Bybit Receives Key Registration in Argentina Amid Rising Crypto Use

YEREVAN (CoinChapter.com) — Cryptocurrency exchange Bybit has secured registration as a virtual asset service provider (VASP) and card operator in Argentina. The country’s Financial Information Unit (FIU) granted this approval, enabling the company to expand its operations in a nation where cryptocurrency usage is increasing.

Bybit Secures VASP Status in Argentina Under New AML Regulations

Bybit’s registration as a VASP in Argentina follows new legislation introduced in March 2023. This law aligns Argentina with the Financial Action Task Force (FATF) standards on Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT). The FIU, responsible for financial intelligence to prevent financial crimes, registered Bybit under these new rules.

Bybit co-founder and CEO Ben Zhou stated,

“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 Expands in Argentina Amid Global Regulatory Shifts

The company started operating in Argentina in June 2022. The country has seen a rise in cryptocurrency adoption due to economic challenges. Argentina introduced VASP registration as part of its efforts to regulate the crypto market, with a focus on preventing money laundering and terrorist financing.

Bybit has adjusted its operations in response to different regulatory environments. It halted operations in France earlier this month after being flagged by the French financial regulator for unregistered operations. Bybit also withdrew from Canada in May 2023 due to new regulations.

Argentina Advances Crypto Regulation with Tax Amnesty and First Crypto-Backed Company

Argentina has become a key market for cryptocurrency, ranking 15th globally in crypto adoption in 2023, according to Chainalysis. The FATF has pushed Argentina to regulate its growing crypto market. In July 2023, the country passed legislation that included tax amnesty for up to $100,000, covering registered crypto assets.

Additionally, the General Inspectorate of Justice approved the use of cryptocurrency in registered capital transactions in July 2023. A small transfer of 0.00457621 Bitcoin and 195 USD Coin (USDC) was recorded, marking a step toward broader crypto integration in Argentina.