Nikolas Sargeant
Bybit, the world’s second-largest cryptocurrency exchange, has announced plans to obtain regulatory approval in Austria as part of its broader strategy to expand operations across key markets. This move aligns with the upcoming Markets in Crypto-Assets (MiCA) regulation, expected to take effect later this year across the European Union.
The exchange clarified that it is not yet licensed in Austria and does not currently offer services to the Austrian market. Bybit is working closely with local authorities to ensure full regulatory compliance and will determine the appropriate time to launch operations following regulatory approval.
Expanding Presence Across Europe and Central Asia
This pursuit of Austrian licensure follows Bybit’s recent successful expansion into new regions. The exchange secured licenses in Kazakhstan and Türkiye, strengthening its presence in both Central Asia and the Middle East.
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Kazakhstan: Bybit received authorization from the Astana Financial Service Authority (AFSA) to operate as a market institution. Services include digital asset trading, investment management, and custody solutions. The Kazakhstan-specific platform, accessible via bybit.kz, will launch mid-October 2024 to cater to traders across the Commonwealth of Independent States (CIS) region.
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Türkiye: Bybit was recognized as a Crypto Asset Service Provider by Turkey’s Capital Markets Board (CMB). Operating through its local entity, Narkasa Yazılım, the platform recently introduced Turkish Lira (TRY) pairs, enabling direct BTC, ETH, and USDT transactions with TRY.
Austria: Home of Leading Digital Asset Providers
Austria already plays a significant role in the crypto space, with Vienna-based Bitpanda, a fintech unicorn, serving over 4 million users. Bitpanda offers more than 2,800 assets, including cryptocurrencies, stocks, and commodities, and has expanded partnerships with institutions such as Deutsche Bank and Solaris. These partnerships enhance its payment infrastructure and Know Your Customer (KYC) processes, reinforcing its position as a top digital asset platform in Europe.
Commitment to Inclusive and Compliant Services
In addition to regulatory efforts, Bybit recently introduced an Islamic Account, becoming the first global exchange to offer Shariah-compliant crypto trading. The exchange collaborated with ZICO Shariah Advisory Services and CryptoHalal to ensure adherence to Islamic finance principles. This account provides access to compliant products such as spot trading and trading bots.
Bybit’s strategy reflects its commitment to providing regionally tailored services, working with local regulators, and ensuring compliance to support both market growth and user accessibility. Investors interested in learning more about the exchange con find more details in our full Bybit review.
