Bybit registered as VASP and card operator in Argentina

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Bybit establishes in Argentina
  2. Exit from other countries
  3. Argentina tightens control


    4. Cryptocurrency exchange Bybit has received registration as a virtual asset service provider (VASP) and card operator from Argentina’s Financial Information Unit (FIU).

    Bybit establishes in Argentina

    In March, VASP registration was introduced in Argentina via legislation aimed at bringing the country into better conformity with the Anti-Money Laundering and Combatting the Financing of Terrorism requirements of the Financial Action Task Force (FATF). The FIU, which registered Bybit, is in charge of analyzing, processing, and transmitting financial intelligence information to prevent money laundering and terrorist financing.

    Exit from other countries

    Dubai-based Bybit, the second-largest crypto exchange by volume, began operating in Argentina in June 2022 and introduced the Bybit Card in July. The Bybit Card works like a debit card, allowing users to withdraw from their Bybit accounts to pay in fiat currency. Bybit Co-founder and CEO Ben Zhou said in an announcement of the company’s Argentina registration that Bybit takes 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 halted operations in France at the beginning of the month and withdrew from Canada in May 2023 after the introduction of new regulations.

    Argentina tightens control

    The use of cryptocurrency in Argentina has surged due to economic instability in the country. According to Chainalysis, Argentina ranked 15th in the world for crypto adoption in 2023. Argentina has been under pressure from the FATF to regulate its crypto market. In July, legislation was passed to provide tax amnesty up to $100,000, including on registered crypto assets. A similar proposal to legalize crypto holdings was proposed in December but dropped in January. Also, in July, the General Inspectorate of Justice approved the use of cryptocurrency in registered capital.

    Receiving VASP and card operator registrations from FIU Argentina is a significant step for Bybit, showing the company's serious intentions to strengthen its presence in the Latin American market.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Coinbase Refocuses Base App Strategy After Initial Setbacks

chest

Coinbase shifts its strategy for the Base App, moving away from social features to focus on trading and AI tools.

user avatarJacob Williams

Coinbase Launches Leveraged Crypto Derivatives on Base App

chest

Coinbase launches leveraged crypto derivatives on the Base App, allowing users to trade perpetual futures with up to 50x leverage.

user avatarZainab Kamara

Palantir Technologies Reports Stellar Earnings and Revenue Growth

chest

Palantir Technologies has reported a 93% year-over-year revenue surge and a 225% increase in earnings, positioning itself as a leading AI solution.

user avatarSon Min-ho

US Tech Stocks Experience Significant Gains Driven by AI Boom

chest

The US tech stock market has seen substantial gains over the last year, driven by advancements in AI technology.

user avatarAyman Ben Youssef

Traders Predict Early Release of OpenAI's GPT-6 Model

chest

Prediction market traders are optimistic about the early release of OpenAI's GPT-6 model, estimating a 59% chance of launch by September 15.

user avatarTando Nkube

Visa Seeks New Crypto Stablecoin Partner for Global Settlements

chest

Visa is seeking a new crypto stablecoin partner to enhance its global settlement capabilities after the acquisition of its previous partner, BVNK, by Mastercard.

user avatarKofi Adjeman

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.