Bitget has officially registered as a service provider in Lithuania, allowing the company to operate in the European country. According to the exchange’s release, it has satisfied compliance criteria with regional laws and regulations in the Baltic state. The country has been regarded as an emerging digital asset market in Europe, as well as a safe haven for bitcoin and blockchain initiatives.
Bitget said that Lithuania remains a popular destination for cryptocurrency consumers as well as businesses wishing to establish legal organizations to provide cryptocurrency-related services. As a result, the bitcoin derivatives exchange sought to strengthen its compliance measures.
“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.”according to Managing Director, Gracy Chen
Bitget has been in operation since 2018 and currently serves about 8 million users from over 100 countries.
Lithuania Becoming Home to Multiple Exchanges
According to a report by Bloomberg, Lithuania experienced a fivefold spike in crypto business registrations through 2022 as companies sought to acquire registrations in the Baltic nation after Estonia canceled hundreds of operating licenses in late 2021 as part of a crackdown.
Last June, Lithuania considered tightening laws for cryptocurrency-related firms registering in the Baltic state. To impose stricter criteria for user identification and exchange operators, legal adjustments to Anti-Money Laundering and Counter-Terrorism Financing regulations were recommended.
Exchanges and crypto-service providers must register as a corporate organization, with a minimum investment barrier of €125,000. According to Bloomberg, Bifinitey UAB, the payments provider for Binance Holdings Ltd, is also based in Lithuania. According to data from Lithuania’s tax authorities, the company was the second largest provider of corporate tax in 2022.
Bitget’s Lithuanian registration comes in the same week as the European parliament is expected to pass the highly anticipated Markets in Crypto- Assets legislation.