Bybit Registers as a Virtual Asset Service Provider (VASP) and Card Operator in Argentina

Bybit has registered as a Virtual Asset Service Provider (VASP) and card operator in Argentina in a move that furthers its expansion plans into the Latin

Cryptocurrency exchange Bybit has registered as a Virtual Asset Service Provider (VASP) and card operator in Argentina as part of its expansion into the Latin American country.

The world's second-largest crypto exchange by trading volume was included in the Argentinian VASP registry as part of its policy to adhere to local regulations and provide a secure and compliant platform for its users.

Bybit offers Argentinian users access to a diverse range of digital assets and cryptocurrency-backed payment cards.

“Bybit is committed to supporting Argentina’s economic growth”

Ben Zhou, Co-Founder and CEO of Bybit, said: “We are excited to become a registered VASP and card issuer in Argentina, and take compliance seriously. 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 is committed to supporting Argentina’s economic growth and empowering its citizens through the payment capabilities and potential of blockchain technology.”

As a registered VASP, Bybit now adheres to Argentina's stringent anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.

The move follows Argentina's IGJ recently approving Bitcoin and USDC to be included in local companies' social capital.

Argentina is the first country to approve crypto for corporate capital

The General Inspection of Justice (IGJ) of Argentina recently approved the use of Bitcoin (BTC) and USD Coin (USDC) as part of a company's social capital and for capital raises. This approval marks a significant legal milestone in the country, being the first instance where cryptocurrency has been officially recognized as a valid form of corporate capital in Argentina.

The approval was granted after the law firm Allende and Brea registered a company with a modest initial capital contribution of around $303, split between 195 USDC and 0.00457621 BTC. The process involved creating new crypto wallets on platforms like Lemon Cash and Ripio for both the company and its token-holding partner. These platforms were essential in providing real-time valuation certificates for the cryptocurrency, which is a requirement under Argentina's General Law of Companies (LGS) for precise asset valuation in capital-related transactions.

This move is seen as a pioneering step, reflecting Argentina's growing acceptance of digital assets. The IGJ's approval has been praised for aligning with technological advancements, potentially setting a precedent for the future use of cryptocurrencies in corporate finance both in Argentina and potentially in other regions as well.

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