Cryptocurrency exchange Bybit has obtained an electronic money institution (EMI) license from Austria's Financial Market Authority (FMA). The license, granted to Bybit's local subsidiary Bybit Payments GmbH, was announced on August 4. It clears the way for the exchange to build new payment features, including peer-to-peer transfers and card initiatives.
What the license allows
The EMI license lets Bybit offer electronic money services within the European Economic Area. That means the company can issue e-money, process payments, and eventually roll out products like virtual debit cards and direct peer-to-peer transfers between users. Bybit said the move is part of its broader push to integrate crypto with everyday finance.
Bybit Payments GmbH will handle the regulated activities. The subsidiary is now authorized to operate under Austria's supervision, which gives it a passport to offer services across the EU under the bloc's single-market rules.
Bybit's European expansion
The license is the latest step in Bybit's effort to build a regulated presence in Europe. The exchange already holds a virtual asset service provider (VASP) registration in Lithuania and has applied for similar licenses in other EU countries. Austria's FMA is known for its strict oversight, so the approval signals that Bybit meets the regulator's standards for anti-money laundering and consumer protection.
Bybit has been expanding its product lineup beyond spot and derivatives trading. The company launched a crypto debit card in Argentina earlier this year and has been testing payment features in select markets. The Austrian license gives it a regulatory foundation to scale those efforts across Europe.
Why Austria
Austria's FMA has become a go-to regulator for crypto firms seeking an EMI license. The country's framework aligns with the EU's upcoming Markets in Crypto-Assets (MiCA) regulation, which will create a unified rulebook for crypto services by 2025. Bybit's license positions it ahead of that deadline.
The company did not disclose a timeline for when the new payment features will launch. But the license is a prerequisite, and Bybit said it will start developing the services immediately.
Bybit now has the regulatory green light to build out its payment infrastructure. The next steps will involve technical integration, partnerships with card networks, and compliance with local rules in each EU country where it plans to operate. Users in Austria and beyond will have to wait for concrete product announcements.
