Bybit officially launched its operations in Argentina, securing a license as a Virtual Asset Service Provider and card operator.
A new market to conquer
Bybit’s newest acquisition of a VASP license from Argentina’s Financial Intelligence Unit, from the FIU opens the door for the exchange to offer its full range of cryptocurrency products to the Argentinian market.
With this license, crypto users in Argentina can now access Bybit’s spot and derivatives markets, allowing them to trade and invest in digital assets like Bitcoin and Ethereum.
Next to this, Bybit is introducing crypto-backed payment cards, providing users with new ways to manage and spend their digital currencies.
New rules for clarity
Bybit highlighted its commitment to operating within the framework of Argentina’s stringent anti-money laundering and counter-terrorism financing regulations.
The exchange’s registration as a VASP and card issuer proves Argentina’s progressive intent to becoming a local hub for the crypto economy.
This regulatory environment was boosted by the establishment of the VASP registry, designed to bring clarity and oversight to digital asset operations within the country.
Under this new law, any crypto exchanges or related companies wanting to operate in Argentina must first register with the related financial regulators.
Growing together
Argentina’s decision to formalize the use of cryptocurrencies for payments and settlements follows the election of President Javier Milei, who signed legislation supporting this initiative earlier this year, in March.
This move is part of the country’s wider strategy to use the potential of the crypto economy to address ongoing economic challenges.
Bybit CEO Ben Zhou expressed their strong optimism about the exchange’s entry into the Latin American market, highlighting the potential positive impact on Argentina’s financial sector.
Zhou reiterated Bybit’s commitment to contributing to Argentina’s economic revival and empowering its citizens to explore blockchain technology for financial transactions.
Zhou’s excitement is understandable as this expansion represents a big milestone for Bybit, which is recognized globally as the second-largest crypto exchange by trading volume.
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