This article will explore what MiCAR entails, detail Bybit EU's journey to obtaining this license and introduce the tangible benefits that it brings to crypto traders and investors in the EEA.

 (Bybit EU) recently achieved a major milestone by 

 in Austria. This is a landmark development for users across the European Economic Area (EEA). This article will explore what MiCAR entails, detail Bybit EU's journey to obtaining this license and introduce the tangible benefits that it brings to crypto traders and investors in the EEA.

What is the Markets in Crypto-Assets Regulation (MiCAR)?

, or MiCAR, is a comprehensive framework established by the European Union to regulate the crypto asset market. Introduced by the European Commission in 2020 and formally approved in 2023, MiCAR's full implementation started on Dec 30, 2024, with certain provisions for 

The primary goal of MiCAR is to create a harmonized regulatory environment for crypto assets across all EU member states. It aims to enhance transparency, ensure robust consumer protection, prevent illicit activities such as money laundering and guarantee the stability of the crypto market within the region. MiCAR applies to 29 countries within the EEA. It aims to establish a unified standard for crypto asset service providers (CASPs) and foster a safer, more reliable ecosystem for everyone involved.

In May 2025, Bybit achieved a significant regulatory milestone: Bybit Europe, operating under Bybit EU GmbH, 

 from Austria's Financial Market Authority (FMA). This officially designates Bybit EU as a regulated CASP and grants passporting rights, enabling us to offer regulated products and services to nearly 500 million people across 29 EEA member states.

Bybit chose Austria as its EEA hub because of the country’s forward-thinking regulatory environment and strong commitment to financial innovation. In addition to obtaining this license, Bybit has established Bybit EU's official European headquarters in Vienna. This new base will be pivotal for our operations throughout the EEA, allowing us to better serve the European crypto community with localized and compliant offerings.

What does this licensure mean for EU crypto users?

This development brings important changes designed to enhance the trading experience for our users in the EEA. Bybit EU GmbH is now the dedicated entity for residents within this region. The EEA includes Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden (Note, however, that services via Bybit EU will not be available to Maltese residents at this time.)

Effective immediately, new users residing in the EEA can no longer register on the global Bybit platform. Instead, they’re invited to pre-register on the new 

. Starting Jul 1, 2025, the full Bybit EU platform will go live. On this date, existing users from eligible EEA countries will also be able to onboard to the new, fully licensed European platform, ensuring they can continue to access our services within a compliant framework.

Benefits for EU crypto traders and investors

The MiCAR framework — and Bybit EU's compliance with it — brings numerous advantages for our users. MiCAR's stringent standards translate to enhanced security measures, greater operational transparency and significantly improved consumer protection. Its framework is designed to reduce risks associated with fraud and financial crime, providing a safer trading environment.

Bybit EU is focused on delivering a suite of tailored and regulated products and services specifically for the European market. Initially, this will include seamless fiat on-ramp and off-ramp solutions, 

 for everyday crypto spending. Bybit is also establishing a dedicated EU customer support team to ensure users across the EEA receive timely assistance in various languages. This commitment to regulatory compliance and user-centric service is designed to boost trust and provide a reliable platform for all your crypto activities.

Bybit EU's MiCAR license is more than just regulatory approval — it's a foundational step toward fostering broader crypto adoption across Europe. This license allows us to tap into a vibrant market of nearly 500 million people, offering them secure and compliant access to the world of digital assets. Bybit is committed to investing in Austria's dynamic fintech and blockchain ecosystem, and to cultivating local talent and driving innovation. Our plans include hiring over 100 professionals in Vienna in order to support our European expansion.

, "We are actively collaborating with regulators and pursuing licenses globally to ensure our users can access our innovative platform with the highest levels of regulatory and compliance assurance."

Existing EEA users can switch over to Bybit EU from July 1, 2025. All eligible new users from the EEA can 

Beginner

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Bybit EU and MiCAR: What European traders need to know

Polymarket has become the official prediction market of Elon Musk’s X, launching a new real-time tool that combines data from X posts, Polymarket event contracts, and xAI’s chatbot Grok to explain market movements. 

The S&P 500 steadied after a 1.5% weekly gain, with markets eyeing U.S.-China trade talks and key inflation data ahead. Gold steadies near $3,310 as strong US jobs data lifts the dollar, while US-China trade talks may support safe-haven demand. CoinDesk Indices, which track the broader crypto market, rose 0.42% in the past 24 hours, while Bitcoin and Ether dropping 0.29% and 0.98%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is LA, up 8.7% after the Lagrange token debuted on Bybit with a 2.5M prize pool incentive.

Lagrange (LA), founded in May 2023, is a blockchain infrastructure project introducing the first infinite proving layer, powered by a decentralized ZK Prover Network and a hyper-parallel ZK Coprocessor. Its native token, $LA, supports proving operations, transaction fees, and staking, with a total supply of 1 billion and a 4% annual emission rate. 

, with a 2.5 million $LA prize pool available for traders and depositors in celebration of the launch.

Check out the latest prices, charts, and data of 

, launching a new real-time tool that combines data from X posts, Polymarket event contracts, and xAI’s chatbot Grok to explain market movements. This marks the first of several planned integrations aimed at offering contextual, data-driven insights to users. The partnership highlights the growing fusion of traditional tech platforms with blockchain and crypto technologies.

BTC spot ETFs saw a net outflow of $131.6 million for the week ending June 6, 2025, driven by sizable redemptions on Monday and Thursday despite strong mid-week inflows. GBTC accounted for $40.6 million in outflows, while non-GBTC ETFs saw $91.0 million withdrawn. Since inception, total net inflows remain strong at $44.2 billion.

 has launched for farming Optimism XP: a weETH pool on Unichain now offers a 6x–8x multiplier, replacing the previous 0.25x rate on Optimism. To take advantage, users should withdraw their existing weETH/WETH position from Velodrome, convert all WETH to weETH, bridge their weETH to Unichain via Stargate, and supply it on Euler. The process is flexible, allowing withdrawals at any time. This update presents a significant boost for those farming XP, so acting quickly is advised while the high multiplier lasts.

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Polymarket partners with X to power real-time market prediction tool

Bybit’s Crypto Loans platform empowers traders with intuitive, transparent tools to maximize their assets’ potential, ensuring they can seize every moment of this cycle with confidence.

This post is written by Emily Bao, Head of Spot at Bybit.

The current crypto bull market is alive with opportunity. But as thrilling as these cycles are, lasting success often comes down to something less glamorous but far more crucial: strategic capital management.

In a market that moves at lightning speed, ensuring your funds are always working for you is paramount. Capital efficiency means more than just smart trading. It’s about maximizing returns by actively deploying your assets, whether through trading, staking or even borrowing, all while carefully managing risks.

As head of spot at Bybit, I’ve seen how streamlined and transparent financial tools are essential for navigating the volatile crypto market cycles. That’s why I’m particularly excited about Bybit’s 

Why capital efficiency matters in a bull market

Managing capital in crypto can be a fragmented and often confusing experience. Traders often have to juggle multiple platforms, grapple with opaque risk models or decipher complex fee structures. This wastes time and can also lead to missed opportunities — or, worse, overexposure to risk.

Bull markets amplify both the potential rewards and the dangers. Prices can surge, new projects can offer exciting prospects and the FOMO can be intense. However, this environment also brings heightened volatility, which could affect margin positions if not managed carefully.

Further, to stay competitive and maximize gains, traders need to optimize their capital, whether that means borrowing to seize a fleeting trading opportunity, freeing up liquidity for a new token launch or simply managing their existing positions more effectively against market swings.

Bybit’s new unified Crypto Loans are a game-changer

At Bybit, we’re always listening to our users and striving to simplify their trading experience. That’s why we’ve integrated our previously segregated 

. This isn’t just a cosmetic change; it’s a fundamental upgrade designed to make borrowing more intuitive, transparent and efficient for all types of traders.

 several key features that directly address the need for better capital efficiency. We’ve implemented a unified cross-margin model, meaning a shared cross-margin system for both flexible and fixed-term loans. This allows for consolidated loan-to-value (LTV) ratios — initially 80%, with a margin call at 85% and liquidation at 92% — simplifying your overall risk management.

Another powerful feature is shared collateral, where you can use assets like Bitcoin (BTC), Ethereum (ETH), USDT or USDC interchangeably across different loans. This enables agile capital allocation without needing to prematurely liquidate appreciating assets.

We also employ tiered collateral ratios, which assign asset-specific risk profiles, providing transparent borrowing limits based on what you hold. For our flexible loans, hourly interest calculation with compounding ensures fair, predictable costs, making strategic planning easier.

Let’s consider a common scenario where a trader needs liquidity but doesn’t want to sell their crypto assets.

Imagine that Alice is holding 5 BTC during a bull run, anticipating further price increases, but she also wants to invest in a promising new altcoin. With Bybit Crypto Loans, she can pledge her Bitcoin as collateral and borrow USDT, freeing up capital to make the altcoin trade. This way, she maintains her core BTC position while potentially profiting from the altcoin trade.

Another example case involves needing margin for leveraged trading in 

. If Alice identifies a 3x leveraged long opportunity on ETH but lacks sufficient margin after a recent trade, our UTA Loan feature can help. In this scenario, Alice can automatically borrow the necessary ETH to meet the margin requirement, ensuring she doesn’t miss her entry. The borrowing and repayment are handled seamlessly within the UTA.

Managing risk during market volatility is also crucial. Suppose our trader uses a loan to borrow USDC for an arbitrage play, and a sudden 15% market dip pushes her LTV ratio close to the 85% margin call threshold. With our unified platform’s transparent dashboard, which allows for real-time LTV monitoring, Alice can then quickly add more collateral, such as BTC. This way, she can lower her LTV and avoid a margin call, all from a single interface.

Unlocking your capital’s full potential

In a fast-moving bull market, the ability to access and manage capital efficiently is what separates successful traders from the rest. Bybit’s unified Crypto Loans platform is designed to give you that edge.

What truly sets our offering apart is our industry-leading risk buffer — we offer a high LTV of 92%, which means liquidation only occurs if the LTV reaches or surpasses this point. We also have the highest strong flat line in the industry, with a risk rate at or below 95%.

What’s more, we provide comprehensive options, supporting both fixed and current (flexible) loans across a diverse range of assets so you can choose the borrowing strategy that best fits your goals.

Finally, we’ve focused on creating a seamless experience by integrating current and fixed deposits into a single, intuitive UI, making the borrowing process easier than ever.

Unified Crypto Loans provides the tools you need to put your cryptocurrencies to work, enhance your trading strategies and navigate the bull run with greater confidence and efficiency. Visit

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Seize the bull run: Why Bybit’s Crypto Loans are a game changer for capital efficiency

The cryptocurrency market has undergone significant transformations since Trump’s US presidential election win in 2024, with major companies capitalizing on the more favorable regulatory environment for crypto firms. 

The cryptocurrency market has undergone significant transformations since Trump’s US presidential election win in 2024, with major companies capitalizing on the more favorable regulatory environment for crypto firms. One of the most notable milestones in this evolution was the 

successful IPO of Circle, the issuer of the USDC stablecoin

. Circle's public debut with the stock code CRCL not only marked a significant achievement for the company, but also set the stage for a wave of potential 

 in the crypto sector that could excite investors in 2025.

Circle's IPO: A benchmark in the crypto space

Circle's journey to becoming a publicly traded company began with its strategic decision to merge with a special purpose acquisition company (SPAC). This route has become increasingly popular among tech companies looking to go public, as it often provides a faster and less cumbersome process than traditional IPOs. Circle's IPO was particularly significant because it highlighted the growing acceptance of cryptocurrencies in mainstream finance.

Upon its debut, Circle's stock jumped from an IPO price of $31 to close at $107 in its first week of trading, driven by the increasing adoption of cryptocurrency and the rising demand for 

Investment bankers underestimate Circle's valuation

Investment bankers underestimated Circle's valuation during its IPO despite significant investor demand, including interest from ARK Invest. The oversubscription revealed this misjudgment. Despite initial interest, ARK Invest acquired shares only through the secondary market post-debut. This strong fund house interest could have justified a higher IPO price. Clearly, traditional valuation methods are inadequate for cryptocurrency companies, at least currently, due to the scarcity of publicly traded crypto firms. Investment bankers appear to be unfamiliar with accurately assessing crypto valuations.

After an impressive first week, valuation metrics suggest CRCL's valuation is excessively high. However, a closer examination of Circle's financials reveals significant potential for improved profitability. Tether 

 for the first half of 2024, with a $1.3 billion net operating profit in the second quarter alone, indicating a 25% net operating profit margin. In contrast, CRCL's 2024 net operating profit margin is only 10%, according to data from Seeking Alpha.

 Should CRCL's profitability reach Tether's level, its P/E ratio would significantly decrease to around 50x. While a 50x P/E ratio would remain elevated, it’s not unusual for rapidly growing companies in traditional finance. 

What’s more, the rarity of stablecoin issuers in the TradFi market should provide some premium to the CRCL valuation.

Investors need to be aware of price adjustments, based on the Coinbase experience

In the 2022 bull market, Coinbase's IPO displayed trends similar to CRCL's recent experience, with a sharp decline in share price, mirroring a broader market correction that began in late 2022. This drop saw Coinbase's shares plummet from $3,000 to under $100. Consequently, CRCL investors are advised to anticipate heightened volatility, a common risk for growth stocks like Coinbase and Circle. Despite these concerns, there's optimism, as Coinbase has recovered its share price over the subsequent two years.

With Circle's success as a backdrop, many companies in the crypto space are now eyeing the public markets. Apart from Gemini’s 

, the potential for a wave of IPOs in 2025 could bring renewed excitement to the market, with several candidates poised to make their mark. 

As a leading developer in the Ethereum ecosystem, Consensys has made significant contributions via products like MetaMask and Infura. With a valuation estimated at around $7 billion, the company is reportedly in a strong position to pursue an IPO, and Consensys' public listing could attract attention due to its pivotal role in the 

Ledger, known for its hardware wallets that provide secure storage for cryptocurrencies, is another strong candidate for an IPO. The company has gained traction among individual investors and institutions alike, as cybersecurity becomes an increasingly critical concern in the crypto space. A Ledger public offering could further solidify the company’s reputation as a leader in the security sector.

Fireblocks, an institutional custody provider, has seen its valuation soar to approximately $8 billion. With institutional interest in cryptocurrencies on the rise, Fireblocks' IPO could be particularly attractive to investors looking to capitalize on the growing adoption of digital assets by traditional financial institutions.

As one of the largest cryptocurrency exchanges in the US, Kraken has been a staple in the crypto community. The company has expressed intentions to go public in the near future, and an IPO would likely generate significant buzz in the crypto market as Kraken's robust trading platform and commitment to compliance could make it an appealing option for investors.

Chainalysis, a blockchain analytics firm, has positioned itself as a vital player that helps businesses and governments understand 

. Due to increasing regulatory scrutiny in the crypto space, Chainalysis' services are in high demand. A public offering could enable the company to expand its operations and solidify its market leadership.

Bithumb, one of South Korea's largest cryptocurrency exchanges, is reportedly planning an IPO on the KOSDAQ, with potential aspirations for a listing on the Nasdaq-100. Given the growing interest in Asian markets, Bithumb's public debut could attract global investors looking to tap into the burgeoning crypto scene in Asia.

 Blockchain.com, a cryptocurrency exchange and block explorer with a strong user base, and Animoca Brands, a leading player in web3 gaming that’s focused on developing play-to-earn games, are both on the radar for potential IPOs.

The anticipated wave of crypto IPOs in 2025 could significantly impact market sentiment. As more companies enter the public arena, the legitimacy of the cryptocurrency industry will increasingly be reinforced. Investors are likely to be drawn to these offerings, especially given the track record of success demonstrated by Circle's IPO.

Moreover, the increasing demand for cryptocurrencies and blockchain technology suggests that the market is ripe for new opportunities. Investors eager to get involved in the next generation of digital finance will be closely watching these upcoming IPOs that could provide lucrative entry points into the evolving landscape of the crypto industry.

Circle's successful IPO has set a benchmark for the cryptocurrency sector, paving the way for a series of potential public offerings in 2025. Companies like Consensys, Ledger, Fireblocks and Kraken are just a few examples of the many players eager to make their presence known in the public markets. 

As the crypto landscape continues to mature, these IPOs could not only excite investors, but also further legitimize the role of cryptocurrencies in the global economy. The future looks promising, and the coming years may witness a transformative era for both the crypto market and its stakeholders.

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Bybit Crypto Insights Report: Investment bankers underestimate Circle’s valuation; what are the next potential crypto IPOs?

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Learn all you need to know about crypto structured products and maximize your yields with Bybit Structured Products, designed to profit in volatile markets while managing risks effectively.

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The crypto market is notorious for its volatility, exemplified by the tumultuous events of 2022 when Bitcoin plummeted to a historic low of around $17,000 during one of the most catastrophic 

Yet, by the start of 2024, Bitcoin experienced a tremendous rally, shattering records with a new all-time high of over 

In light of these dramatic fluctuations, countless retail and institutional investors are seeking ways to maximize their holdings while taking advantage of volatility. Trading volumes for crypto derivatives are on the rise, and the use of futures, options and perpetual swaps to hedge against 

 can be incredibly complex, and novice investors are turning toward ready-made solutions and/or structured products to participate in this space.

This article examines crypto structured products and why they’re becoming popular with retail and institutional investors.

Crypto structured products are packaged investments linked to digital assets to enhance risk-return metrics for investors. These financial derivatives (financial products deriving value from underlying digital assets, such as 

) are customizable and often designed to hedge against volatility while improving yields and securing principal for investors.

Traditionally, structured products have provided retail investors with easy access to derivatives that would have otherwise been out of their reach and helped them achieve their risk-return objectives. 

Investment banks typically offer structured products to their wealth-management clients for customized returns in financial markets. They can also be sold to the retail mass market.

A structured product often looks like a traditional security with a payment profile, similar to a bond or certificate of deposit, but with cash flows linked to the performance of other underlying assets. Banks use them as a way to manage the volatility of assets they own.

Crypto structured products have been launching since the first quarter of 2021. Various structured products are hoping to capitalize on the increasing awareness and opportunities to sustain yield in a highly volatile crypto environment.

What Makes Crypto Structured Products Worth Trying?

Crypto structured products have the distinct advantage of allowing investors to earn profits at rates higher than those of other products, while simultaneously protecting their capital. Unlike other financial products, your initial capital is guaranteed no matter the market's direction. All you may lose is your potential gains.

ers and investors can access previously out-of-reach assets and hedge their positions while profiting in bullish and bearish markets. It’s worth noting that the underlying mix of assets can be tailored to suit any investor's particular needs, risk profile and expectations.

Pros and Cons of Crypto Structured Products

Crypto structured products offer a prepackaged collection of crypto derivatives in a format more accessible to newbies. However, there's a cap on what you can earn. To help you decide if it's the right investment product for you, here are the advantages of crypto-structured products as well as their drawbacks.

Given the increasing awareness of the benefits of crypto structured products in the volatile crypto market, crypto structured products are becoming increasingly popular. Weighing the pros and cons before investing is extremely important. 

Bybit offers four Structured Products that work well in different markets: Dual Asset, Double-Win, Discount Buy and Smart Leverage. Note that all four of these products are non-principal-protected. Hence, if the market doesn’t perform in your favor, you risk losing some or even all of your original investment.

 is a speculation tool that helps you capitalize on tiny price movements in the market within a short time span to earn up to 500% 

, and offers higher APR with earlier deposits. 

With Dual Asset, you need to subscribe (deposit) your assets in order to predict the price direction of your selected crypto asset within a fixed time frame. Once your assets are subscribed, they’re locked and cannot be redeemed until the settlement date. While the returns may be guaranteed upon maturity, during times of adverse market movement your returns may be less than your subscribed asset(s).

You can choose to either buy low or sell high. With the former, you invest USDT and select a Target Price lower than the current price, and with the latter, you invest BTC and pick a Target Price higher than the current price. During the settlement date, you’ll receive returns either in USDT or your chosen cryptocurrency, based on the outcome of your trade.

Dual Asset brings higher returns than if you were to trade normally, thanks to the high APR you receive. For instance, if you were to buy low at $20,000, upon maturity, if theSettlement Price is ≤ the Target Price, you’ll successfully purchase the target crypto at your desired price with your subscribed USDT and earn an interest income. Even if the Settlement Price exceeds the Target Price and you fail to purchase the target crypto, you’ll still receive your subscription amount and interest income in USDT.

 features greater flexibility, with up to 25 supported crypto assets, including BTC, ETH, 

 component to help you automatically resubscribe to a Dual Asset Plan with the same settings, based on your last successful subscription.

 is another speculative vehicle that helps you hedge against market volatility and profit from significant price movements that exceed a predetermined range. If the Settlement Price falls within the range during expiration, however, you won't gain any returns. 

Double-Win is tailored for the unpredictable market of the crypto industry, and encompasses advantages such as rapid turnaround time, allowing traders to swiftly capitalize on dynamic market movements and amplified potential returns with its 

 of up to 500x. This high leverage supports the potential for greater returns, which means that it also comes with the risk of losing the entire investment amount. Therefore, it’s paramount that investors interested in Double-Win are fully aware of the mechanics behind this tool as well as its associated risks.

 is a non-principal-protected product suitable for investors looking to acquire BTC or ETH at a discount in bear markets or during low-volatility periods. There are two optimal scenarios for Discount Buy: 

The Knockout Scenario is when the Settlement Price is higher than the Knockout Price, allowing you to receive your principal investment plus an additional APR in USDT. For the Buy Scenario, if the Settlement Price is lower than the Knockout Price but higher than the Purchase Price, you can buy your desired crypto at the Purchase Price. However, if the Settlement Price is ≤ the Purchase Price, then buying the crypto will no longer be profitable. 

Smart Leverage is a flexible tool that can help you reap greater profits during times of high volatility. You can choose to 

 and SOL) with up to 200x leverage, without any 

 before the settlement date. Smart Leverage also allows you to redeem and secure your profits anytime prior to expiration.

If you choose to go long, and the Settlement Price is ≥ the Breakeven Price, you’ll receive both your principal amount and the profits gained through leverage. However, if the Settlement Price is less than the Breakeven Price, 

you’ll incur losses, with the worst-case scenario being the loss of your entire investment. Conversely, for short positions, if the 

Settlement Price is ≤ the Breakeven Price, you’ll receive both your principal amount and the profits attained through leverage. 

If the Settlement Price exceeds the Breakeven Price, 

you’ll face losses, possibly even losing your full investment.

Since the use of leverage can amplify both gains and losses, it’s crucial that you fully understand the mechanics of Smart Leverage before using it.

Crypto structured products offer custom-made solutions designed to enhance risk-return benefits for both retail and institutional investors in the volatile crypto market. Bybit Structured Products — Dual Asset, Double-Win, Discount Buy and Smart Leverage — provide various strategies that help investors potentially earn higher returns, empowering investors to smoothly navigate market fluctuations and execute complex derivative strategies previously out of reach. This advantageous service offers a sophisticated approach to managing and profiting from crypto investments.

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