Bybit Seeks License for Crypto Asset Trading in Hong Kong

Bybit has started the process to secure a Virtual Asset Trading Operator (VATP) license in Hong Kong. Bybit intends to expand its global reach with this licence. The company seeks to enter Hong Kong’s financial infrastructure and serve institutional clients in the Asia Pacific region.

About the License 

Bybit has submitted a VATP license application under Spark Fintech Limited. The VATP (Virtual Asset Trading Operator) license in Hong Kong is different from the VASP (Virtual Asset Service Provider) license because of its target clientele. The VASP license is for firms serving professional investors, and the VATP license serves retail investors. It will formally enter the Hong Kong market with this licence. Bybit will use Hong Kong as a gateway to the Asia Pacific markets. 

Benefits For Traders

This licence will offer numerous benefits to traders and investors: 

Increased Investor Protection

This license requires Bybit to comply with stringent investor protection laws and regulations, including anti-money laundering (AML) and counter-terrorist financing (CTF) measures. It assures enhanced security and safety of investments. It ensures that Bybit operates transparently, keeps investor assets secure, and provides legal recourse in disputes for a safe trading environment.

Enhanced Trust

This licence will increase the trust among traders and investors who prefer platforms that stick to regulatory standards for security. A regulated environment mitigates risks associated with legal uncertainties and regulatory crackdowns that can cause market volatility.

Enhanced Service Offerings

Bybit can legally offer multiple services with this licence, including retail trading of cryptocurrencies. It increases the financial products available to traders, from spot trading to potentially more complex financial instruments.

Competitive Advantage

Bybit can distinguish itself from competitors having less authorization due to this licence. It will attract a more diverse clientele. Bybit will become a leading choice for traders and investors looking for secure and compliant trading operations.

About Bybit

Bybit is a cryptocurrency exchange that offers trading services for various digital assets, including spot and derivatives markets. It provides a professional, smart, intuitive, and innovative trading experience. Bybit delivers fast, secure, and user-friendly platforms that serve individual retail clients and professional derivatives traders. It offers complete customer support and educational resources to help traders make informed decisions.

Looking Forward

It is a highly competitive field. Only 14 crypto firms are seeking the VATP license,  including OKX and HKVAEX. The city has already granted licenses to platforms like HashKey and OSL. Bybit’s success can make Hong Kong a hub for digital finance innovation.

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