ByBit License Approval Boosts Cyprus Crypto Adoption

Jun. 26, 2023
ByBit License Approval Boosts Cyprus Crypto Adoption

ByBit has obtained a license approval for operations, further strengthening Cyprus’ crypto ecosystem after Binance departed from the island. Bybit, a popular cryptocurrency exchange, has received approval to operate as an exchange and custody service in Cyprus.

As the third most visited crypto exchange globally, Bybit will soon offer trading services for crypto-to-fiat currency pairs. Additionally, it will provide a range of crypto-related financial services.

In a recent press statement, Ben Zhou, the co-founder, and CEO of Bybit, emphasized the significance of broadening their global reach. He addressed the importance of cryptocurrencies as an alternative to the old banking system.

This came as Cyprus, housing a population of 1.2 million individuals, ranked as the third most densely inhabited island in the Mediterranean Sea. They are thrilled to announce the introduction of the Crypto Ark to Cyprus.

Thanks to public sector initiatives, Cyprus is becoming a popular destination for cryptocurrencies in the Mediterranean region. In 2022, Kyriacos Kokkinos, the Deputy Minister to the President for Research in the Republic of Cyprus, unveiled the nation’s ambition to become a hub for innovative technologies such as blockchain.

Cyprus’ Crypto Journey: Challenges & Opportunities

In the past, the central bank of Cyprus expressed concerns about cryptocurrencies. A significant surge of 600% in the price of Bitcoin BTC occurred ten years ago following a crisis in Cypriot banks.

In 2023, Cyprus plans to embrace blockchain technologies and presents the Distributed Ledger Technology Bill in 2021. However, the level of adoption remains significantly lower when compared to the special rates seen on Malta, an island in the Mediterranean Sea.

“Blockchain Island” is widely recognized, and Malta boasts three times the number of blockchain-related jobs per person. Esteemed Bitcoin pioneers such as Adam Back highly praise the cryptocurrency ecosystem in Malta.

Additionally, the prominent player in the cryptocurrency industry, Binance, has recently disclosed its decision to terminate its registration in Cyprus. Initially established in China, Binance has expanded its presence globally, including locations in crypto-friendly hubs like Dubai and Bahrain.

By relinquishing its presence in Cyprus, Binance aims to concentrate on more extensive markets worldwide. This move leaves behind a tainted reputation in the region.

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ByBit acknowledges the “enormous opportunity presented by the Cyprus market.” The recently granted license will bolster the growth of the domestic cryptocurrency ecosystem.

Rida Fatima

News writer
An ardent wordsmith with a rich five-year background in delving into the realms of finance and cryptocurrencies. Alongside curating captivating blogs, Unique's talents extend to crafting imaginative and engaging content.