Crypto enthusiasts in Cyprus have a reason to celebrate as Bybit, the world’s third most visited crypto exchange, has recently received license approval to operate as an exchange and custody service in the island nation. This will contribute to the growing crypto ecosystem in Cyprus, as ByBit begins offering trading between crypto and fiat currency pairs, as well as crypto-related financial services.
Bybit‘s entrance into the Cypriot market will inevitably boost the country’s reputation as a Mediterranean crypto hotspot. The government has been proactive in embracing blockchain technology, with Deputy Minister to the President for Research, Kyriacos Kokkinos, stating their intentions to make the Republic a hub for disruptive technologies like blockchain.
Despite this, Cyprus still falls short in comparison to its Mediterranean neighbor, Malta, which holds the nickname “Blockchain Island.” Malta boasts three times as many blockchain-related jobs per capita and enjoys praise from Bitcoin OGs like Adam Back for its crypto-friendly environment.
The void left by Binance‘s recent decision to deregister in Cyprus presents an attractive opportunity for Bybit to establish itself in the market. Binance’s exit appears to be due to a focus on expanding into larger markets such as Dubai and Bahrain, rather than any specific qualms with Cyprus.
Even with Binance’s exit, ByBit’s entry is good news for the local cryptocurrency scene as the company recognizes the “immense potential of the Cyprus market.” Increased adoption levels in the country not only help advance the burgeoning crypto ecosystem but also send a positive message to other countries contemplating similar initiatives.
Crypto adoption in Cyprus has come a long way since the Cypriot central bank issued warnings against the use of digital currencies. Now, the island nation openly embraces blockchain technologies, having passed the Distributed Ledger Technology Bill in 2021, amidst plans for further investment and development in this sphere. However, as the space continues to grow, there remains some skepticism about the long-term effects on the broader financial system.
In conclusion, ByBit’s license approval to operate in Cyprus is a promising sign for the future of crypto and blockchain technology in the island country. Despite any lingering skepticism, the influx of experience and investment in Cyprus’s crypto ecosystem will perk the interest of the global crypto community. Time will tell whether this move leads to Cyprus becoming a formidable player in the global crypto and blockchain space.
Source: Cointelegraph
