In a major stride toward regulatory compliance, Bybit—the second-largest cryptocurrency exchange by trading volume—has officially received its Virtual Asset Service Provider (VASP) license from the National Bank of Georgia. This regulatory milestone proves Bybit’s commitment to operating within regulated markets and supporting Georgia’s ambition to become a thriving hub for blockchain and digital finance.
By securing the VASP license, Bybit aligns itself with Georgia’s robust regulatory standards and contributes to fostering a structured and transparent crypto market. The licensing achievement not only positions Bybit as a secure, compliant platform for Georgian users but also paves the way for new blockchain-driven opportunities in the region.
Expanding Global Regulatory Reach
Throughout 2024, Bybit has proactively pursued regulatory licenses in key markets, including the Netherlands, Kazakhstan, Argentina, and Türkiye. With each regulatory achievement, Bybit is creating a safe and compliant environment for crypto trading, enhancing trust and transparency for investors globally.
Ben Zhou, Co-founder and CEO of Bybit, shared his enthusiasm:
“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. This registration reaffirms our commitment to providing Georgian users with a secure platform, contributing to the region’s ambitions as a blockchain innovation hub.”
Bybit’s Role in Georgia’s Digital Transformation
By entering the Georgian market, Bybit is supporting the country’s journey toward digital transformation. This strategic move comes at a time when Georgia’s economy is embracing digital solutions, backed by swift regulatory developments and a strategic geographical position that makes it an ideal crypto expansion ground.
Find crypto exchanges in Georgia
Through this partnership, Bybit aims to bring world-class trading solutions to local entrepreneurs, institutional investors, and individual users alike, addressing the growing demand for digital assets in Georgia. Key objectives include providing educational resources on blockchain technology, promoting innovation, and enhancing access to digital asset trading within a regulated framework.
Bybit’s Expanding Compliance Network
In addition to its Georgian license, Bybit has actively expanded its regulatory network worldwide:
- Dubai: Bybit secured a provisional license from Dubai’s Virtual Asset Regulatory Authority (VARA), establishing a regulatory foundation in the UAE. This license aligns with Bybit’s broader goal of creating a global operations hub in Dubai, where its headquarters has been located since 2022.
- Islamic Account: Recently, Bybit introduced an Islamic Account for Shariah-compliant crypto trading, certified by ZICO Shariah and CryptoHalal. This account meets the needs of the $2.3 trillion Islamic finance sector by offering 75 cryptocurrencies and Shariah-certified trading bots, reflecting Bybit’s commitment to inclusivity across diverse markets.
- Nordic Blockchain Partnership: Bybit joined hands with the Nordic Blockchain Association (NBA) to bolster blockchain education and innovation across Scandinavia, highlighting its involvement in the upcoming Nordic Blockchain Conference 2025.
With these initiatives, Bybit is setting a precedent for secure and regulated crypto exchanges, building confidence among users and regulators alike. On the other hands, despite Bybit’s best efforts, the exchange had to leave the French market back in August due to difficult regulatory conditions.
Georgia’s National Bank Welcomes Fintech Innovation with Digital GEL Project
In line with its digital goals, the National Bank of Georgia (NBG) has announced its intent to collaborate with fintech companies on the Digital GEL project back in 2021, a planned Central Bank Digital Currency (CBDC). This initiative, aiming to digitize the Georgian lari (GEL), would leverage advanced technologies to improve financial inclusion, increase payment system efficiencies, and enhance public policy effectiveness.
The NBG has extended an open invitation to technology firms and financial institutions to contribute expertise in designing CBDC systems, improving Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance, and supporting interface design and customer experience. By collaborating with the private sector, the NBG aims to explore the transformative potential of CBDCs in the Georgian economy, mirroring ongoing CBDC developments in other central banks globally.
The NBG has stated that the Digital GEL could unlock substantial value for Georgian society by spurring innovation, increasing efficiency, and extending financial services to underserved communities.
Overall, Georgia’s crypto laws are very favorable and and even welcoming to many exchanges. According to Statista, the cryptocurrency market in Georgia is projected to reach 153,300 users by 2025, or 4% of the population. There is a lot of untapped potential in the country, and with its latest license Bybit is set to take advantage of it.
Join Bybit on Georgia’s Blockchain Frontier
With its newly acquired VASP license, Bybit is poised to become a trusted partner in Georgia’s digital finance, empowering individuals and institutions to engage in a secure crypto market. Bybit’s expansion highlights its commitment to localizing global standards and providing resources that foster innovation in the region.
Georgia’s digital ecosystem offers exciting opportunities for traders, entrepreneurs, and tech innovators. Whether you’re looking to start crypto trading, explore blockchain innovations, or learn about upcoming projects, Bybit is the best place to start your journey.
