Crypto Exchanges
By Bruce Buterin
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Two Entities, Two Regulatory Tracks. Bybit runs a dual-entity structure in Europe, and that's not an accident.
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Direct Bank Partnerships, Fewer Middlemen. Here's where the EMI license gets commercially interesting.
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Europe's Regulatory Moment for Crypto. MiCAR came into full effect across the EU and has been reshaping how crypto platforms operate in…
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Bybit just got a major regulatory green light in Europe. Austria's Financial Market Authority — the FMA — granted an electronic money institution license to Bybit Payments GmbH,…
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The license is a pretty big deal for a crypto exchange trying to plant deeper roots in European finance.
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Bybit runs a dual-entity structure in Europe, and that's not an accident. Bybit EU GmbH holds authorization under the EU's Markets in Crypto-Assets Regulation — MiCAR — which it…
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Georg Harer, managing director at both entities, called the EMI license "a vital milestone for Bybit's long-term plans in Europe.
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The separation matters for compliance reasons. European regulators have been pretty clear that crypto-asset services and traditional payment services operate under distinct legal…
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Here's where the EMI license gets commercially interesting. With it, Bybit Payments GmbH can form direct partnerships with European financial institutions and payment processors.
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Direct bank ties change that math. Bybit can negotiate its own terms, build tighter integrations, and cut out at least some of the middlemen.
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Related: Kalshi CEO Blames Casino Lobby as New York Seeks $100K Per Event Market Penalty
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The broader context here is worth noting. More than 170 entities have registered under the MiCAR framework across Europe, but very few hold both comprehensive trading platform…
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MiCAR came into full effect across the EU and has been reshaping how crypto platforms operate in the region. Firms that dragged their feet on licensing are now scrambling.
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Austria specifically has become a reasonably attractive home for fintech licensing. The FMA runs a structured process, and an Austrian EMI license carries EEA passporting rights,…
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Bybit hasn't said when the new payment features — the peer-to-peer transfers, card programs, open-banking tools — will actually launch. No timeline was given.
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