Bitget, a cryptocurrency exchange, declared its achievement of becoming a registered virtual asset service provider (VASP) in Poland on May 23. This regulatory approval grants Bitget the ability to conduct its operations lawfully in the Polish market. Prior to this, Bitget had obtained a VASP license in Lithuania during April, enabling it to provide cryptocurrency-related services within and from the Baltic nation.
Bitget secures regulatory license in Poland
Bitget, the cryptocurrency exchange, announced its successful registration as a virtual asset service provider (VASP) in Poland on May 23. This regulatory license permits Bitget to operate lawfully within the Polish market. In April, Bitget also obtained its VASP license in Lithuania, enabling it to offer cryptocurrency-related services within and from the Baltic nation.
Gracy Chen, the managing director of Bitget, expressed the importance of regulation for the cryptocurrency industry’s future and acknowledged that the recent registrations in the two European countries strengthen their presence and services in Europe.
As per the latest quarterly update, Bitget experienced significant growth, expanding its staff count from 1,000 to 1,300 employees during Q1 of 2023. They currently have approximately 300 job openings in various departments, including research and development, compliance, business development, operations, and customer support.
Additionally, the price recovery of Bitcoin and other crypto assets contributed to an $80 million increase in the book value of Bitget’s User Protection Fund, reaching a total of $380 million. Moreover, Bitget witnessed a 27% quarter-over-quarter growth in futures trading volume, reaching $658 billion. The exchange currently boasts 8 million registered users across more than 100 countries.
Earlier in 2023, Binance, another cryptocurrency exchange, also registered as a VASP in Poland following the country’s introduction of new terms and conditions for blockchain companies to continue their operations.
Traditional Polish banks do not wish to work with crypto companies, thus mostly Lithuanian based financial institutions whom are crypto-friendly can be used, further we can suggest alternative banking options in Europe (Malta, Switzerland, Cyprus etc.).
Maxcorp
Under Polish legislation, corporate activities associated with cryptocurrencies are considered VAT-exempt, while profits derived from these activities are subject to a standard tax rate of 19%. Virtual Asset Service Providers (VASPs) are obligated to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to uphold the exchange’s integrity.
To access more crypto news: cryptodataspace.com
Leave a comment