Bybit Secures VASP and Card Operator Registration in Argentina, Expanding Crypto Services
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced its registration as a Virtual Asset Service Provider (VASP) and card operator with Argentina’s Financial Information Unit (FIU). This move marks a significant milestone in Bybit’s expansion strategy in Latin America and positions the company as one of the pioneers in providing comprehensive digital asset services to the Argentinian market.
The registration comes in the wake of Argentina’s recent establishment of the VASP registry, which signifies a progressive step toward regulating the cryptocurrency industry in the country. Bybit’s inclusion in this registry underscores its commitment to adhering to local regulations and providing a secure and compliant platform for its users.
Ben Zhou, Co-founder and CEO of Bybit, commented on the achievement: “We are excited to become a registered VASP and card issuer in Argentina, and take compliance seriously. This 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.”
As a registered VASP and card issuer, Bybit is now empowered to offer a wide range of crypto-related services to Argentinian users. This development comes at a pivotal time as Argentina addresses economic challenges and shows an increasing openness to digital assets. Recently, the Argentine General Inspectorate of Justice (IGJ) approved the use of cryptocurrency as registered capital for a company, signifying a groundbreaking acceptance of digital assets within the country’s legal framework.
Bybit’s entry into the Argentinian market aims to contribute to the country’s financial landscape by offering accessible, secure, and efficient digital asset solutions. The company emphasizes its commitment to user security, employing industry-leading measures to safeguard user funds and data. As a registered VASP, Bybit will adhere to Argentina’s stringent anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
The move aligns with Argentina’s recent efforts to enhance compliance with the Financial Action Task Force’s (FATF) recommendations on AML and CFT. In March, the country introduced new measures requiring service providers of virtual assets to comply with these recommendations and register with a special registry before commencing operations.
Bybit’s registration as a VASP and card operator in Argentina represents a significant step in its global expansion strategy. The company has been actively seeking to establish itself in markets where it can operate compliantly, while also withdrawing from regions with regulatory challenges, such as Canada and France.
