Bybit has received another VASP license, following approvals in other regions, including the Netherlands and Kazakhstan.

Crypto exchange Bybit has obtained a Virtual Asset Service Provider license from Georgia’s National Bank, marking another step in the company’s global compliance efforts.

In a press release on Nov. 5, the exchange stated that its registration in Georgia allows it to operate within the country’s growing ecosystem, aligning with Bybit’s goal to support crypto economic development in new regions.

Bybit chief executive Ben Zhou noted that the registration highlights the exchange’s 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.”

Georgia bets on crypto

Meanwhile, Georgia is gaining attention from the crypto sector. As previously reported by Coin Insider Daily, Ripple executives recently held talks with National Bank Governor Natia Turnava regarding the use of blockchain for economic digitalization.

While specific details of the talks remain undisclosed, a representative from the central bank confirmed that the focus was on “exploring potential avenues for collaboration in the digitalization of the Georgian economy.”