International cryptocurrency exchange Bybit plans to start operating in the Georgian market. Preparations for the launch were discussed at a meeting between the President of the National Bank of Georgia, Natia Turnava, and the platform's CEO, Ben Zhou, in Tbilisi.
According to the head of the regulator, the interest of a large international crypto company confirms the attractiveness of the country's business environment and the development of the fintech sector. She noted that along with traditional banks, the non-banking financial sector is actively growing in Georgia, including virtual asset service providers. The emergence of a player like Bybit could increase competition and expand the availability of payment and investment services.
Ben Zhou emphasized that the licensing procedure in the country is quite strict, but transparent and predictable, which is important for global companies. The exchange intends to implement educational programs, internships, and initiatives to improve financial literacy in the field of digital assets in Georgia.
Founded in 2018, the Dubai-based platform serves more than 70 million users in 160 countries and is one of the world's largest crypto exchanges, competing with Binance.
