Bybit Receives VASP License from Georgia’s National Bank

Bybit, currently the world’s second-largest cryptocurrency exchange by trading volume, announced today that it has received its license and is officially registered with the National Bank of Georgia as a Virtual Asset Service Provider (VASP).

Bybit’s entry into Georgia will support the country’s digital transformation efforts and promote crypto adoption at the crossroads of Eastern Europe and West Asia.

Bybit New VASP License: Georgia’s Growing Influence

•@Bybit_Official has secured a provisional crypto license from Dubai's Virtual Asset Regulatory Authority (VARA), allowing it to serve both retail and institutional investors in the region.🇦🇪🔎

— Moby Media (@mobymedia) September 16, 2024

The VASP license empowers Bybit to operate under the National Bank of Georgia’s oversight, further strengthening Georgia’s digital asset market by aligning it with structured regulatory standards.

Bybit’s compliance with local regulations will enable the exchange to support Georgia’s digital transformation goals while contributing to a structured and secure crypto landscape.

Commenting on the development, Ben Zhou, Bybit’s Co-founder and CEO, stated,

“We are honored to be registered as the VASP by the National Bank of Georgia, marking a new chapter in our journey to support the growth of the crypto ecosystem.”

Ben Zhou, Bybit’s Co-founder and CEO, emphasized the exchange’s commitment to creating a compliant and secure platform for Georgian users, which aligns with Georgia’s ambitions to become a blockchain hub.

The country’s strategic position and swift regulatory progress make it a prime location for crypto expansion.

Bybit has also outlined key initiatives for the Georgian market as part of its broader strategy, including providing educational resources on crypto and blockchain and promoting new technology adoption across the region.

Bybit’s Expanding Regulatory Presence

On September 16, Bybit secured a provisional license from Dubai’s Virtual Asset Regulatory Authority (VARA).

This non-operational license marks progress in Bybit’s efforts to establish a regulatory presence in Dubai, where it set up headquarters two years ago.

On September 24, Bybit also introduced an Islamic Account offering Shariah-compliant crypto trading for Muslim traders globally.

The new account includes spot trading for 75 cryptocurrencies and Shariah-certified trading bots, such as DCA and Spot Grid Bot.

The Islamic account was certified by ZICO Shariah and CryptoHalal and adheres to Islamic finance standards.

It addresses the $2.3 trillion demand for Islamic finance and allows Muslim traders to participate in the crypto market while aligning with religious guidelines.

Similarly, Bybit has recently partnered with the Nordic Blockchain Association (NBA) to support blockchain advancements and education across Nordic countries.

The collaboration will see Bybit contribute to the Nordic Blockchain Conference 2025, the region’s largest blockchain and Web3 event.