Bybit has secured an Electronic Money Institution license in Austria, allowing its local payments subsidiary to offer regulated electronic money and payment services across the European Union. The license, granted to Bybit Payments GmbH on August 4, enables the company to issue electronic money and provide payment services under Austria's Payment Services Act 2018. According to Bybit, the license gives its payments subsidiary a regulated foundation for expanding financial services across Europe through Bybit.eu.
Regulatory Framework
The EMI license and Bybit's existing Markets in Crypto-Assets authorization create complementary regulatory foundations for crypto assets, payments, and other financial services. Bybit Payments GmbH will operate independently from Bybit EU GmbH, the entity responsible for the exchange's crypto-asset services under MiCA. Customers will be able to access both service categories through Bybit.eu, but each subsidiary will remain responsible only for activities covered by its respective authorization.
Future Plans
Bybit's payments unit could eventually introduce person-to-person transfers, electronic money products, and Strong Customer Authentication features. The company is also considering open banking tools, merchant payment services, and payment cards, subject to further regulatory requirements and product approvals.