Crypto adoption in Cyprus beefed up by ByBit license approval

Bybit Attains License to Act as Exchange and Custody Service in Cyprus

Bybit, a crypto exchange, has announced that it has attained a license to act as an exchange and custody service in Cyprus. The third most popular crypto exchange in the world will be providing trading between crypto and fiat currency pairs, as well as crypto-related financial services.

In a press statement, Ben Zhou, co-founder and CEO of Bybit, emphasized the significance of enlarging the company’s international reach, with cryptocurrency as an avenue to free oneself from the traditional financial system. He pointed out that Cyprus is the third most populated island in the Mediterranean Sea, with a population of 1.2 million people.

Cyprus is rapidly becoming a major center for cryptocurrency activity in the Mediterranean, due in part to the government’s involvement. In 2022, Kyriacos Kokkinos, then the Deputy Minister to the President for Research, declared that the nation would be a haven for emerging technologies such as blockchain.

The Central Bank of Cyprus had previously cautioned against cryptocurrencies, even though it had been a decade since the run on Cypriot banks had caused a 600% surge in Bitcoin (BTC) prices. In 2021, Cyprus declared its plans to embrace blockchain technology by progressing the Distributed Ledger Technology Bill; however, in April 2023, the Ministry of Finance of Cyprus decided not to proceed with the bill.

Adoption of Blockchain Technology in Cyprus Compared to Malta

In comparison, the adoption levels of blockchain technology are much lower than those seen on the island of Malta, located in the Mediterranean Sea. Malta has three times as many blockchain-related jobs per capita and is often referred to as “Blockchain Island,” with Bitcoin pioneers such as Adam Back praising the crypto atmosphere in Malta.

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Binance, a giant in the cryptocurrency industry, recently declared it would no longer be registered in Cyprus. Initially based in China, Binance now has offices all around the world, including in crypto-friendly locations like Dubai and Bahrain, and has decided to move away from Cyprus to focus on bigger markets.

ByBit acknowledges the great potential of the Cyprus market, and the recently granted license will be beneficial to the local cryptocurrency environment.

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