Bybit expands compliance with VASP license in Georgia

Bybit has received another VASP license following approvals in other regions, including the Netherlands and Kazakhstan.

Crypto exchange Bybit has taken another step in the company’s global compliance efforts by obtaining a Virtual Asset Service Provider license from the National Bank of Georgia.

In a press release on November 5, the exchange stated that its registration in Georgia allows it to operate within the country’s growing ecosystem and is in line with Bybit’s goal of supporting the development of the crypto economy in new regions.

Bybit CEO Ben Zhou said the registration underscores the exchange’s commitment to “providing users in Georgia with a secure and compliant platform and further contributing to the region’s desire to become a hotbed for blockchain innovation.”

Georgia is betting on crypto

Meanwhile, Georgia is attracting the attention of the crypto industry. As previously reported by crypto.news, Ripple executives recently held talks with National Bank Governor Natia Turnava regarding the use of blockchain for economic digitalization.

While specific details of the talks were not disclosed, a representative from the central bank confirmed that the focus was “exploring potential avenues of cooperation in the digitalization of the Georgian economy.”