Bybit has officially secured registration as a Virtual Asset Service Provider (VASP) and card operator by Argentina’s Financial Information Unit (FIU), allowing the crypto exchange to legally continue its operations in Argentina, as long as it aligns with the country’s new regulations.
The VASP registration was introduced in Argentina in March 2023 as part of new legislation to comply with global standards to fight money laundering and counter-terrorism financing set by the Financial Action Task Force (FATF)
The FIU which is responsible for overseeing these registrations, monitors the financial transactions to prevent illegal activities. Bybit’s successful registration shows the exchange met the set regulatory requirement.
Bybit’s CEO, Ben Zhou, commented on the registration in a press release, citing that this registration is an important step in ensuring the company offers safe and reliable digital asset services while following financial regulations.
However, while Bybit is expanding in Argentina, it has faced difficulties in other countries. Earlier this year, Bybit paused its operations in France after being flagged for not having the proper registration.
The company also withdrew from Canada in May 2023 due to stricter regulations. Despite these setbacks, Argentina remains a promising market for Bybit as the country works on regulating its rapidly growing crypto sector.
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