WhiteBIT Expands to New Markets with Licenses in Croatia, Italy, and Kazakhstan

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As a seasoned analyst with extensive experience in the cryptocurrency space, I find WhiteBIT’s strategic expansion into Croatia, Italy, and Kazakhstan to be a shrewd move. With my roots deeply embedded in Eastern Europe and a keen eye for emerging markets, I can see that these regions represent significant opportunities for growth in the rapidly evolving crypto ecosystem.

WhiteBIT, a major player in the cryptocurrency exchange market, is expanding its global reach by obtaining Virtual Asset Service Provider (VASP) licenses in Croatia, Italy, and Kazakhstan. By making this strategic decision, they aim to enter new markets, providing superior digital asset management solutions and services to a wider audience. In these countries, WhiteBIT will prioritize developing business infrastructure and creating customized products that adhere to local regulations for both businesses and individual users.

As per Chainalysis’ 2024 Global Cryptocurrency Report, the region comprising Central, Northern, and Western Europe (including Italy and Croatia) is the world’s second-biggest crypto economy, trailing only North America. This area handled approximately $1 trillion worth of on-chain transactions between July 2023 and June 2024. Meanwhile, Central and South Asia, along with Oceania (which includes Kazakhstan), ranks third globally, making up about 16.6% of the total market value. This strategic focus on these countries signifies their significance for the company’s growth.

The European Union’s latest acceptance of the MiCA (Crypto-Assets Markets) regulatory structure represents a crucial turning point within the cryptocurrency sector. This regulation not only brings long-desired legal clarity but also underscores the region’s dedication to fostering the potential of cutting-edge technologies, as demonstrated by Croatia and Italy, two nations with bustling tech environments and growing enthusiasm for Web3. These European markets are increasingly becoming incubators for innovation.

According to the particular conditions of its latest licenses, WhiteBIT intends to proactively grow its operations, encompassing both business-to-business (B2B) and business-to-consumer (B2C), in these specified countries.

  • For Companies: Institutional trades, Over-the-Counter (OTC) deals, API integrations with exchanges, and Cloud-based Automated Trading Services (CaaS).

  • For Consumers: Seamless access to spot trading.

Currently, WhiteBIT functions out of 7 international offices, catering to over 5.5 million individual users. Moreover, the WhiteBIT Group encompasses not only the crypto exchange but also serves a global user base surpassing 30 million. In line with compliance regulations, WhiteBIT abides by the laws of each country they are present in and strive to be among the pioneers in acquiring licenses in new locations. This forward-thinking strategy instills reliability and trust among users on a global scale.

2021 saw WhiteBIT joining the ranks of the initial crypto exchanges seeking licensure within Turkey, successfully listing themselves in the country’s official registry. This significant achievement reflects their dedication towards adhering to regional regulatory standards.

Obtaining VASP licenses in Croatia, Italy, and Kazakhstan represents a significant milestone in our objective to make digital assets available to all and to integrate innovation into the financial sector. We aim to increase the global use of cryptocurrencies by developing a dependable, transparent, and forward-thinking ecosystem for users. These licenses enable us to offer top-notch products and services in these territories, strengthening our relationships with regulators who prioritize transparency and compliance. This was shared by Volodymyr Nosov, the founder and CEO of WhiteBIT.

WhiteBIT is determined to increase its influence worldwide, especially in Asia. As the cryptocurrency sector continues to develop, their goal is to provide tailored services in burgeoning markets. This strategy will strengthen WhiteBIT’s standing as a key player in the industry and meet the escalating need for digital currency products across various regions.

WhiteBIT, established in Ukraine in 2018, is Europe’s largest centralized cryptocurrency exchange. It boasts over 600 trading pairs, 300 assets, and accommodates 9 different fiat currencies. With the backing of the WhiteBIT Group holding, this platform caters to over 30 million users worldwide. WhiteBIT has partnerships with Visa, FACEIT, FC Barcelona, Trabzonspor, the Ukrainian national football team, and lifecell. Committed to promoting the use of blockchain technology both in Ukraine and globally, the company aims to foster its widespread adoption.

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2024-12-19 23:13