Crypto exchange Bybit has been awarded a crypto services license by the Argentine General Inspectorate of Justice.

Crypto trading platform Bybit says it has been awarded a virtual-asset services provider license by Argentina‘s General Inspectorate of Justice just a few weeks after entering the market with its Mastercard debit card offering.

In an Aug. 15 press release, the crypto exchange that in addition to the VASP license, it has also become a card operator in Argentina to boost its services in the local market. Bybit chief executive Ben Zhou says with the license, the exchange is “committed to supporting Argentina’s economic growth and empowering its citizens through the payment capabilities and potential of blockchain technology.”

Argentina advances crypto regulation

The licensing comes shortly after Bybit launched its Bybit Card in Argentina. According to Joan Han, Bybit’s sales and marketing director, the card program expansion was driven by Argentina’s rapid growth in digital assets, creating demand for innovative solutions to improve financial inclusivity and convenience.

Earlier this year, Argentina’s National Securities Commission introduced the VASP registry, following mandatory registration requirements announced in late March. Roberto E. Silva, chair of the CNV, noted the country’s expedited efforts to enhance compliance measures aimed at combating money laundering and terrorism financing.

Despite these efforts, the local crypto community remains wary of heightened government regulation. Manuel Ferrari, a member of the Argentinian NGO Directive and co-founder of the Money On Chain protocol, called the registry a “terrible idea” in a Forbes interview, asserting that Bitcoin (BTC) should be considered “money, not a security.”