- Bitget secures a license to operate in the emerging digital asset market, in Lithuania.
- Lithuania is operating on the opposite route of Estonia.
- Lithuania has been working on ways to tighten crypto regulations since 2022.
- Bitget continues to monitor global crypto regulations changes.
Bitget, a Seychelles-based cryptocurrency exchange, has secured the necessary green light to operate in Lithuania, and they have been able to register as a service provider.
Bitget announced their feat of having met all the compliance standards with regulations and regional laws in the Baltic state. Lithuania is a country that is currently recognized as an emerging digital asset market in the European space and also a haven for cryptocurrency and other blockchain projects.
According to a recent report by Bloomberg, the number of cryptocurrency company registrations in Lithuania increased fivefold throughout all of 2022 as more companies moved towards securing registrations in the Baltic nation following Estonia’s decision to revoke the operating licenses of crypto companies in late 2021 as part of a crackdown in the country.
Bitget also noted that Lithuania is and will remain a hub for cryptocurrency users and businesses wishing to set up shop to provide such services. Bitget has made an effort to improve its compliance activities as a direct result of its understanding of Lithuania.
Bitget recognizes the increasing global regulation of digital assets and keeps a close eye on regulatory developments worldwide with a specialized team tasked with keeping tabs on all the many aspects of regulatory compliance.
Bitget is a cryptocurrency exchange that has been operational since 2018, catering to a global clientele of over 8 million people.
Reportedly looking to tighten regulations on cryptocurrency transactions since the third quarter of 2022, Lithuania has proposed legal amendments to anti-money laundering and counter-terrorism financing rules to provide stricter requirements for user identification and exchange operators.
In Lithuania, Exchanges and crypto services providers are expected to register as corporate bodies with a minimum threshold set up for startup capital investments of 125,000 euros ($137,000). The country is also the home to Bifinitey UAB, the payment provider that works for Binance Holdings Ltd.
Data obtained from Lithuania’s tax authority also shows that the firm contributed the second most on corporate tax in 2022, the year Lithuania decided to tighten its cryptocurrency-related transactions and regulations.
The announcement of Bitget’s license registration comes just in the same week as the European Parliament is expected to rule on the highly awaited Markets in Crypto Assets legislation.
Conclusion
With Lithuania turning out to be an emerging hot spot for the digital assets market in the crypto space, there is a possibility that it’ll see an influx of crypto companies and crypto exchanges making a move to establish an operation in the country, especially Estonia revoking hundreds of licenses.
