Bybit Secures Austrian EMI License to Expand European Payments

Bybit has secured an Electronic Money Institution (EMI) license from Austria’s Financial Market Authority (FMA), a move that allows the exchange to integrate regulated payment and e-money services into its European platform, Bybit.eu [1]. The authorization marks a significant expansion of the firm's regulatory footprint, positioning it to provide services ranging from peer-to-peer transfers to card initiatives alongside its existing crypto-asset offerings [3].

Building a Dual-Entity Framework

The EMI license is held by Bybit Payments GmbH, a distinct entity from Bybit EU GmbH, which has been authorized under the European Union’s Markets in Crypto-Assets Regulation (MiCAR) since May 2025 [1]. By maintaining this separation, the company aims to satisfy local regulatory mandates while offering a unified experience for users on the Bybit.eu platform [3]. While Bybit EU GmbH handles the custody, exchange, and transfer of digital assets, the new EMI license provides the legal foundation for Bybit Payments GmbH to develop infrastructure for open banking, merchant payment solutions, and Strong Customer Authentication [1].

This dual-entity structure reflects a broader trend among digital asset platforms operating in Europe, where firms are increasingly seeking specialized authorizations to bridge the gap between traditional finance and crypto-assets [3]. Industry data indicates that while over 170 entities have registered as crypto-asset service providers (CASPs) under the MiCA regime, only a small fraction have secured the combined electronic payment and trading permissions that Bybit is now assembling [3]. Bybit officials stated that the license will eventually allow the firm to establish direct relationships with financial institutions and payment processors, reducing its reliance on third-party infrastructure [1].

Expanding the European Offering

The move follows a period of rapid growth for Bybit’s European operations, which launched the Bybit.eu platform in July 2025 [4]. The exchange, which ranks as the world’s second-largest by trading volume, has been aggressively expanding its service suite, including the introduction of spot margin trading with up to 10x leverage and a Bybit Card program [2, 4]. Furthermore, the firm has already submitted an application for an investment firm license under the Markets in Financial Instruments Directive (MiFID II) through its entity Bybit X GmbH, which would permit the offering of derivatives such as futures and options across the European Economic Area [4].

What to watch

• Product Rollouts: Monitor for specific launch dates regarding the integration of peer-to-peer transfers, card programs, and open-banking features on the Bybit.eu platform [1].
• MiFID II Application: Watch for updates from the Austrian FMA regarding the pending investment firm license application for Bybit X GmbH, which would expand the platform's reach into derivatives [4].
• Operational Integration: Observe how the firm manages the transition toward direct financial partnerships, which is intended to reduce dependence on third-party payment providers [3].

The success of this regulatory strategy depends on the firm's ability to scale its payment infrastructure while maintaining the strict separation of duties required by Austrian and EU regulators. Whether these new payment capabilities drive significant user adoption remains the primary question as the platform attempts to evolve from a crypto-focused exchange into a broader financial services provider.