben Zhou, co-founder and CEO of Bybit. 'We are actively collaborating with regulators and pursuing licenses globally to ensure our users can access our innovative platform with the highest levels of regulatory and compliance assurance'.
To support its upcoming European expansion, Bybit is making a substantial investment in Austria, with plans to hire over 100 professionals in Vienna as it provides more localised and regulated services to users.
'Obtaining the MiCAR license demonstrates our commitment to compliance and transparency, in line with Europe's high regulatory standards', said Mazurka Zeng, Chief Executive Officer of Bybit Europe.
'Vienna is now the home of Bybit Europe, and we're proud to contribute to Austria's forward-looking financial environment by investing in talent and innovation. Beyond this, we are dedicated to fostering a strong local crypto community and, through the Blockchain for Good Alliance (BGA), we will extend our resources to work closely with universities across the region, cultivating the next generation of blockchain innovators and exploring impactful real-world applications of the technology', Mazurka said.
Image Credit: Bybit
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