Bybit Secures EMI Licence in Austria to Expand Payment Services

Bybit, a prominent cryptocurrency exchange, has received an electronic money institution (EMI) licence in Austria. This new entity, Bybit Payments GmbH, allows the company to offer e-money and payment services alongside its existing crypto business, which is authorized under MiCA regulations.

The two entities will operate separately, each with their own capital and safeguarding obligations, but customers can access both through a single account on Bybit's EU platform. The EMI licence enables Bybit to provide person-to-person payments, Strong Customer Authentication, open-banking functionality, merchant payment tools, and card products.

Bybit is not alone in this approach; other exchanges like Kraken and Crypto.com have also obtained separate licences for their crypto and payment services.

The company's managing director, Bernhard Krick, emphasized the importance of maintaining a clear distinction between the two entities. Georg Harer, who holds the same role at both companies, sees the EMI licence as a way to reduce Bybit's reliance on third-party payment providers and build direct relationships with banks and payment institutions.