🌎 Bybit Secures Crypto Services License in Argentina

Crypto exchange Bybit has been awarded a crypto services license by the Argentine General Inspectorate of Justice. Bybit, a prominent crypto trading platform, reports that it has received a virtual-asset services provider license in Argentina. This milestone comes just weeks after the company introduced its Mastercard debit card offering in the local market.

On August 15, Bybit announced that along with the VASP license, it has also become a card operator in Argentina. This move aims to enhance its services within the region. Bybit CEO Ben Zhou emphasized the exchange’s commitment to supporting Argentina’s economic growth and empowering its citizens through blockchain technology.

Argentina Advances Crypto Regulation

The licensing aligns with Bybit’s recent launch of the Bybit Card in Argentina. Joan Han, Bybit’s sales and marketing director, mentioned that the card program expansion is driven by Argentina’s rapid growth in digital assets. This growth has created a demand for innovative solutions to improve financial inclusivity and convenience.

Earlier this year, Argentina’s National Securities Commission introduced the VASP registry, following mandatory registration requirements announced in late March. Roberto E. Silva, chair of the CNV, highlighted the country’s expedited efforts to enhance compliance measures aimed at combating money laundering and terrorism financing.

Despite these efforts, the local crypto community remains cautious about increased government regulation. Manuel Ferrari, a member of the Argentinian NGO Directive and co-founder of the Money On Chain protocol, criticized the registry, arguing that Bitcoin should be considered “money, not a security.”