The renowned digital assets exchange, Bitget, continues to make strong strides in Europe’s increasingly regulated cryptocurrency market. Recently, the firm announced its successful registration as a Virtual Asset Service Provider (VASP) in Poland, making it the latest feather in its cap of compliance accolades in Europe.
Bitget’s regulatory victory follows a similar triumph last month in Lithuania, underlining the firm’s commitment to offering secure, regulated services across the continent. Gracy Chen, Bitget’s Managing Director, elaborated, “Bitget has always been at the forefront of understanding the pivotal role of regulation in achieving mainstream adoption of cryptocurrencies. These successive registrations solidify our European footprint, allowing us to serve clients within a trusted and transparent framework.”
European expansion amid regulatory evolution
The crypto exchange’s latest milestone arrives against the EU’s evolving regulatory landscape. In anticipation of the imminent Markets in Crypto-Assets (MiCA) regulation, expected to take effect in July 2024, Bitget is strategically positioning itself to adhere to this landmark law.
Bitget’s commitment to a safe and compliant trading environment is exemplified by its robust compliance team, which has doubled over the past year. This dedicated team focuses on navigating the exchange’s licensing processes and facilitates its continued global expansion.
Under the watchful eyes of such a team, Bitget has managed to grow its user base to 8 million registered users from more than 100 countries. Simultaneously, the firm has bolstered its staff numbers by 30% in Q1 2023 and continues actively recruiting in various fields, including research and development, compliance, business development, operations, and customer support.
Bitget’s registration as a VASP in Poland is not just a strategic move for the company but also showcases Poland’s own progressive stance towards blockchain companies. Despite a general reluctance by traditional Polish banks to associate with crypto companies, Poland has introduced terms and conditions that allow these firms to operate legally. For instance, corporate crypto-related activities are VAT-exempt, and profits are taxed at a regular rate of 19%.
Overall, Bitget’s proactive regulatory approach reflects its commitment to promoting responsible, open access to digital assets globally. As regulatory landscapes continue to evolve and cryptocurrency becomes increasingly mainstream, it’s clear that Bitget intends to remain at the forefront of this new era of digital finance. The firm’s strategy highlights not only its dedication to maintaining high standards of compliance and regulatory oversight but also its ambitious vision for the future of cryptocurrency.