Bybit has secured an electronic money institution licence in Austria and is preparing a European super-app. According to CoinDesk, the EMI licence adds to the Markets in Crypto-Assets (MiCA) licence Bybit already holds in Austria, which gives it access across the EU. The company is also close to obtaining a Markets in Financial Instruments Directive (MiFID) licence, expected within about two months.
Building a regulated, multi-licence offering
CEO Ben Zhou said the combination of the three licences would allow Bybit to operate in a manner comparable to Revolut, which holds a full banking licence in the EU and the UK and serves a similarly sized user base. He noted that a MiCA licence alone is not sufficient to build a profitable business in the region, citing compliance costs and competition from firms offering a broader range of financial products. In addition, Bybit has operated under its MiCA licence for around a year without turning a profit, he said, adding that the EU market requires multiple licences to compete effectively against established financial apps.
The EMI licence will enable Bybit users to hold individual accounts with an International Bank Account Number (IBAN), receive salary payments, pay bills, and carry out local transfers, alongside existing crypto and stablecoin functionality. This positions the planned app as a single access point for both traditional payment services and digital asset trading.
Derivatives and tokenised equities on the roadmap
Once the MiFID licence is granted, Bybit intends to offer regulated derivatives, including contracts for difference on commodities such as gold, silver, and oil. The licence would also support connections to brokers such as Alpaca or Saxo Bank, enabling clients to hold shares in companies including Apple and Tesla directly within their accounts.
For tokenised equities, Bybit will continue its existing partnership with Kraken’s xStocks product rather than building the capability independently. Zhou said Bybit Global remains xStocks’ largest distribution partner and that the relationship with Kraken will continue as the super-app develops.
