Key highlights:
- Bybit has officially obtained a Virtual Asset Service Provider (VASP) license from the National Bank of Georgia.
- The achievement is part of Bybit’s 2024 regulatory efforts across multiple countries, including the Netherlands, Kazakhstan, and Türkiye.
- Bybit aims to support Georgia’s digital transformation and boost its cryptocurrency trading ecosystem.
Bybit’s latest regulatory milestone in Georgia
Bybit, recognized as the world’s second-largest cryptocurrency exchange by trading volume, has received authorization as a Virtual Asset Service Provider from the National Bank of Georgia. This registration underscores Bybit’s continuous efforts to adhere to regulatory frameworks worldwide and emphasizes its dedication to promoting digital economic growth.
The approval in Georgia forms part of a broader regulatory campaign in 2024, where Bybit successfully navigated licensing processes in regions such as the Netherlands, Kazakhstan, and Türkiye.
“We are honored to be registered as the VASP by the National Bank of Georgia, marking a new chapter in our journey to support the growth of the crypto ecosystem. This registration underlines our commitment to providing users in Georgia with a secure and compliant platform, further contributing to the region's ambition of becoming a hotbed for blockchain innovation."
— Ben Zhou, Co-founder and CEO at Bybit
Fostering Georgia’s digital landscape
Bybit’s entry into the Georgian market is strategic, coinciding with the nation’s ambition to become a hub for blockchain technology and digital innovation. With Georgia’s progressive approach to regulation and its key geographical location, Bybit aims to facilitate the region’s digital transformation. The company plans to bring global standards to local investors, improve crypto trading access, and contribute to the education and development of the blockchain community.
The exchange intends to support not only individual traders but also entrepreneurs and institutions eager to explore the opportunities cryptocurrencies present. By incorporating international best practices, Bybit aspires to enrich Georgia’s digital economy while cultivating long-term innovation.
What is Bybit?
Established in 2018, Bybit has rapidly evolved into one of the most significant global cryptocurrency exchanges. The platform serves over 50 million users and provides features such as a high-speed matching engine, round-the-clock customer service, and multilingual community support. Known for strategic partnerships, Bybit is also a proud collaborator with the Oracle Red Bull Racing team, contributing to its reputation in both the financial and sports sectors.
The bottom line
Bybit’s licensing as a VASP in Georgia represents a pivotal step in its global compliance strategy. As the company continues to align with various regulatory standards, it remains committed to creating a secure, transparent environment for cryptocurrency trading worldwide. Bybit’s efforts to boost Georgia’s digital infrastructure demonstrate its role as a vital player in the rapidly evolving digital economy.
