Crypto exchange Bybit has obtained an Electronic Money Institution (EMI) license from Austria's Financial Market Authority (FMA) for its subsidiary Bybit Payments GmbH. This allows the company to offer regulated payment and electronic money services across Europe via Bybit.eu, while its crypto-asset services will continue under a separate MiCA-authorized entity.
The EMI license allows Bybit to offer regulated payment services in Europe, complementing its existing crypto offerings and expanding its regulatory compliance within the EU's evolving digital asset and financial services landscape.
Bybit has expanded its regulated footprint in Europe by securing an Electronic Money Institution (EMI) license for its Austrian subsidiary, Bybit Payments GmbH, from the Financial Market Authority (FMA).
This approval allows Bybit Payments GmbH to offer regulated electronic money and payment services across Europe through its Bybit.eu platform. Concurrently, Bybit's crypto-asset services will continue to be managed by Bybit EU GmbH, operating under its existing authorization from the European Union’s Markets in Crypto-Assets (MiCA) framework.
Both entities will maintain legal separation while operating under the same platform to provide customers with a unified experience. Georg Harer, Managing Director at both Bybit EU GmbH and Bybit Payments GmbH, stated that Europe is setting a benchmark for the integration of digital assets and financial services under clear regulation, with the EMI license and MiCA authorization creating complementary regulatory foundations.
Bernhard Krick, Managing Director at Bybit Payments GmbH, noted that the new license enables the company to build regulated payment capabilities that complement the crypto-asset services offered by Bybit EU GmbH, emphasizing the importance of maintaining distinct regulatory responsibilities for each entity.
The EMI license provides Bybit Payments GmbH with a regulatory basis to potentially expand its European payment offerings in the future, which could include person-to-person payments, open banking features, and merchant payment solutions, subject to further regulatory approvals. This development follows Ripple's recent MiCA approval in Luxembourg.