Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has been granted a Markets in Crypto-Assets Regulation (MiCAR) license by the Austrian Financial Market Authority (FMA).
The license allows Bybit to operate as a regulated crypto-asset services provider and to offer its crypto products and services across 29 European Economic Area (EEA) member states.
Its EEA hub, located in Austria, enables the firm to passport its offerings to nearly 500 million people in the region.
In line with this move, Bybit has also established its European headquarters in Vienna.
The MiCAR license indicates Bybit’s alignment with the European Union’s regulatory framework, which sets out standards aimed at enhancing transparency, preventing illicit activity, and safeguarding consumers in the digital finance space.
“Securing the MiCAR license in Austria is a testament to our compliance-first approach at Bybit,”
said Ben Zhou, co-founder and CEO of the exchange.
“We are actively collaborating with regulators and pursuing licenses globally to ensure our users can access our innovative platform with the highest levels of regulatory and compliance assurance.”
To support its regional operations, Bybit plans to invest significantly in Austria, including hiring over 100 professionals in Vienna to deliver more localised and regulated services.
“Vienna is now the home of Bybit Europe, and we’re proud to contribute to Austria’s forward-looking financial environment by investing in talent and innovation. Beyond this, we are dedicated to fostering a strong local crypto community and, through the Blockchain for Good Alliance (BGA), we will extend our resources to work closely with universities across the region, cultivating the next generation of blockchain innovators and exploring impactful real-world applications of the technology,”
said Mazurka Zeng, Chief Executive Officer of Bybit Europe.
Featured image credit: ByBit
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