- Bybit has entered the Argentine market with a VASP license to operate and offer its services.
- Bybit introduces crypto-backed payment cards for users in Argentina.
Bybit, a major player in the cryptocurrency arena, has officially set up operations in Argentina with its newly acquired Virtual Asset Service Provider (VASP) license. This move signifies Bybit’s compliance with Argentina’s anti-money laundering (AML) and counter-terrorism financing (CFT) regulations and highlights the nation’s forward-thinking stance on cryptocurrency regulation.
In March 2024, Argentina’s Financial Intelligence Unit (FIU) issued the VASP license. This license permits Bybit to bring its comprehensive range of trading services to Argentine customers. It includes access to Bybit’s spot and derivatives markets, enabling users to trade and speculate on a variety of digital assets, including Bitcoin (BTC) and Ethereum (ETH).
In addition to trading services, Bybit introduced crypto-backed payment cards to Argentina. These cards will offer users innovative ways to utilize and manage their digital assets in daily transactions.
Argentina’s Growing Crypto Market
Recently, Argentina has become more crypto-friendly, with cryptocurrency popularity reaching new heights. In response, the country has implemented significant legislative changes. The establishment of a VASP registry shows Argentina’s commitment to providing clarity and regulatory oversight in the rapidly growing digital asset sector. As part of these changes, companies looking to enter the Argentine market must now register with local financial authorities. This requirement ensures that their operations comply with national standards and regulations.
This regulatory development lines up with Argentina’s strategy to utilize the potential of the cryptocurrency sector as part of its wide economic plan.
Amidst an economic backdrop with an inflation rate of 276%, Argentina has emerged as a leading adopter of cryptocurrency in the Western hemisphere. Data from Forbes and Similarweb indicates that Argentine users represent a significant portion of global cryptocurrency exchange traffic.
Further, Bybit’s entry into the Argentine market marks a crucial step for the exchange. It recently recorded an all-time high in daily trading volume, surpassing $107 billion. This expansion props up Bybit’s position as a major global crypto trading platform. Bybit is now poised to cater to the burgeoning demand in Argentina.
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