Bitget, a cryptocurrency exchange platform headquartered in Seychelles, has expanded its operations to Europe by registering as a service provider in Lithuania. This marks the company’s first move into the European market.
According to a statement released by the exchange platform, Bitget has confirmed that it has fulfilled all the regulatory requirements and regional policies needed to function in Lithuania. The statement states that the company is now authorized to conduct its activities in the country.
Lithuania has made remarkable strides in integrating blockchain technology and cryptocurrency into its economy and has been identified as one of the fastest countries in Europe to adopt these technologies. The country’s supportive regulatory environment has attracted investors and businesses interested in leveraging its status as a hub for cryptocurrency and blockchain startups.
In 2022, Lithuania made significant efforts to position itself as a cryptocurrency hub, leading to a fivefold increase in the number of cryptocurrency company registrations. The surge in registrations is largely attributed to Estonia’s decision to revoke the registration of cryptocurrency exchanges within its borders. As a result, Lithuania has become an attractive destination for cryptocurrency businesses seeking a supportive regulatory environment to operate.
Recognizing an opportunity to attract cryptocurrency businesses, Lithuania took proactive measures to become an appealing location for them. The country’s efforts paid off, resulting in a significant increase in the number of cryptocurrency company registrations. Moreover, Lithuania is home to Bifinitey UAB, the payment service provider for the world’s largest cryptocurrency exchange platform, Binance.
BitGet affirms that Lithuania remains an excellent destination for crypto enthusiasts and businesses seeking to establish themselves and offer cryptocurrency-related services. Since its launch in 2018, BitGet has amassed 8 million users worldwide.
In June 2022, Lithuania tightened regulations for cryptocurrency-related businesses seeking registration within the Baltic state. The authorities proposed amendments to Anti-Money Laundering (AML) and counter-terrorism funding laws that would impose more stringent restrictions on exchange operators and the identification of their clients.