Bybit, the second largest crypto exchange by trading volume, officially acquired the license of Virtual Asset Service Provider (VASP) and card operator in Argentina. This significant milestone will allow Argentine users to experience the exchange’s wide range of digital asset services. Meanwhile, Bybit’s advent in the Argentinian market strengthens its position as a digital pioneer in Latin America.
Bybit Becomes a Registered VASP and Card Issuer With FIU
On August 16, Bybit announced in a press release that the digital asset platform has become a registered VASP and card operator under Argentina’s Financial Information Unit (FIU). Bybit stated that establishing the exchange as a VASP is crucial in regulating the whole crypto industry. Moreover, the exchange ensures complete regulatory compliance and adheres to the laws set by legal authorities. The platform confirmed that this step will enable the firm to ensure the highest standards of security and transparency
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🥳 Big News! Bybit is now a registered VASP and Card issuer in Argentina, marking a major step in our LatAm expansion!
We're committed to offering the Argentinian market secure, compliant digital asset services.
🌐 Explore More: https://t.co/bz1IMIrpHi#BybitCard #TheCryptoArk pic.twitter.com/OB0ZBl2nlb
— Bybit (@Bybit_Official) August 17, 2024
While commenting on the recent landmark, Ben Zhou, the Co-founder and CEO of Bybit, noted in a statement:
We are excited to become a registered VASP and card issuer in Argentina, and take compliance seriously. This achievement marks a significant step forward in our mission to provide accessible and secure digital asset services to users worldwide and our commitment against financial crime. Bybit is committed to supporting Argentina’s economic growth and empowering its citizens through the payment capabilities and potential of blockchain technology.
Bybit continued that by offering safe and efficient digital solutions, the firm will actively contribute to the state’s financial landscape. Regarding users’ asset security, Bybit employs advanced and industry-leading measures to safeguard its customers worldwide. Also, the crypto exchange complies with the stringent regulations set for Anti-money laundering (AML) and counter-terrorism financing (CFT), the firm said.
Additionally, Bybit added that by leveraging its global infrastructure and liquidity protocols, the platform would offer multiple crypto services to Argentinians, including P2P, Spot trading, Futures trading, Bybit Earn, and even crypto-backed payment cards. Bybit assures that the crypto exchange always meets its users’ evolving needs.
Crypto Adoption in Argentina Sparked Due to Poor Economy
Previously, the Financial Asset Task Force (FATF) threatened the country to move it to the gray list for its depreciating GDP and escalating interest rates. The country introduced various new regulations to tackle such issues and reduce pressure from financial watchdogs. It included the introduction of a VASP license in March 2024, a tax amnesty rule for users having assets up to $100K last month, and a similar bill to legalize crypto holdings issued last year in December.
Due to adverse economic situations, Argentinians are shifting to using digital assets in their daily lives. According to data provided by Chainalysis, an analytics firm, Argentina is ranked 15th among the countries adopting crypto widely in 2023. This reflects Argentina’s significant interest in the crypto industry.
However, Bybit has grown its network immensely with the states that provide a flexible regulatory framework for digital asset operations. The exchange operates in 180 states and more than 200 regions. However, Bybit does not offer its services to users of the United States, the United Kingdom, the Chinese Mainland, Hong Kong, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, and Russian-controlled regions. Bybit secures its rank #2 with a daily trading volume of $3.87 billion in the spot market and holds digital assets worth $10.6 billion, as per the data provided by CoinMarketCap.
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