Bitget Successfully Completes its Registration in Lithuania

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Key takeaways:

  • Bitget, a cryptocurrency exchange with operations in Seychelles, is granted permission to do business in Lithuania.
  • Bitget highlighted that Lithuania continues to be a popular destination for cryptocurrency firms and consumers.

Bitget, a cryptocurrency trading platform, has successfully registered as a service provider in Lithuania, enabling the Seychelles-based company to conduct business there.

According to a statement from the exchange, it complies with local rules and regulations in the Baltic state. The nation is recognized as an emerging market for digital assets in Europe and as a safe haven for blockchain and cryptocurrency projects.

The number of cryptocurrency businesses registered in the nation, according to a recent Bloomberg article, grew fivefold between 2017 and 2022 as companies sought to operate in the Baltic state after Estonia revoked hundreds of operating licenses as part of a crackdown in the nation in late 2021.

Bitget highlighted that Lithuania continues to be a popular destination for cryptocurrency consumers and businesses wishing to set up legal organizations to provide services linked to cryptocurrencies. Since it began operating in 2018, Bitget has served more than 100 countries and 8 million users.

According to managing director Gracy Chen, the bitcoin derivatives exchange has therefore sought to strengthen its compliance efforts:

“The global regulation of digital assets is advancing on a daily basis, and we actively observe the regulatory changes around the globe. We have a whole dedicated compliance team in place to focus on various regulatory compliance matters.”

Lithuania has attempted to tighten regulations for companies related to cryptocurrencies that registered in the Baltic state last June. In order to impose stricter standards for user identification and exchange operators, legal revisions to the Anti-Money Laundering and Counter-Terrorism Financing rules have been proposed.

Exchanges and cryptocurrency service providers are required to register as corporate bodies, with a startup capital investment requirement of at least 125,000 euros ($137,000).

According to Bloomberg, Bifinitey UAB, the company that handles payments for Binance Holdings Ltd., is also based in Lithuania. According to data from Lithuania’s tax office, the company was the second-largest corporate tax donor in 2022.

The widely anticipated Markets in Crypto-Assets legislation is likely to be passed by the European parliament the same week that Bitget registers in Lithuania. A $200 million fund has been launched by BitGet in collaboration with Core DAO and MEXC to provide financial support to Web3 companies in their early stages.

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