Apr 20, 2023

Bitget Registers as Service Provider in Lithuania

Bitget, a Seychelles-based cryptocurrency trading platform, has successfully registered as a service provider in Lithuania, allowing it to operate in the European country. The move comes as part of the firm’s effort to comply with regional laws and regulations, as Lithuania is identified as an emerging digital asset market in Europe and a haven for cryptocurrency and blockchain projects.

The announcement follows a recent report from Bloomberg which revealed that the country experienced a fivefold increase in cryptocurrency company registrations in 2022. This was due to companies seeking to secure registrations in the Baltic nation after Estonia revoked hundreds of operating licenses as part of a crackdown in the country late last year.

Gracy Chen, managing director at Bitget, commented on the registration: “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.”

Bitget has been operating since 2018 and serves some 8 million users from over 100 countries.

In June of last year, Lithuania looked to tighten rules for cryptocurrency-related businesses registering in the Baltic state. Legal amendments to Anti-Money Laundering and Counter-Terrorism Financing rules were proposed to enforce tighter requirements for user identification and exchange operators.

In order to register as a corporate body, companies must meet a minimal threshold for startup capital investments of 125,000 euros ($137,000).

Lithuania is also home to Bifinitey UAB, which is the payments provider for Binance Holdings Ltd. Data from Lithuania’s tax authority shows that the firm was the second biggest contributor of corporate tax in 2022.

The news of Bitget’s registration comes in the same week as the European parliament is expected to pass the highly anticipated Markets in Crypto-Assets legislation.

The registration of Bitget in Lithuania is a major step forward for the web3 space, with the exchange now in a position to provide its users with access to a wide range of financial services. The move is also likely to open up the country to a variety of NFT marketing and promotion opportunities, with the platform now able to offer its users access to Twitter NFT marketing and other web3 services.

In addition, the registration of Bitget in Lithuania could also provide a major boost for those looking to sell NFTs, with the exchange now able to offer its users access to a web3 agency that can provide support with NFT marketing and promotion.

The registration of Bitget in Lithuania is a major milestone for the web3 space and is likely to open up a variety of new opportunities for users of the platform. The move is also likely to open up the country to a variety of NFT marketing and promotion opportunities, with the platform now able to offer its users access to Twitter NFT marketing and other web3 services.

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