Bybit Payments GmbH, a subsidiary of the crypto exchange Bybit, has received an Electronic Money Institution (EMI) license from Austria's Financial Market Authority (FMA). The license, granted this week, allows Bybit to provide regulated electronic money and payment services across Europe. The move comes as Bybit prepares to separate its crypto-asset business under the EU's Markets in Crypto-Assets (MiCA) framework.
The EMI license
An EMI license lets a company issue electronic money, process payments, and offer related financial services. Bybit Payments GmbH can now do that across the European Economic Area under passporting rights. That means users in EU and EEA countries can use Bybit's payment services with the backing of a regulated entity. The FMA is Austria's main financial regulator, known for its thorough oversight.
The license isn't for crypto trading. It covers fiat-based services — think deposits, withdrawals, and card products. Bybit has been expanding its fiat on-ramp and off-ramp offerings, and this license gives those services a formal regulatory home.
Crypto under MiCA
Bybit's crypto-asset business won't fall under the same license. Instead, the company plans to operate that part of its business through a separate entity regulated under MiCA, the EU's comprehensive crypto framework that took full effect earlier this year. MiCA sets rules for exchanges, wallet providers, and stablecoin issuers across the bloc.
That dual-entity structure is becoming common among exchanges that want to offer both fiat payment services and crypto trading in Europe. It keeps the regulated payment business distinct from the crypto platform, which faces different capital and conduct requirements under MiCA.
What this means for Bybit's European users
For now, the change is mostly behind the scenes. Bybit's European customers should see the same interface and services. But the license means their fiat transactions are now handled by a regulated EMI, which could affect how funds are protected and how complaints are handled. The FMA will supervise Bybit Payments GmbH, so users have a clear regulator to turn to if something goes wrong.
Bybit hasn't said when it expects to get MiCA authorization for its crypto entity. That process involves a separate application with a national regulator — likely in another EU member state — and could take months. The company is one of several major exchanges racing to secure MiCA licenses before the framework's full enforcement deadline later this year.
