A leading cryptocurrency exchange, Bybit, recently gained approval to operate as a crypto trading and custody service in Cyprus. This license acquisition enables the platform to facilitate transactions between cryptocurrency and fiat currency pairs, as well as offer crypto-related financial services.
Co-founder and CEO of Bybit, Ben Zhou, conveyed his enthusiasm about the group’s global expansion, highlighting the growing importance of Cyprus in the crypto landscape. Cyprus is the third most populous island in the Mediterranean, boasting a population of 1.2 million and an increasingly vibrant crypto environment.
This focus is also reflected in the Distributed Ledger Technology Bill Cyprus released in 2021, illustrating its ambitions in blockchain adoption.
However, the Mediterranean island of Malta still outpaces Cyprus in terms of blockchain-related job offerings and is often referred to as the “Blockchain Island”. Renowned figures in the crypto world, such as Adam Back, praise the crypto-friendly environment in Malta.
Interestingly, Binance, a major player in the crypto industry, recently decided to exits the Cyprus. Despite originally being headquartered in China, Binance has offices across the globe, including in crypto-friendly locations such as Dubai and Bahrain, and appears to be redirecting its focus to larger international markets.
Also Read: Binance Takes A U-turn As Privacy Coins Remain Listed in EU
Despite this, Bybit perceives a significant potential in the Cyprus market. The company believes that its newly acquired license will bring a positive impact on the local crypto ecosystem.
