Crypto adoption in Cyprus beefed up by ByBit license approval - Enancial

Following Binance’s departure from the island, ByBit strengthens Cyprus’ crypto ecosystem with license approval for operations

Crypto exchange Bybit has announced a license approval to operate as an exchange and custody service in Cyprus. The world’s third most visited crypto exchange will begin offering to trade 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, co-founder and CEO of Bybit explained the importance of expanding the group’s global presence, highlighting crypto’s role as a way of opting out of the legacy financial system:

“We are excited to introduce the Crypto Ark to Cyprus.”

Cyprus is increasingly a crypto hotspot in the Mediterranean, in some parts driven by actions from the public sector. In 2022, Kyriacos Kokkinos, Republic then Cyprus Deputy Minister to the President 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% price increase for Bitcoin (BTC). In 2023, Cyprus expressed its intentions to adopt blockchain technologies, sharing the Distributed Ledger Technology Bill in 2021.

Nonetheless, adoption levels pale compared to those observed on the island of Malta, also situated in the Mediterranean Sea. Malta offers three times as many blockchain-related jobs per capita and is commonly referred to as “Blockchain Island,” while Bitcoin OGs, including Adam Back, speak highly of the crypto environment in Malta.

Furthermore, crypto industry behemoth Binance recently announced it would deregister in Cyprus. Initially headquartered in China, Binance now hosts offices worldwide and in crypto-friendly hotspots such as Dubai and Bahrain, and has besmirched Cyprus to focus on larger markets worldwide.

ByBit recognizes the “Immense potential of the Cyprus market,” while the newly approved license will make a contribution to the local cryptocurrency ecosystem.

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