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Cryptocurrency exchange Bybit has received registration as a virtual asset service provider (VASP) and card operator from Argentina’s Financial Information Unit (FIU).
In March, VASP registration <a href="https://cointelegraph.com/news/argentina-registration-law-crypto">was introduced in Argentina</a>&nbsp;via legislation aimed at bringing the country into better conformity with the Anti-Money Laundering and Combatting the Financing of Terrorism requirements of the Financial Action Task Force (FATF). The FIU, which <a href="https://www.linkedin.com/company/financial-intelligence-unit-of-argentina/about/" target="_blank" rel="noopener nofollow">registered</a> Bybit, is “in charge of analyzing, processing and transmitting financial intelligence information for the purposes of preventing money laundering and terrorist financing.”
<h2 id="bybit-settles-in-where-it-can-leaves-other-places">Bybit settles in where it can, leaves other places</h2>
Dubai-based Bybit, the <a href="https://cointelegraph.com/news/bybit-overtakes-coinbase-global-market-share-binance-fallout">second-largest crypto exchange</a> by volume, <a href="https://es.cointelegraph.com/news/bybit-announces-its-expansion-to-argentina">began operating in Argentina</a> in June 2022&nbsp;to withdraw from their Bybit accounts to pay in fiat currency.
Bybit co-founder and CEO Ben Zhou <a href="https://www.prnewswire.com/in/news-releases/bybit-becomes-a-registered-vasp-and-card-operator-with-the-fiu-in-argentina-pioneering-digital-asset-services-302224154.html" target="_blank" rel="noopener nofollow">said</a> in an announcement of the company’s Argentina registration that Bybit takes compliance seriously and:
<blockquote data-ct-non-breakable="true">
 “This achievement marks a significant step forward in our mission to provide accessible and secure digital asset services to users worldwide and our commitment against financial crime.”
</blockquote>
Bybit <a href="https://cointelegraph.com/news/bybit-exchange-halts-operations-france">halted operations in France</a> at the beginning of the month. It had been on the French financial regulator’s blacklist of unregistered operators since 2022, but it promised to return once it straightened out its registration there. Bybit <a href="https://cointelegraph.com/news/crypto-exchange-bybit-exits-canada-citing-recent-regulatory-development">withdrew from Canada</a> in May 2023 after the introduction of new regulations.
Related: <a href="https://cointelegraph.com/news/okx-crypto-exchange-services-argentina">OKX rolls out crypto exchange services in Argentina</a>
<h3 id="argentina-is-getting-aml-and-crypto-under-wraps">Argentina is getting AML and crypto under wraps</h3>
The use of cryptocurrency in Argentina has&nbsp;<a href="https://cointelegraph.com/news/argentina-lead-crypto-adoption-americas">surged due to economic instability</a>&nbsp;in the South American country. According to Chainalysis, Argentina <a href="https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/" target="_blank" rel="noopener nofollow">ranked</a> 15th in the world for crypto adoption in 2023. 
Argentina has been under pressure from the FATF to regulate its crypto market. In July, legislation was <a href="https://www.reuters.com/markets/currencies/argentina-looks-tame-crypto-market-money-laundering-fears-draw-scrutiny-2024-07-18/#:~:text=In%20the%20last%20year%2C%20Argentina,inflation%20and%20a%20struggling%20currency." target="_blank" rel="noopener nofollow">passed</a> to provide tax amnesty up to $100,000, including on registered crypto assets. A similar proposal to legalize crypto holdings <a href="https://cointelegraph.com/magazine/bitcoin-mt-gox-binance-hong-kong-crypto-exchanges-asia-express/">was proposed in December</a>, when President Javier Milei first took office, but <a href="https://cointelegraph.com/news/argentina-regularization-law-undeclared-crypto">dropped in January</a>. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/1518e0ec-3cad-4d3e-812f-eecec5344d67.png" alt="Bybit receives VASP, card operator registration in Argentina" title="">
 <figcaption style="text-align: center;">
 Source:&nbsp;<a href="https://x.com/m_cuneolibarona/status/1816462509345259955" target="_blank" rel="noopener nofollow">Mariano Cúneo Libarona</a>
 </figcaption>
</figure>
Also, in July, the General Inspectorate of Justice approved the use of cryptocurrency in registered capital. That cryptocurrency was largely symbolic — 0.00457621 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) and 195 USD Coin (<a href="https://cointelegraph.com/usdc-price-index">USDC</a>) were <a href="https://www.infobae.com/economia/2024/07/24/la-inspeccion-general-de-justicia-aprobo-una-srl-cuyo-capital-fue-aportado-en-criptomonedas/" target="_blank" rel="noopener nofollow">transferred</a> from a partner to the unnamed company to be added to the capital. 
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-mt-gox-binance-hong-kong-crypto-exchanges-asia-express/">Mt. Gox not dumping Bitcoin just yet, Hong Kong boots out crypto exchanges: Asia Express</a>

Bybit receives VASP, card operator registration in Argentina

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