Bybit has announced plans to enter Austria with the aim of obtaining a regulatory license in this EU jurisdiction ahead of the implementation of the MiCA regulation later this year.
As the world's second-largest cryptocurrency exchange continues its expansion in key markets, the company announces that it will begin operations subject to Austrian local government approval and ensure full compliance with regulatory standards in due course. did.
Bybit has revealed that it is not currently actively offering its services in Austria or to the Austrian market as it is not licensed in Austria, but will begin operations as soon as Austrian regulators give the green light to begin operations. We are already working hard to determine the best timing for this possibility. .
Austria is home to crypto infrastructure unicorn Bitpanda
Austria is home to Bitpanda, one of the world's largest digital asset infrastructure providers. The Austrian fintech unicorn currently serves more than 4 million users.
Founded in Vienna in 2014, Bitpanda has grown to become Europe's leading crypto broker with over 2,800 digital assets, including over 350 crypto assets and numerous stocks, ETFs, precious metals and commodities. Bitpanda offers one of the most comprehensive digital assets available in Europe.
Bitpanda recently expanded its partnership with Deutsche Bank to leverage Deutsche Bank's real-time payment solutions for both incoming and outgoing transactions.
The API-based account solution provides Bitpanda with access to the German IBAN, streamlining and enhancing the user experience and strengthening Bitpanda's position as Europe's leading digital asset trading platform.
Deutsche Bank is already supporting Bitpanda's operational needs as the European House Bank for cross-currency solutions in Austria and Spain.
A few months ago, Bitpanda partnered with Solaris to leverage Bankident, the RegTech company's fully digital and scalable KYC solution, to identify customers in Germany. Solaris, Europe's leading embedded finance platform, was already acting as the issuer and processor for Bitpanda's debit card program across the European Economic Area.
Solaris provides many digital identity service components through RESTful APIs. The company's KYC platform is fully anti-money laundering compliant and adaptable to a company's specific needs, allowing partners to own the customer journey from start to finish while remaining consistent with company branding. You can.
Bybit secure license in Kazakhstan and Turkiye
Bybit was recently granted a full license by the Astana Financial Services Authority (AFSA) to operate as a fully licensed market institution in Kazakhstan. Kazakhstan AFSA regulated operations, the world's second largest cryptocurrency exchange, offers a comprehensive range of services including operating digital asset trading facilities, providing custody, handling investments as both agent and principal, and managing investments. be able to provide it.
The new license opens up more opportunities for users in Kazakhstan and the wider Commonwealth of Independent States (CIS) region, solidifying the crypto exchange's presence in Central Asia.
Bybit Kazakhstan plans to offer a variety of products in the future, including spot trading, derivative trading, margin trading, and crypto loans. The Bybit Kazakhstan website will be launched in mid-October 2024 under the domain “bybit.kz” to serve the unique needs of crypto traders and investors in the region.
Meanwhile, Bybit Türkiye was officially recognized as a crypto asset service provider by Turkey's Capital Market Board (CMB). Bybit Türkiye, which operates through its local subsidiary Narkasa Yazılım Ticaret Anonim Şirketi, adheres to CMB regulations and ensures compliance while supporting the country's evolving crypto sector.
Bybit's Turkish operations recently launched the TRY (Turkish Lira) trading pair on the spot market, allowing users in Turkey to buy and sell Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) directly with TRY.
To eliminate the need for a conversion step, direct conversion of TRY pairs will begin on August 30, 2024 and will feature the following pairs: USDT/TRY, BTC/TRY, ETH/TRY.
Bybit opens Islamic account
Bybit has launched Islamic Accounts in a major step towards providing accessible and Islamic law-compliant cryptocurrency trading. This makes Bybit the first global crypto exchange to offer such services to Muslim traders, as the Islamic economy continues to grow rapidly, currently serving approximately 1.9 billion people worldwide. are.
The value of the Islamic finance sector is currently estimated to be worth a staggering $2.3 trillion, and Bybit is the only Islamic law-compliant trading platform in the world, primarily located in the Middle East, Africa, and South Asia. It will serve as a means to tap into a huge and growing market. (MEASA) Region.
Bybit guarantees dual Shariah certification by utilizing both Crypto Halal certification and official Shariah certification from ZICO Holdings to ensure all products meet the highest standards of Islamic law. Masu.
Developed in consultation with ZICO Shariah Advisory Services Sdn. Bybit's Islamic Account provides Muslim traders with a comprehensive platform to participate in the digital asset market, ensuring that all products are strictly compliant with Islamic financial principles.
In addition to offering a comprehensive Shariah-compliant trading product, this cryptocurrency exchange's Islamic accounts are available to all users regardless of region, except in countries with legal restrictions. Initial services include spot trading (limited to 75 Sharia compliant tokens), DCA trading bot, and spot grid bot.
