Latest news with #MiCAR
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.
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.
Cision Canada
4 days ago
- Business
- Cision Canada
Bybit Secures MiCAR License in Austria, Opens European Headquarters in Vienna with Strategic Expansion Plan
VIENNA, May 29, 2025 /CNW/ -- 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. #Bybit / #TheCryptoArk / #MiCAR About Bybit Bybit is the world's second-largest crypto-asset exchange platform, providing over 70 million users globally access to its innovative crypto investment products and services. Bybit EU is the newly established EU headquarter and will serve the EEA clients on the dedicated Bybit EU platform.
Irish Times
4 days ago
- Business
- Irish Times
Regulation cannot eliminate ‘inherently high' risk in crypto
Every few months from the great, inscrutable world of cryptocurrencies a fresh piece of terminology hits the mainstream, promising to revolutionise the world of finance. Stablecoins are now the next big thing. Invariably, after six months in which the new term fills newspaper columns and corporate types announce how they are embracing the 'complex synergies and unlocking capabilities' of the new tech, it is forgotten with the arrival of an even newer term or concept. The pace of innovation in the space is impressively fast, but that means regulators struggle to keep up with the inevitable knock-on consequences for investor risk. Addressing the Blockchain Ireland conference, Gerry Cross, the director for capital markets and funds at the Central Bank , alluded to that element. READ MORE 'Risks to consumers are inherently high in some crypto and related services, and crypto markets have been noteworthy for their significant volatility,' he said. Even with the introduction of the new EU-wide Markets in Crypto-Assets Regulation (MiCAR), Mr Cross said it 'will not provide the same levels of protection as exist for traditional financial investment products, nor will it mitigate all the risks linked to crypto-assets'. In a speech full of indications of the vast promise of decentralised and digital finance technology, this represents the stark reality of investing in cryptocurrency; it is a risky game. The Central Bank, which has moved from labelling unbacked crypto assets as more akin to a 'Ponzi scheme' than an investment to noting the potential of the latest hit topic, stablecoins, has a challenge on its hands in finding the balance between regulating the technologies and stifling innovation. [ Bitcoin price surge encourages more companies to acquire crypto Opens in new window ] Cross says a 'good outcome' for the regulator will be that the risks involved in cryptocurrency investments are understood and that 'any change occurs in a safe manner'. However, this is an industry that often trumpets the mantra of 'move fast and break things'. An increasing number of cryptocurrency and related digital finance firms are choosing to locate in Ireland. It remains to be seen whether regulatory attempts to maintain 'safe' change will keep pace with the constant development and launches of new technologies in such a 'significant volatility' market.
Zawya
30-04-2025
- Business
- Zawya
UK sets out new laws to regulate crypto exchanges and dealers
LONDON - Britain plans to bring crypto exchanges and dealers under compulsory regulation for the first time under new draft laws announced by finance minister Rachel Reeves on Tuesday to regulate the crypto-asset industry. "Under the new rules, crypto exchanges, dealers and agents will be brought into the regulatory perimeter - cracking down on bad actors while supporting legitimate innovation," the finance ministry said in a statement following Reeves' announcement. "Crypto firms with UK customers will also have to meet clear standards on transparency, consumer protection, and operational resilience," it added. Around 12% of British adults own or have owned cryptocurrencies such as bitcoin or ethereum, up from 4% in 2021, the government said. Bank of England Governor Andrew Bailey has long warned of the risks to investors from bitcoin, which he does not view as a secure store of value like mainstream currencies. However, he has seen more of a case to regulate so-called stablecoins, a type of digital currency that seeks to keep a fixed value relative to U.S. dollars or other assets. The finance ministry said it aimed to finalise the new legislation for crypto assets by the end of the year. The rules build on initial proposals made in 2023. Some critics have said regulating the sector could give a false sense of security to the public about the risks posed by digital securities that can have little or no underlying value. However, Nick Price, financial services and crypto specialist at law firm Osborne Clarke, called it a "simple and straightforward piece of legislation" that would bring a great deal of certainty and stability and consumer protection. "Whether it promotes growth and competition remains to be seen," he said. "The move explicitly aligns the UK with the U.S. approach of 'crypto as securities' – and represents a divergence with the EU's more tailored approach to crypto under the MiCAR regime," Price added, referring to EU rules that came into force in December. Linklaters financial services lawyer Simon Treacy said the new rules defined the scope of the assets and activities that would be regulated, but a lot more detail was still to come as regulators developed rules for regulated firms. Reeves said she had discussed crypto regulation with U.S. Treasury Secretary Scott Bessent during a visit to Washington last week, and that the two countries planned to discuss this further in June. U.S. President Donald Trump has sought to embrace the industry and vowed to be a "crypto president", challenging other jurisdictions that want to build their own digital currency sectors while protecting consumers and safeguarding financial stability. Reeves also said she would set out broader plans for boosting the growth and competitiveness of Britain's financial services industry on July 15 in her annual Mansion House speech in the heart of London's finance district, the culmination of a consultation process which began in November 2024. "Financial services is one of the key growth-driving sectors in the UK for modern industrial strategy," Reeves said in a speech at the IFGS fintech conference in London. In last year's Mansion House speech, Reeves said British financial regulators had gone too far in squeezing out risk in the 15 years after the global financial crisis.
