Crypto exchange Bybit revealed that it has acquired a license to operate as an exchange and custody service in Cyprus. The world's third most visited crypto exchange will begin offering trading between crypto and fiat currency pairs, and crypto-related financial services.
Cyprus is the third most populous island in the Mediterranean Sea, with a population of 1.2 million people. In a press release, Ben Zhou, Bybit's co-founder and CEO, explained the importance of expanding the group's global presence and highlighted the role of cryptocurrencies as a way to opt out of the legacy financial system:
"We are excited to introduce Crypto Ark to Cyprus."
Cyprus is increasingly a crypto hotspot in the Mediterranean, in some parts driven by public sector actions. In 2022, Kyriacos Kokkinos, then Deputy Minister of the President of the Republic of Cyprus for Research, explained that the country would become a hub for new disruptive technologies, including blockchain.
Historically, the Cypriot central bank warned against crypto; while a decade has passed since a run on Cypriot banks induced a 600% rise in the price of Bitcoin (BTC). In 2023, Cyprus expressed its intentions to adopt blockchain technologies, sharing the Distributed Ledger Technology Bill in 2021.
However, adoption levels pale in comparison to those seen on the island of Malta, also located in the Mediterranean Sea. malt offers three times as many blockchain-related jobs per capita and is commonly referred to as "Blockchain Island" While Bitcoin OGs Including Adam Back Talk highly of the crypto environment in Malta.
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Furthermore, the crypto industry giant Binance recently announced that unsubscribe in Cyprus. Initially based in China, Binance now hosts offices around the world and in crypto-friendly hotspots like Dubai and Bahrain, and has spotted Cyprus to focus on larger markets around the world.
ByBit recognizes the โimmense potential of the Cyprus marketโ, while the newly approved license will contribute to the local cryptocurrency ecosystem.
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