Bybit Expands in Argentina, Secures Crypto and Card Licenses

Bybit Expands in Argentina, Secures Crypto and Card Licenses

Bybit, a leading cryptocurrency exchange, has obtained a Virtual Assets Service Provider (VASP) and a card operator license in Argentina. This move signifies Bybit's commitment to expanding its presence in Latin America, particularly in Argentina, which had a significant crypto trading volume of 85.4 billion last year, according to a report by Chainalysis. The VASP license allows Bybit to offer a range of services related to cryptocurrencies, such as trading, custody, and transfer. The card operator license, on the other hand, enables the exchange to issue payment cards that can be linked to crypto accounts. This will allow users to spend their crypto assets seamlessly in everyday purchases. Bybit's acquisition of these licenses aligns with Argentina's efforts to regulate and promote the cryptocurrency industry. The country has recognized the potential of cryptocurrencies and has taken steps to create a legal framework for their adoption. Bybit's expansion into Argentina is expected to further boost the country's crypto ecosystem and provide users with more options for engaging with digital assets. The exchange's strong reputation, combined with its commitment to compliance and regulation, makes it an attractive player in the Argentine crypto market.