# Bybit Expands Global Footprint: Registered as Virtual Asset Service Provider in Georgia
**Dubai, United Arab Emirates, November 5th, 2024, Chainwire** – Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has reached a significant milestone by becoming a registered Virtual Asset Service Provider (VASP) with the National Bank of Georgia. This development underscores Bybit’s commitment to regulatory compliance and positions the exchange as a reliable partner in advancing the digital economy in Georgia.
## Bybit’s Global Compliance Strategy
In 2024, Bybit has made substantial strides in its global compliance endeavors, successfully navigating the licensing landscape in key markets including the Netherlands, Kazakhstan, and Türkiye. These regulatory achievements highlight the platform’s dedication to establishing a secure environment for digital assets worldwide. Bybit’s approach is not merely about compliance; it is an integral part of their strategy to foster a transparent and accountable cryptocurrency trading ecosystem.
> “We are honored to be registered as the VASP by the National Bank of Georgia, marking a new chapter in our journey to support the growth of the crypto ecosystem,” said Ben Zhou, Co-founder and CEO of Bybit. “This registration underlines our commitment to providing users in Georgia with a secure and compliant platform, further contributing to the region’s ambition of becoming a hotbed for blockchain innovation.”
## Embracing Digital Transformation in Georgia
Bybit’s entry into the Georgian market is not just a strategic business move; it also reflects the country’s vision to undergo a digital transformation. As the global demand for cryptocurrencies continues to rise, Bybit is poised to offer state-of-the-art trading solutions designed to empower local users, entrepreneurs, and institutional investors.
Georgia is rapidly positioning itself at the forefront of the digital economy, thanks to its progressive regulatory framework and strategic geographical location. Bybit aims to enhance this vibrant ecosystem by introducing global best practices and educational resources, ultimately opening more avenues for innovation in the region.
## Why Georgia Is Key for Cryptocurrency Growth
Georgia has established itself as a fertile ground for digital economic development, thanks to its favorable regulatory stance and proactive government initiatives aimed at embracing blockchain technology. The country’s infrastructural capabilities and technological advancements provide an ideal environment for cryptocurrency trading and blockchain innovations.
Bybit recognizes the potential in Georgia and looks forward to contributing to its growth trajectory. The cryptocurrency exchange sees its role as a catalyst for elevating the local crypto community, providing users with tools and services that enhance their trading experience.
## About Bybit
Founded in 2018, Bybit has soared to become the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users globally. Bybit is celebrated for its ultra-fast matching engine and 24/7 customer support, along with a multilingual community that facilitates seamless trading experiences. The exchange has also partnered with Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team, further solidifying its status in the industry.
For more information about Bybit, visit [Bybit Press](https://www.bybit.com/en/press) or explore their [official website](https://www.bybit.com/).
## Stay Updated
Stay connected with all the latest updates from Bybit by following their [social media handles and community initiatives](https://www.bybit.com/en-us/promo/global/communities/).
### Media Inquiries
For media inquiries, please contact: [media@bybit.com](mailto:media@bybit.com)
Head of PR: Tony Au, [tony.au@bybit.com](mailto:tony.au@bybit.com)
## A Note on this Announcement
This announcement serves as a sponsored press release and is intended for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended as legal, tax, investment, or financial advice. For further details, please visit [Crypto Daily](https://cryptodaily.co.uk/2024/11/bybit-receives-georgian-vasp-license-strengthening-global-regulatory-presence).
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In conclusion, Bybit’s successful registration as a VASP in Georgia not only enhances its global regulatory presence but also aligns with the country’s ambitions to become a leader in the digital economy. This partnership is set to bring forth new opportunities, technological innovations, and educational initiatives that will shape the future of cryptocurrency in Georgia and beyond.
