Bybit Plans Entry into Austrian Market with License Application

11-10-2024 By: Sakshi Jain

Bybit Prepares for Launch in Austria with License Application

Bybit, the world’s second-largest cryptocurrency exchange, has announced plans to expand into Austria as it seeks regulatory approval ahead of the upcoming MiCA (Markets in Crypto-Assets) regulation.

While not yet licensed in the country, Bybit is working closely with local authorities to comply with Austrian regulations, aiming for a future launch once approval is secured.

Austria’s Crypto Landscape

Austria is home to Bitpanda, one of Europe’s largest digital asset infrastructure providers, serving over 4 million users. Bitpanda has made strides in the crypto industry, offering over 2,800 digital assets, including cryptocurrencies, stocks, ETFs, and precious metals.

Recent partnerships with Deutsche Bank and Solaris have strengthened its position as a leading platform in Europe.

Bybit Expands Globally: Licenses in Kazakhstan and Türkiye

Bybit has recently secured licenses in both Kazakhstan and Türkiye. In Kazakhstan, Bybit will operate under the Astana Financial Services Authority (AFSA), offering services like digital asset trading, custody, investment management, and more. The launch of Bybit Kazakhstan, scheduled for October 2024, will cater to the Central Asia market.

In Türkiye, Bybit has been recognized as a Crypto Asset Service Provider by the Capital Markets Board (CMB). Bybit Türkiye has launched new Turkish Lira (TRY) trading pairs, including BTC/TRY, ETH/TRY, and USDT/TRY, providing local users with easier access to crypto assets.

Bybit Launches Islamic Account

In another significant development, Bybit has launched an Islamic Account, catering to Muslim traders in compliance with Islamic law (Shariah). This move makes Bybit the first global exchange to offer a Shariah-compliant trading platform. The Islamic Account offers a variety of compliant products and services, including spot trading and automated trading bots.

Bybit’s Islamic Account, developed in consultation with ZICO Shariah Advisory Services and CryptoHalal, provides Muslim traders with an inclusive and accessible platform to engage in the crypto market while adhering to Islamic finance principles.

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