Cryptocurrency exchange Bitget Obtains Licensing in Lithuania for its Operations.
Cryptocurrency exchange Bitget is now officially registered as a virtual asset service provider (VASP) in Poland, according to an announcement made on May 23. This regulatory license permits Bitget to conduct its operations within the Polish market in compliance with the law. Earlier in April, Bitget also obtained a VASP license in Lithuania, enabling it to provide cryptocurrency services within and from the Baltic nation.
Gracy Chen, the managing director of Bitget, expressed the importance of regulation for the future of the cryptocurrency industry and the need for mainstream adoption. Chen stated that the recent registrations in two European countries, Poland and Lithuania, strengthen Bitget’s presence and ability to provide services in Europe.
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In the latest quarterly update, Bitget announced that it expanded its team from 1,000 to 1,300 members in the first quarter of 2023. Additionally, the company currently has approximately 300 job openings in various departments such as research and development, compliance, business development, operations, and customer support.
Furthermore, as the price of Bitcoin and other cryptocurrencies started to rise again, Bitget’s User Protection Fund saw a significant increase in value, reaching $380 million with an additional $80 million gained in the first quarter. During this time, Bitget also experienced a 27% growth in futures trading volume, which reached $658 billion. The exchange now boasts over 8 million registered users across more than 100 countries.
In early 2023, the cryptocurrency exchange Binance successfully completed its registration as a Virtual Asset Service Provider (VASP) in Poland. This registration was required by the country as it implemented new rules and requirements for blockchain companies to ensure their continued operations. According to corporate consulting firm Maxcorp, Binance complied with these new terms and conditions.
“Traditional banks in Poland are not willing to collaborate with cryptocurrency companies. As a result, many crypto-friendly financial institutions based in Lithuania can be considered as viable options. Additionally, alternative banking options in Europe, such as Malta, Switzerland, Cyprus, and others, can also be recommended.”
According to Polish laws, corporate activities involving cryptocurrencies are exempt from value-added tax (VAT), and profits are subject to a standard tax rate of 19%. VASP recipients, or virtual asset service providers, are obligated to implement measures like Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to ensure the exchange operates with integrity.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice
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