BitGet, a cryptocurrency trading platform headquartered in Seychelles, has officially registered as a virtual asset service provider (VASP) in Lithuania, allowing the company to conduct operations within the European nation.
The Baltic state is regarded as one of Europe’s emerging digital asset markets and a safe haven for cryptocurrency and blockchain initiatives. The exchange completed the VASP registration, having met the compliance requirements outlined in Lithuania’s regional laws and regulations.
Gracy Chen, the managing director of the Bitget exchange, emphasized the company’s commitment to regulatory compliance and collaboration with government agencies to create a better ecosystem. The exchange has a dedicated compliance team to handle regulatory compliance issues, and the talent pool of Bitget’s compliance team has grown by 50% in the past year, reflecting the company’s emphasis on compliance.
According to a report, Bitget is dedicated to creating a highly skilled and resilient team to bolster its compliance endeavours. In the past year, the talent pool of Bitget’s compliance team has increased by 50%, which will reflect expertise and fortitude, guaranteeing the company’s compliance with all applicable regulations.
In June 2022, Lithuania proposed legal amendments to Anti-Money Laundering (AML) and counter-terrorism financing to strengthen regulations for cryptocurrency-related businesses registering in the Baltic state. These proposed changes aim to enforce stricter requirements for user identification and exchange operators.
According to the proposed regulations, crypto-service providers and exchanges must incorporate as a corporate entity with a minimum starting capital investment of €125,000.
Furthermore, the launch of Bitget’s $100 million Web3 Fund demonstrates the company’s notable advancements in the Web3 sector. The fund aims to promote the use of blockchain technology and support startups that have the potential to advance the industry.
The Bitget Web3 Fund will explore VC firms and projects worldwide, with a specific focus on Asian partners who offer innovative solutions to real-world problems, have a clear roadmap, and have capable teams. The fund has received interest from multiple VCs, such as Foresight Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital.
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