Bybit receives VASP, card operator registration in Argentina

Derek Andersen6 hours agoBybit receives VASP, card operator registration in ArgentinaBybit’s registration as a virtual asset service provider was made possible by a law passed in July.396 Total views6 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onCryptocurrency exchange Bybit has received registration as a virtual asset service provider (VASP) and card operator from Argentina’s Financial Information Unit (FIU).

In March, VASP registration was introduced in Argentina via legislation aimed at bringing the country into better conformity with the Anti-Money Laundering and Combatting the Financing of Terrorism requirements of the Financial Action Task Force (FATF). The FIU, which registered Bybit, is “in charge of analyzing, processing and transmitting financial intelligence information for the purposes of preventing money laundering and terrorist financing.”Bybit settles in where it can, leaves other places

Dubai-based Bybit, the second-largest crypto exchange by volume, began operating in Argentina in June 2022 to withdraw from their Bybit accounts to pay in fiat currency.

Bybit co-founder and CEO Ben Zhou said in an announcement of the company’s Argentina registration that Bybit takes compliance seriously and:“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 halted operations in France at the beginning of the month. It had been on the French financial regulator’s blacklist of unregistered operators since 2022, but it promised to return once it straightened out its registration there. Bybit withdrew from Canada in May 2023 after the introduction of new regulations.

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The use of cryptocurrency in Argentina has surged due to economic instability in the South American country. According to Chainalysis, Argentina ranked 15th in the world for crypto adoption in 2023.

Argentina has been under pressure from the FATF to regulate its crypto market. In July, legislation was passed to provide tax amnesty up to $100,000, including on registered crypto assets. A similar proposal to legalize crypto holdings was proposed in December, when President Javier Milei first took office, but dropped in January.Source: Mariano Cúneo Libarona

Also, in July, the General Inspectorate of Justice approved the use of cryptocurrency in registered capital. That cryptocurrency was largely symbolic — 0.00457621 Bitcoin (BTC) and 195 USD Coin (USDC) were transferred from a partner to the unnamed company to be added to the capital.

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