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Bybit plans European super app adding regulated derivatives and stocks
Bybit says it has Austria approval for an electronic money institution license and is pursuing a MiFID license that would let it offer derivatives and hold equities like Apple and Tesla in user accounts.
Bybit, one of the world’s largest crypto exchanges by trading volume, plans to expand in Europe with a “super app” that would operate more like a banking account, adding features such as user accounts, bill pay, salary payments, and local transfers, according to CoinDesk. The company says it already holds an electronic money institution (EMI) license in Austria from the Austrian Financial Market Authority (FMA), and it is expected to secure a Markets in Financial Instruments Directive (MiFID) license as well. CoinDesk reports Bybit currently has a Markets in Crypto Assets (MiCA) license in Austria, which it says gives it access across the European Union.
With the additional MiFID license, Bybit would be able to offer regulated financial products including derivatives and also allow customers to trade derivatives and hold equities such as Apple and Tesla in their accounts, the report says. Bybit positions the move as bringing more traditional financial services into its existing spot crypto trading offering.
CoinDesk also notes Bybit’s CEO Ben Zhou said MiCA alone has not been enough to turn a profit in Europe, citing compliance costs and competition. Zhou added that the EMI license would cover most of what the super app needs for the all-in-one app strategy.