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Cyprus, the third largest island in the Mediterranean, is paving the way towards becoming a key player in the global cryptocurrency arena, and ByBit, a leading cryptocurrency exchange, is gearing up to take a substantial part of this action. Recently, ByBit announced they've successfully obtained a license to function as an exchange and custodial service in Cyprus. The license will enable ByBit, ranked third worldwide in traffic among crypto exchanges, to offer crypto to fiat currency trades and an array of crypto-centric financial services.
As the home to 1.2 million people, Cyprus is turning into a Mediterranean stronghold for crypto activities, with government action playing a significant role. Ben Zhou, ByBit's CEO and co-founder, underlined the importance of extending their international footprint. He welcomed the opportunity to bring a new crypto dimension to Cyprus, as an alternative to traditional banking systems.
The island nation's embracement of crypto technology isn't out of the blue. Back in 2022, Kyriacos Kokkinos, the then-deputy minister to the president for research, outlined plans to make Cyprus a leading center for groundbreaking technologies, including blockchain. This forward-thinking vision was reinforced in 2023 when Cyprus announced plans to embrace blockchain technologies, which came after the country circulated its Distributed Ledger Technology Bill in 2021.
Nevertheless, Cyprus still has some catching up to do when compared to its Mediterranean neighbor, Malta. Known as the "Blockchain Island," Malta hosts triple the blockchain-related jobs per capita and garners praise from Bitcoin pioneers such as Adam Back.
Interestingly, around the same time as ByBit's announcement, industry titan Binance decided to discontinue its registration in Cyprus. Binance, which was originally based in China but now operates globally from crypto-friendly hubs like Dubai and Bahrain, has chosen to shift its focus to bigger markets around the globe.
This development will undoubtedly give a significant boost to Cyprus' emerging cryptocurrency ecosystem. ByBit's move to establish operations on the island exhibits the market's immense potential.
