Bitrue secures crypto exchange registration in Lithuania for EU expansion

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As an analyst with over two decades of experience in the financial sector, I find it intriguing to witness the dynamic evolution of the cryptocurrency industry. Bitrue’s recent approval as a Virtual Asset Service Provider in Lithuania signifies a significant step towards legitimizing the crypto market.

The cryptocurrency platform Bitrue has been given the green light to operate as a Virtual Asset Service Provider in Lithuania, allowing them to provide crypto trading and safekeeping services.

In simpler terms, the Lithuanian division of a cryptocurrency exchange headquartered in Singapore has received authorization to operate as a Virtual Asset Service Provider. This means they can now provide cryptocurrency trading and secure digital wallet services, according to a statement made in a press release on Monday.

The registration was granted by Lithuania’s Financial Crime Investigation Service, known as the Finansinių nusikaltimų tyrimo tarnyba. Bitrue stated that the approval underscores its commitment to regulatory compliance and anti-money laundering standards.

Proper regulation plays a crucial role in fostering and validating the growth of the cryptocurrency sector. We appreciate Lithuania’s leadership in showing businesses in this field how to thrive under their domestic regulations.

Adam O’Neill, chief marketing officer at Bitrue

O’Neill mentioned that their trading platform enthusiastically supports future legal advancements on a global scale. He thinks these changes will not just bolster trust in web3 enterprises but also enhance the overall safety of the industry.

To further align with its long-term ambitions, Bitrue aims to secure the Markets in Crypto-Assets (MiCA) license, which allows them to extend their crypto services throughout the European Union (EU) and the European Economic Area (EEA). Although they didn’t provide a specific timeframe for reaching this goal, they intend to share updates on their progress as it unfolds.

Lithuania to change its stance on crypto

A couple of months following Simonas Krėpšta, a board member at the Bank of Lithuania, disclosing intentions for regulatory changes aimed at significantly reducing the influence of cryptocurrency companies within the country, which has been recognized as a thriving hub for financial technology startups in recent times, a registration has taken place.

Krepshta pointed out that the cryptocurrency sector struggled in a loosely controlled setting, noting that there’s considerable proof from the United States and various European countries of multiple instances of failure and fraudulent activities. These incidents have had a substantial negative impact on the industry as a whole.

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2024-10-28 22:20