Argentina is making headway in its journey to become a crypto-friendly and progressive country. In April 2024, the country reviewed the legal framework for virtual assets declaring that providers must register and comply with the duty to report to authorities. Looking to do so, and in turn, advance the development of cryptocurrencies in the country, Bybit, the crypto exchange, has expanded into Argentina.
With this new expansion, Bybit has registered as a virtual asset service provider (VASP) and card operator in Argentina. The move acts as a statement of Bybit’s goal to adhere to local regulations, all the while providing a secure and compliant platform for its users.
As a result of its new registration, more Argentinian users will be able to access Bybit and its crypto-related services. The move is particularly impactful as it comes at a pivotal moment for crypto-acceptance in Argentina. Recently, the Argentine General Inspectorate of Justice (IGJ) approved a company using cryptocurrencies as registered capital. This reflects the growing acceptance of digital assets within the country’s legal framework.
Bybit’s impact in Argentina
The crypto exchange is poised to contribute to the country’s financial landscape. It will do so by providing a regulated and secure platform that offers accessible, secure, and efficient digital asset solutions. Bybit prioritises the security of its users’ assets, employing measures to safeguard user funds and data. As a registered VASP, Bybit adheres to Argentina’s stringent anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
Ben Zhou, co-founder and CEO, Bybit
Leveraging its global infrastructure and liquidity, Bybit offers Argentinian users access to a diverse range of digital assets and cryptocurrency-backed payment cards, meeting the evolving needs of its users.
“We are excited to become a registered VASP and card issuer in Argentina, and take compliance seriously” said Ben Zhou, co-founder and CEO of Bybit. “This achievement marks a significant step forward in our mission to provide accessible and secure digital asset services to users worldwide and our commitment against financial crime.
“Bybit is committed to supporting Argentina’s economic growth. We want to empower its citizens through the payment capabilities and potential of blockchain technology.”
The post Bybit Lands in Argentina With VASP and Card Operator Approval appeared first on The Fintech Times.
