Bitget has recently received regulatory approval to operate as a virtual asset service provider (VASP) in both Poland and Lithuania. The crypto exchange announced this in a press release on May 23, 2023, signaling its ambition to expand its presence across Europe.
Bitget has secured a VASP ( Virtual Asset Service Provider ) registration in Poland! 🎉
Now operating legally in the Polish market, this is a massive milestone expanding our presence in the EU.
✅ Details – https://t.co/OQU5KTwT1z pic.twitter.com/tA2ZoTJgUQ
— Bitget (@bitgetglobal) May 23, 2023
With a user base of 8 million individuals spread across more than 100 nations, Bitget is actively working to broaden its reach and solidify its position in the market.
Gracy Chen, the managing director of Bitget, stressed the importance of regulatory compliance in achieving widespread acceptance within the cryptocurrency industry. According to Chen, the approvals in Lithuania and Poland strengthen Bitget’s market presence and enhance the quality of service it can provide in these countries.
In a similar move earlier this year, Binance, another prominent cryptocurrency exchange, secured VASP registration in Poland, leveraging the country’s newly enacted regulations that support blockchain enterprises.
In Poland, cryptocurrency-related businesses are exempt from value-added tax (VAT), while their profits are subject to the standard 19% taxation. VASP recipients must adhere to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) standards to ensure the integrity of the exchange. These regulations play a vital role in preventing fraudulent activities and money laundering within the cryptocurrency industry.
Bitget’s latest quarterly report revealed significant growth across multiple aspects of the company. In Q1 2023, the company expanded its workforce from 1,000 to 1,300 employees, and it currently has around 300 open positions in research and development, compliance, business development, operations, and customer support.
Bitget’s User Protection Fund also experienced remarkable growth during that period; its book value increased by $80 million to reach a total of $380 million. Additionally, Bitget’s futures trading volume soared by 27% quarter over quarter, reaching an impressive $658 billion.
In a separate development, Bitget launched new courses as part of its Blockchain4Youth initiative. These courses, namely Introduction to Blockchain, Inside a Blockchain Future, and Blockchain Applied, were released on its Bitget Academy platform to increase awareness of blockchain technology among young people and inspire their active participation in the field.
Bitget expects that its expansion into Poland and Lithuania, along with its notable growth and educational initiatives, will help solidify its position as a leading cryptocurrency exchange.
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