Over a month after gaining a virtual asset service provider registration in Lithuania, crypto exchange and copy trading platform Bitget has secured a similar registration in Poland. Bitget is aiming to provide “a more secure and transparent trading experience” for Polish users, the exchange said on Tuesday.
Bitget Goes to Poland
In addition, Bitget noted that the registration means that it can now work in line with local and international laws and regulatory standards while expanding across the European Union (EU). The exchange’s efforts come at a time when the EU is working towards implementing a landmark crypto law, the Markets in Crypto-Assets (MiCA) regulation, which was recently passed by the EU Council and the EU Parliament. The law is expected to come into force in July 2024.
“The recent registrations in the two European countries enhance our foothold and service in Europe," noted Gracy Chen, Bitget’s Managing Director. "By proactively working with policymakers and regulators across the EU and worldwide, Bitget aims to enable open access to crypto in a safe, responsible and compliant manner.”
Regulation helps achieve mainstream adoption of crypto.At Bitget, we understand and embrace regulatory frameworks.Working with policymakers across the EU and worldwide, we aim to enable open access to crypto in a safe and compliant manner.https://t.co/DsFbDP4fKbhttps://t.co/dWE36GHEuK
— Gracy Chen @Bitget (@GracyBitget) May 23, 2023
Furthermore, Bitget, which serves over 8 million users in more than 100 countries and regions, said it has doubled its compliance team over the last year. The team is tasked with navigating the exchange’s licensing processes and continuous global expansion.
Licensing Race
In recent months, other crypto exchanges have ramped up their presence in Europe. In April, OKX, the second largest cryptocurrency exchange by trading volume, opened a French subsidiary and has now applied for a license to offer crypto services in France.
Kraken, a US-based crypto exchange, recently secured a similar registration in Ireland despite facing regulatory headwinds in the United States. In fact, Binance appears to be leading the race as the top crypto exchange in January gained its 7th regulatory license in the EU region.
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This article was written by Solomon Oladipupo at www.financemagnates.com.
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