Bybit CEO, Ben Zhou, outlined the key facets that come with launching its crypto asset services in new regulatory countries at a recent forum in Europe.
Speaking at a panel at the fourth Tbilisi Silk Road Forum in Georgia, Zhou was asked about the cryptocurrency exchange’s approach to choosing which countries are primed for wider crypto and web3 adoption and the key discussion points that come with entering a new market.
Zhou emphasised the importance of collaboration with ‘forward-thinking authorities’ which recognise the potential of crypto development and outlined some key factors that go into these discussions.
The Bybit CEO identified the state of the country’s regulatory environment and structure, proximity to central banks, the presence of local talent and favourable policies that factor into talks with leaders.
Whilst speaking in Tbilisi, Zhou mentioned Georgia and its supportive central bank and regulatory environment as a “future strategic hub” for Bybit’s presence in the CIS region.
Another talking point from the panel was the current state of trustworthiness in the crypto sector. Despite the recent collapses in market prices from last year onwards, Zhou recognised that the sector has made a “remarkable transformation” in its still relative infancy.
He noted that not just crypto, but web3, blockchain technology, NFTs and DeFi have all experienced widespread adoption since 2018, with more and more people turning to companies like Bybit to secure banking applications for exchanging fiat to crypto.
Zhou also maintained that Bybit has an “impeccable track record” when it comes to security being one of its foremost concerns. He stated that the exchange, since its inception, has yet to encounter any outages or breaches to investor’s assets.
In his closing remarks, Zhou stated: “As we stand at the intersection of fintech and crypto innovation, the world is witnessing a transformative journey. Bybit is committed to being an infrastructure player, building the bridge and road that connects people to the web3 future.
“Our mission is to empower individuals, businesses, and economies to thrive in this dynamic landscape. We don’t build the city, but we take people to the city, where the limitless potential of blockchain and cryptocurrency awaits.”