The crypto exchange Bybit has received a license for crypto services from the Argentine General Inspectorate of Justice.
Crypto trading platform Bybit says it has been granted a license as a virtual asset services provider by Argentina’s General Inspectorate of Justice just weeks after entering the market with its Mastercard debit card offering.
In a press release on August 15, the crypto exchange announced that in addition to the VASP license, it had also become a card operator in Argentina to strengthen its services in the local market. Bybit CEO Ben Zhou says that with the license, the exchange is “committed to supporting Argentina’s economic growth and empowering its citizens through the payment options and potential of blockchain technology.”
Argentina pushes ahead with crypto regulation
The licensing comes shortly after Bybit launched its Bybit Card in Argentina. According to Joan Han, Bybit’s Head of Sales and Marketing, the expansion of the card program was driven by the rapid growth of digital assets in Argentina, creating a demand for innovative solutions to improve financial inclusivity and user experience.
Earlier this year, Argentina’s securities regulator launched the VASP registry, following the announcement of mandatory registration requirements in late March. Roberto E. Silva, chairman of the CNV, cited the country’s accelerated efforts to improve compliance measures to combat money laundering and terrorist financing.
Despite these efforts, the local crypto community remains skeptical of tightened government regulations. Manuel Ferrari, a member of the Argentine NGO Directive and co-founder of the Money On Chain protocol, called the registry a “terrible idea” in a Forbes interview, claiming that Bitcoin (BTC) should be considered “money, not a security.”
