Bybit Secures VASP License in Georgia, Boosting Compliance

Bybit, a leading cryptocurrency exchange, has secured a Virtual Asset Service Provider (VASP) license from Georgia’s National Bank, reinforcing its commitment to regulatory compliance across international markets. This latest license follows Bybit’s recent approvals in the Netherlands and Kazakhstan, further underscoring the company’s ongoing global expansion and adherence to local regulations.

Announced in a press release on Nov. 5, the VASP license grants Bybit authorization to operate within Georgia’s developing crypto ecosystem. This move aligns with Bybit’s broader vision of fostering crypto-enabled economic growth in emerging markets. Bybit’s CEO, Ben Zhou, emphasized that this registration reflects the platform’s dedication 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.”

Georgia’s Crypto Aspirations Georgia has positioned itself as a strategic player in the cryptocurrency sector, drawing attention from major crypto entities. Recently, Ripple executives engaged in discussions with National Bank Governor Natia Turnava to explore blockchain’s role in advancing the country’s economic digitalization. Although specific details remain undisclosed, a central bank representative confirmed that the discussions centered on “potential avenues for collaboration in the digitalization of the Georgian economy.”

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