• The Financial Information Unit registered Bybit to operate in Argentina and will oversee the exchange’s compliance with financial laws.
• Crypto is adopted well in the country due to hyperinflation, making it a suitable spot for exchanges and VASPs to thrive.

Argentinian regulator, the Financial Information Unit (FIU), registered Bybit as a virtual asset service provider (VASP) and card operator. The country introduced VASP registration in March to enforce Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) laws on the crypto market. The FIU will work to prevent illicit fund flows through the crypto exchange.

A press release issued by Bybit read, “Argentina’s recent establishment of the VASP registry signifies a progressive step toward regulating the cryptocurrency industry. Bybit’s inclusion in this registry underscores its commitment to adhering to local regulations and providing a secure and compliant platform for its users.”

“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,” the exchange’s co-founder and CEO Ben Zhou stated. “Bybit is committed to supporting Argentina’s economic growth and empowering its citizens through the payment capabilities and potential of blockchain technology.”

Crypto Is Highly Used in Argentina, Helps Citizens Dodge Hyperinflation

Crypto is widely adopted in the South American nation due to its hyperinflation struggles. Citizens turn to assets like bitcoin and stablecoins to multiply wealth or at least prevent hyperinflation from causing the value they hold to crash. A Chainlaysis report on global crypto grassroots adoption placed Argentina in the top 20 last year.

With Bybit entering this fertile market this month, it also pulled out of the French market. France’s financial regulator, the Autorité des Marchés Financiers (AMF), blacklisted the exchange in 2022. Still, the exchange operated until now due to digital asset regulations taking effect in the country. It also stepped out of Canada last year due to evolving crypto regulations.

The post Bybit Is Now a Registered VASP in Argentina appeared first on Live Bitcoin News.