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Cryptocurrency exchange BitGet granted permission to operate as a service provider in Lithuania
BitGet, a cryptocurrency trading platform based in Seychelles, has been granted permission to operate in Lithuania as a registered service provider. The exchange has met the compliance standards required by regional laws and regulations in the country, which has been identified as an emerging digital asset market in Europe and a haven for blockchain and cryptocurrency projects.
Lithuania saw a significant increase in cryptocurrency company registrations in 2022 as companies sought to secure registrations in the country after Estonia revoked hundreds of operating licenses as part of a crackdown. BitGet has noted that Lithuania is a favorable location for cryptocurrency users and companies looking to register legal entities to offer cryptocurrency-related services.
The exchange has a dedicated compliance team to focus on regulatory compliance matters. BitGet has been in operation since 2018 and serves over eight million users from more than 100 countries.
BitGet's Lithuania registration showcases the need for crypto compliance amidst evolving regulations.
Last June, Lithuania proposed legal amendments to Anti-Money Laundering and Counter-Terrorism Financing rules, including tighter requirements for user identification and exchange operators. Exchanges and crypto-service providers must register as a corporate body with a minimal threshold for startup capital investments of €125,000 ($137,000).
Bifinitey UAB, the payments provider for Binance Holdings Ltd, is also based in Lithuania, and data from the country's tax authority shows that the firm was the second biggest contributor to corporate tax in 2022.
The European Parliament is expected to pass the Markets in Crypto-Assets legislation this week. BitGet's registration in Lithuania highlights the importance of compliance efforts in the cryptocurrency industry, as regulatory changes are occurring globally on a daily basis.
The exchange's compliance team will likely be paying close attention to these changes to ensure that the company remains in compliance with regional laws and regulations. Overall, BitGet's registration in Lithuania is a positive development for the cryptocurrency industry and demonstrates the growing recognition of the industry's potential in Europe.