ByBit’s License Approval Boosts Crypto Adoption in Cyprus

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ByBit, a cryptocurrency exchange, is bolstering the crypto ecosystem in Cyprus by acquiring an operating license, filling the void left by Binance’s departure from the country.

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Bybit, one of the world’s top cryptocurrency exchanges, has received approval for a license to operate as an exchange and custody service in Cyprus. With this license, Bybit will expand its services to include trading between crypto and fiat currency pairs, as well as offering various crypto-related financial services.

With a population of 1.2 million people, Cyprus stands as the third most populous island in the Mediterranean Sea. Bybit’s co-founder and CEO, Ben Zhou, emphasized the significance of expanding their global presence in a press release, recognizing crypto as a means to opt out of the traditional financial system. He expressed excitement about introducing the “Crypto Ark” to Cyprus.

Cyprus is emerging as a growing crypto hotspot in the Mediterranean region, with notable contributions from the public sector. In 2022, Kyriacos Kokkinos, the former Deputy Minister to the President for Research in Cyprus, outlined the country’s plans to establish itself as a center for innovative technologies such as blockchain. This strategic direction aimed to position Cyprus as a hub for disruptive advancements.

In the past, the central bank of Cyprus expressed caution regarding cryptocurrencies, but significant events, such as the financial crisis and subsequent bank run, have shaped the perception of digital assets. The impact of these events was exemplified by a remarkable 600% surge in Bitcoin’s price. As of 2023, Cyprus has shown a positive stance towards blockchain technologies and demonstrated its commitment by sharing the Distributed Ledger Technology Bill in 2021, signaling its intention to adopt and leverage the potential of blockchain.

However, in terms of adoption levels, Cyprus still lags behind the island of Malta, which is also located in the Mediterranean Sea. Malta has emerged as a leading hub for blockchain and crypto-related activities, boasting three times more blockchain-related jobs per capita. Due to its thriving ecosystem, Malta has earned the nickname “Blockchain Island.” Prominent figures in the crypto space, such as Adam Back, speak positively about the crypto-friendly environment in Malta, further solidifying its reputation as a hotspot for digital assets.

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Moreover, the prominent cryptocurrency exchange Binance has made the decision to deregister in Cyprus. While it was originally established in China, Binance has expanded its operations globally and established offices in various crypto-friendly regions, including Dubai and Bahrain. By withdrawing from Cyprus, Binance aims to prioritize its focus on larger markets worldwide, signaling its strategic shift in pursuit of broader opportunities.

ByBit acknowledges the vast potential of the Cyprus market and acknowledges the significant contribution that the newly approved license will make to the local cryptocurrency ecosystem. With this license, ByBit is poised to seize the opportunities presented by the thriving crypto landscape in Cyprus, further strengthening its presence in the region.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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