Bybit secures VASP license, becomes card operator in Argentina

Cryptocurrency exchange Bybit has been awarded a cryptocurrency services license by the Argentine General Inspectorate of Justice.

Cryptocurrency trading platform Bybit has announced that it has been granted a virtual asset services provider license by the Argentine General Inspectorate of Justice, just weeks after entering the market with a Mastercard debit card offering.

In a press release published on August 15, the crypto exchange said that in addition to the VASP license, it has become a card operator in Argentina to increase its services in the local market. With the license, the exchange is “committed to supporting Argentina’s economic growth and empowering its citizens through the payment capabilities and potential of blockchain technology,” Bybit CEO Ben Zhou said.

Argentina advances crypto regulation

The licensing comes shortly after Bybit launched the Bybit Card in Argentina. According to Bybit’s sales and marketing director Joan Han, the expansion of the card program is driven by Argentina’s rapid growth in digital assets, creating demand for innovative solutions to improve financial inclusion and convenience.

Earlier this year, Argentina’s National Securities Commission introduced the VASP registry, following mandatory registration requirements announced in late March. CNV president Roberto E. Silva noted the country’s accelerated efforts to increase compliance measures aimed at combating money laundering and terrorist financing.

Despite these efforts, the local crypto community continues to be wary of increased government regulation. Manuel Ferrari, a member of the Argentine NGO Directive and co-founder of the Money On Chain protocol, called the ledger a “terrible idea” in a Forbes interview, arguing that Bitcoin (BTC) should be considered “money, not a security.”