Bitget secured regulatory licenses as a virtual asset service provider in Poland and Lithuania, witnessing significant growth and positioning itself among the Top 4 centralized crypto exchanges.
Earlier on Tuesday, May 23, crypto exchange Bitget announced that it has successfully registered as a virtual asset service provider (VASP) in Poland. Securing this regulatory license will allow Bitget to operate legally in the Polish market.
Amid the current market scenario, Bitget has been spreading its footprint fast across different markets. Last month in April 2023, Bitget secured its VASP license in Lithuania which will allow it to offer crypto-based services both from and within the Baltic nation. Speaking on the recent development, Gracy Chen, Bitget’s managing director, said:
“We understand that regulation is the future of the cryptocurrency industry if mainstream adoption is to be achieved. The recent registrations in the two European countries enhance our foothold and service in Europe.”
Earlier this month, Bitget released its quarterly transparency report outlining its achievements and growth that it attained during Q1 2023. The exchange’s website and mobile traffic jumped 35% QoQ to 33.1 million views. Its futures trading volume also saw 27% QoQ growth, reaching 658 billion.
Bitget exchange has experienced significant growth and achieved a position in the Top 4 centralized crypto exchanges due to increased investor activity in the crypto market. With the market capitalization surpassing $1.2 trillion, Bitget has benefited from the bullish wave and witnessed a surge in traffic to its website and mobile applications.
Furthermore, crypto exchange Bitget also grew its staff from 1,000 to 1,300 and it still has 300 openings across compliance, research and development, business development, operations, and customer support.
Crypto Exchange Bitget’s User Protection Fund Gains $80 Million
The recovery in the Bitcoin price and the broader crypto market this year in 2023 has helped Bitget’s User Protection Fund to gain $80 million in book value to reach $380 million. Now, the exchange has a presence in more than 100 countries with 8 million registered users.
On the other hand, Poland is also emerging as a preferred destination for crypto firms to set up base. Earlier this year, crypto trading giant binance registered as a VASP in Poland. This was soon after the country introduced new terms and conditions for blockchain companies to continue their operations. Corporate consulting firm Maxcorp explained:
“Traditional Polish banks do not wish to work with crypto companies, thus mostly Lithuanian based financial institutions whom are crypto-friendly can be used, further we can suggest alternative banking options in Europe (Malta, Switzerland, Cyprus etc.).”
Under Polish legislation, corporate activities involving cryptocurrencies are considered VAT-exempt, while profits are subject to a standard tax rate of 19%. To ensure the integrity of the exchange, recipients of Virtual Asset Service Provider (VASP) are obligated to conduct Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
