Bybit, a prominent cryptocurrency exchange, has recently received approval to operate as a crypto trading and custody service in Cyprus. This license allows the platform to facilitate transactions between cryptocurrency and fiat currency pairs and provide various crypto-related financial services.
The co-founder and CEO of Bybit, Ben Zhou, expressed his excitement about the company’s global expansion, emphasizing the increasing significance of Cyprus in the crypto industry. Cyprus, the third most populated island in the Mediterranean with a population of 1.2 million, is experiencing a flourishing crypto environment.
This focus is evident in the Distributed Ledger Technology Bill released by Cyprus in 2021, which showcases its ambitions in adopting blockchain technology.
However, the Mediterranean island of Malta continues to surpass Cyprus in terms of blockchain-related job offerings and is often referred to as the “Blockchain Island.” Well-known figures in the crypto world, such as Adam Back, speak highly of Malta’s crypto-friendly environment.
Interestingly, Binance, a major player in the crypto industry, recently made the decision to exit Cyprus. Despite originally being headquartered in China, Binance has offices globally, including in crypto-friendly locations such as Dubai and Bahrain, and seems to be shifting its focus towards larger international markets.
Nevertheless, Bybit perceives significant potential in the Cyprus market and believes that obtaining the license will have a positive impact on the local crypto ecosystem.
Compiled by Coinbold