Bybit Secures VASP License in Georgia Amid Global Regulatory Push

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has obtained a Virtual Asset Service Provider (VASP) license from the National Bank of Georgia. This development highlights Bybit's ongoing commitment to adhering to regulatory frameworks globally, as part of its 2024 strategy, which includes successful licensing in the Netherlands, Kazakhstan, and Türkiye.

Despite these advancements, the broader market outlook remains cautious. The regulatory landscape continues to tighten, posing challenges for exchanges striving to maintain compliance while fostering innovation. Bybit's efforts in Georgia aim to support the nation's digital transformation, yet the global crypto market faces uncertainties that could impact growth and adoption.

In conclusion, while Bybit's licensing in Georgia marks a significant milestone, the path forward for the crypto industry is fraught with regulatory hurdles that may hinder its potential expansion.