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Bitget secures regulatory approval in Lithuania

Bitget secures regulatory approval in Lithuania 19

Crypto exchange bitget secured a green signal in Lithuania to provide crypto services.

Bitget is an averagely popular crypto trade platform. In 2018, this exchange was founded in Seychelles. In 2021 this Crypto company established a partnership with AI tech-inclined firm digiMax. Last year this exchange grabbed huge popularity with partnerships with Turkish football club Galatasaray S.K and Russian eSports organization, Team Spirit. The services of this exchange are also available in India since 2022. At the present time, this exchange provides services to 8 million users across 100 countries.

On 20 April 2023, Bitget Exchange announced that the exchange is now officially registered as a service provider in Lithuania. Exchange’s announcement noted that it was easy for the exchange to secure a regulatory win in Lithuania, as the exchange’s services smoothly met compliance standards with regional laws and regulations in the Baltic state (group of three countries).

In Feb of this year, a Bloomberg report noted that the Baltic nation saw a 500% increment in cryptocurrency firm registrations in the last year, as Estonia revoked hundreds of operating licenses as part of a crackdown in the country in late 2021.

 Last year, a few reports claimed that Lithuania was failing to prohibit the involvement of bad actors in the crypto sector. In response, Lithuania’s policymakers proposed legal amendments to Anti-Money Laundering (AML) and counter-terrorism financing. Through the new amendments, they proposed strict rules on the exchanges to ensure the prohibition of bad actors on their corresponding platforms.

Bitget Exchange also noted that Lithuania is a friendly region for not only crypto traders but also for crypto companies to provide services under-regulated frameworks. In return, Lithuania gets rewards in the form of tax. Tax authority of Lithuania reported that Binance exchange’s payment provider 

Bifinitey UAB was the second biggest corporate taxpayer.

Read also: Indian Vehicle manufacturer Mahindra will accept Bitcoin payment

Bitget secures regulatory approval in Lithuania

 

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