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Bybit recaptures the market: MiCA license received after crypto hack!
Bybit receives MiCA license in Austria after a major crypto hack and plans 100 new jobs in Vienna.
Bybit recaptures the market: MiCA license received after crypto hack!
Bybit, the second largest crypto exchange in the world behind Binance, recently received major regulatory approval. Trending Topics reports that the company was hit by a massive hacker attack three months ago in which $1.4 billion worth of Ethereum was stolen. Despite these setbacks, Bybit shows that it remains resilient in the ever-changing crypto landscape.
The Austrian Financial Market Authority (FMA) has granted Bybit a license in accordance with the Markets in Crypto Assets (MiCA) Regulation. This license allows the company to offer its services in all 29 member states of the European Economic Area (EEA). BTC ECHO highlights that Bybit now operates as a fully compliant crypto asset service provider, which is of great importance in the industry.
Growth and plans in Vienna
The establishment of the official European headquarters in Vienna is a strategic step for Bybit. The company plans to create over 100 new jobs in the city, develop localized services and enter into collaborations with universities in the region. This underlines Bybit's commitment to building a strong presence in Europe and meeting market needs.
The MiCA license is not only important for Bybit; it also sets uniform standards for crypto service providers across the EU. The regulation promotes transparency and consumer protection in a sector often criticized for its uncertainties. Companies with a MiCA license can offer their services in all EEA states via a process called passporting, giving Bybit an attractive market position.
Regulatory strategy and market context
The awarding of the MiCA license to Bybit took place even though the company had only recently been the target of the largest hacking attack in the history of cryptocurrencies. Trending Topics highlights that this incident did not affect the awarding of the license, which speaks for the stability and confidence in Bybit's future business. The company has already received approvals in various jurisdictions and has a clear global regulatory strategy.
Bybit is not alone in this; other major crypto exchanges such as Crypto.com and OKX have also received MiCA licenses. This shows that the market is increasingly moving towards regulation and crypto service providers are actively adapting to the new standards.
Overall, the licensing to Bybit represents a significant step in the development of the European crypto services market and opens up new opportunities for the company and users in the region.