© Reuters Cryptocurrency adoption in Cyprus boosted by Bybit license approval
Cryptocurrency exchange Bybit has revealed that it has acquired the license to operate as an exchange and custody service in Cyprus. The third most visited cryptocurrency exchange in the world will start offering exchanges between cryptocurrency pairs and fiat currencies and financial services related to these instruments. Cyprus is the third most populous island in the Mediterranean, with a population of 1.2 million people. In a press release, Ben Zhou, co-founder and CEO of Bybit, illustrated the importance of expanding the group’s presence globally, emphasizing the role of cryptocurrencies as a means of escaping the traditional financial system:
“We are excited to introduce the Crypto Ark to Cyprus.”
Cyprus is increasingly becoming a magnet for cryptocurrencies in the Mediterranean, in some cases thanks to public sector actions. In 2022, Kyriacos Kokkinos, then the president’s deputy minister for research, explained that the country would become a hub for disruptive new technologies, including the blockchain. The Cypriot central bank has already warned against cryptocurrencies, while it has been a decade since a run on Cypriot banks prompted a 600% increase in the price of (BTC). In 2021, Cyprus expressed its intention to embrace blockchain technology and cryptocurrencies by advancing the Distributed Ledger Technology Bill; however, in April 2023, the Cypriot Ministry of Finance decided not to proceed with the proposed law. Nonetheless, adoption levels pale in comparison to those seen on the island of Malta, another Mediterranean nation. Malta offers three times the number of blockchain-related jobs per capita and is commonly referred to as “Blockchain Island”, where Bitcoin OGs, including Adam Back, express a positive opinion on the Maltese crypto environment. In addition, the cryptocurrency industry giant Binance recently announced the withdrawal of its registration in Cyprus. Initially based in China, Binance now has offices around the world and in particularly crypto-friendly places like Dubai and Bahrainabandoning Cyprus to focus on wider markets. Bybit recognizes “the immense potential of the Cypriot market” and the newly approved license will certainly help grow the local cryptocurrency ecosystem.
Translation by Walter Rizzo
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