Latest news with #FMA
Zawya
3 days ago
- Business
- Zawya
UAE-Based Bybit secures MiCAR License in Austria, opens European Headquarters in Vienna with strategic expansion plan
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 localized 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 localized 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.
Scoop
3 days ago
- Business
- Scoop
FMA Issues Infringement Notice To Pharmazen Limited
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – has issued an infringement notice to Pharmazen Limited for failing to file financial statements on time. Pharmazen has not yet filed audited financial statements for the year ended 31 December 2024 that were due by 30 April 2025, as required under section 461H of the Financial Markets Conduct Act 2013 (FMC Act). It was also late to file financial statements in 2024 and 2023. Pharmazen informed the FMA that the delay this year was due to ongoing negotiations with their bank about matters relevant to the entity's going concern assessment. Pharmazen has notified the FMA that it intends to publish its financial statements on 6 June 2025. FMA Director of Markets, Investors and Reporting John Horner says, 'Financial statements provide investors and other stakeholders with important information for decision-making purposes. For many FMC reporting entities, financial statements are the only source of financial information available. It's a fundamental obligation that reliable financial statements are made available to the public in a timely manner'. 'Entities should report within the required timeframes regardless of challenges impacting the going concern assessment. Informing investors in a timely way is essential to enable them to make informed decisions,' says Mr Horner. The FMA's infringement notice requires Pharmazen to pay a $7,500 fee for an infringement offence under s 461H of the FMC Act. It has 28 days to pay the infringement fee or respond to the notice.
Yahoo
3 days ago
- Business
- Yahoo
Crypto Exchange Bybit Granted MiCA License in Austria
Crypto exchange Bybit has been granted a license in Austria in compliance with Europe's framework for dealing in digital assets, the Markets in Crypto Assets (MiCA) regime, according to the website of the local regulator FMA. Europe's new MiCA rules came into force at the start of this year, prompting firms to select the most appropriate member state to base operations and passport services across the 27-country trading block. Austria is also the MiCA home base of crypto trading firm Bitpanda which also holds a licence in Germany. Founded in 2018 by entrepreneur Ben Zhou, Bybit, which has risen to become the second largest exchange by volume according to CoinMarketCap, is based in Dubai having moved its headquarters from Singapore in 2022. In February 2025, the exchange was hacked resulting in the loss of $1.5 billion in assets in the largest cryptocurrency theft on record. Bybit did not immediately respond to requests for comment.
Finextra
4 days ago
- Business
- Finextra
Bybit scores 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. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. With this new license, Bybit can now operate as a fully compliant crypto-asset services provider and passport its regulated and localized 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 localized 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.
Scoop
4 days ago
- Business
- Scoop
FMA Releases Good Cents: Kiwis On Savings And Debt Research
Press Release – Financial Markets Authority Good Cents: Kiwis on Savings and Debt looks into New Zealanders' attitudes and behaviours towards savings, debt reduction, and financial guidance. It identifies three main areas for improvement for financial providers such as banks, insurers and investment … While many New Zealanders feel confident in their financial decisions, there are significant gaps between their financial goals and actual holdings of investment products, new research by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – reveals. Good Cents: Kiwis on Savings and Debt looks into New Zealanders' attitudes and behaviours towards savings, debt reduction, and financial guidance. It identifies three main areas for improvement for financial providers such as banks, insurers and investment advisers. 'Our findings show there is room for financial providers to help New Zealanders better align investment choices with financial goals, help them better understand debt management, and increase their comfort with seeking financial information,' says Gael Price, Head of Economics and Research at the FMA. 'Our findings paint an interesting picture. 'Stated financial goals don't always match investment behaviours, or understanding of key financial concepts. There is a disconnect between preferences and investment choices. While there is a strong interest in financial advice, many are hesitant to discuss their personal financial circumstances with others.' Findings also include: 1 in 6 New Zealanders feel they are sinking financially – those in the 45-54 age bracket are struggling the most, with one in four saying they feel they are 'sinking' financially. More than half of New Zealanders strategically pay off high interest debt first. 2 in 3 are open to receiving financial guidance, despite 42% saying they feel uncomfortable discussing their finances. People under 24 are least comfortable discussing their finances. This group is also the least financially literate. Active investment in higher risk and return products like shares is less common, despite high returns being a priority for nearly half our respondents. Those over 65 have unique features – they seek a stable return, and they are more likely than other age groups to have their money in term deposits. A quarter of respondents use buy now pay later (BNPL) services. This rises to 40% of Māori and Pasifika, which raises concerns. While BNPL services can help smooth out the impact of a purchase, having too much debt with these services can mean increasing repayment difficulties and late payment penalties. Māori and Pasifika are also just as likely to ask a family member or friend for financial guidance as asking their bank, meaning there's a risk they might miss out on the benefits of professional financial guidance. Gael says these findings reflect great opportunities for financial providers such as banks, insurance companies and financial advisers to make financial information more accessible. 'They are not necessarily indicators of failure, but rather signposts pointing to opportunities where improvements can be made. These improvements can be driven by providers, by consumers, and by the FMA alike. We welcome engagement with industry and consumer groups about ways to respond to the insights in this report.' Understanding consumer attitudes is now more important than ever and will help guide our regulatory focus and shape our outcomes-focused approach.
