Cryptocurrency exchange BitGet has officially registered as a service provider in Lithuania, enabling the Seychelles-based firm to operate in the European country.
This registration will allow the company to offer crypto-related services in or from Lithuania in compliance with regional laws and regulations.
— Bitget (@bitgetglobal) April 20, 2023
The announcement emphasizes the company’s adherence to regional rules and regulations in the Baltic state, which has emerged as a growing market for digital assets and a hub for cryptocurrency and blockchain activities.
Lithuanian Registration Bolsters BitGet’s Compliance Efforts
BitGet’s Lithuanian registration signifies the exchange’s commitment to bolstering its compliance efforts, according to Gracy Chen, the managing director.
She notes the significance of regulatory changes around the globe and the active role the exchange’s dedicated compliance team plays in various regulatory compliance matters.
BitGet has been operating since 2018 and serves over eight million users from over 100 countries. Lithuania’s cryptocurrency regulations and favorable business environment have attracted many cryptocurrency-related businesses.
Furthermore, Estonia revoked hundreds of operating licenses in late 2021. Companies looked to secure registrations in the Baltic nation, resulting in a fivefold increase in cryptocurrency company registrations in 2022.
However, the country is also home to Bifinitey UAB, the payments provider for Binance Holdings Ltd. It is the second-largest contributor of corporate tax in 2022, according to Lithuania’s tax authority.
In June 2022, Lithuania implemented law reforms concerning anti-money laundering (AML) and counter-terrorism funding. The objective was to establish more rigorous criteria for user identification and exchange operators.
Moreover, exchanges and crypto-service providers must register as a corporate organizations, with a minimum investment level of 125,000 euros.
BitGet’s Lithuanian registration comes at the same time. In addition, the European Parliament is expected to pass the anticipated Markets in Crypto-Assets legislation.
With BitGet’s compliance team in place, the exchange is well-positioned to continue providing cryptocurrency-related services to its users and contributing to the growth of the Lithuanian cryptocurrency market.