• Bybit has been licensed as a cryptocurrency exchange and custody provider in Cyprus.
• Cyprus licensing comes as exchanges prepare for the coming MiCA regulation.
• The UAE-based company recently exited the Canadian market.

Crypto exchange Bybit has reportedly secured regulatory approval to operate as a cryptocurrency exchange and custody services provider in Cyprus.

The Dubai-based crypto platform announced this on Monday, noting that the license is a milestone in its commitment to regulatory compliance as it looks to offer users access to secure trading solutions.

“At Bybit, we wholeheartedly support the regulatory objective of building a cryptocurrency industry that is both compliant, secure, and transparent, ultimately benefiting all those seeking financial freedom,” Ben Zhou, co-founder and CEO of Bybit, said in a statement.

EU’s MiCA regulation coming

Bybit’s regulatory milestone in Cyprus comes on the back of the exchange’s exit from Canada and the UK amid the global scrutiny on crypto exchanges. 

Securing the license in the European Union nation is therefore key to the company’s effort to strengthen its presence in the bloc as the industry edges closer to welcoming the Markets in Crypto Assets (MiCA) regulation.

EU Finance ministers approved MiCA in May, with the pioneering regulatory framework expected to take effect in 2024. Licensing in Cyprus will allow Bybit to offer its services across the bloc.

Earlier this month, Bybit received official approval to operate as a digital asset trading facility and custody provider in Kazakhstan. The licensing by the Astana Financial Service Authority (AFSA), which regulates the Astana International Financial Centre (AIFC), was also recently granted to Binance.