Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has received its Markets in Crypto-Assets Regulation (MiCAR) license from Austria’s Financial Market Authority (FMA). This license enables Bybit to operate as a fully compliant crypto-asset service provider across all 29 EEA (European Economic Area) countries via passporting rights.

In parallel with this regulatory milestone, Bybit announced the opening of its European headquarters in Vienna, Austria. This strategic move reinforces its commitment to providing localized, regulated crypto services while scaling operations across the EU.

The MiCAR license is the latest sign of the increasing maturity of the crypto space in Europe, and it signals growing institutional confidence in digital assets. For proprietary trading firms, particularly those offering funded crypto challenges or managing digital asset portfolios, this development holds major implications:

• Regulatory Clarity: MiCAR provides a harmonized legal framework across the EU, making it easier for prop firms to offer crypto services with legal certainty.
• Trust and Transparency: Bybit’s approval by a major EU regulator can enhance confidence in the infrastructure supporting crypto prop trading.
• Market Expansion: Prop firms looking to expand into the EU now have a clearer path, particularly those leveraging partnerships with regulated entities like Bybit.

Bybit also announced plans to hire over 100 professionals in Vienna and engage with local universities to foster innovation through its Blockchain for Good Alliance.

Key Takeaway for Funded Crypto Firms

With MiCAR shaping the future of crypto regulation in Europe, the approval of large platforms like Bybit sets a precedent for operational best practices and compliance. Prop firms can now more confidently build and scale funded crypto programs in the EU, aligning with the continent’s regulatory evolution.

Stay with PropInsider as we monitor how MiCAR licensing reshapes the crypto trading landscape across Europe.

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