Bitget Secures Approval for VSAP License in Poland Weeks After Registration in Lithuania
Bitget crypto exchange has, in its May 23 statement, confirmed securing approval to operate in Poland. Founded by Sandra Lou in 2018, Bitget revealed it is seeking a virtual asset service provider license in Lithuania in April.
Bitget Secures License to Operate in Poland
The Seychelles-based crypto firm indicated in its Tuesday, May 23 statement that the Poland regulator approved its registration. The approval grants Bitget authority to offer virtual asset-related services in Poland.
The virtual asset service provider (VSAP) license in Poland mirrors that granted in Lithuania, which allows the crypto exchange to offer crypto-related services within the Baltic nation.
The crypto-exchange managing director Gracy Chen acknowledged that regulation offers a solid basis for the cryptocurrency industry as a catalyst for its mainstream adoption. The executive lauded the achievement by portraying the two registrations as providing the requisite foothold to expand their presence across Europe.
Bitget Expanding Operations Evident in Workforce, Users and Trading Volume
The approval of operating licenses in the two European countries coincides with the revelation that Bitget is expanding operations. In particular, the latest quarterly report revealed its workforce increased by 30%.
The 30% growth in the workforce translates to 300 additions in the first quarter to its 1000 staff count reported as the last quarter of 2022. The company identified 300 vacancies within its research, compliance, customer support, and business development units.
Bitget growth is undeniable since its User Protection Fund gained from the Bitcoin recovery. Specifically, the fund gained $80 million, raising it to $380 million. Within the first quarter, the crypto exchange’s trading volume increased by 27% to accomplish $658 billion. The exchange estimates its registered users as 8 million spread in over 100 countries.
Bitget Targets Compliance with Polish Directive
A publication by the corporate consulting firm Maxcorp indicated that Bitget is complying with the latest directive by the Polish regulator. Binance led rival crypto exchange platforms in registering for a VASP license in Poland at the onset of 2023.
Maxcorp outlined that Bitget is replicating Binance’s move to seek registration in Poland following the introduction of stringent requirements. Under the new conditions, blockchain-based companies and crypto firms must seek fresh vetting for approval as VSAP.
Maxcorp noted that the mainstream Polish banks are yet to embrace crypto firms.
Instead, the VSAP is leaning towards the Lithuanian-headquartered financial institutions considered crypto-friendly. Crypto exchanges can opt for alternative banking partners in Malta, Cyprus, and Switzerland.
Bitget successful registration in Poland is set to benefit from the procrypto policies. Primarily, Polish legislation categorizes corporate activities involving crypto as exempt from incurring value-added tax (VAT). Consequently, profits earned by Bitget are subject to the normal 19% corporate rate.
Firms operating under the VASP license are mandated by the new requirements to conduct the know-your-customer (KYC). Also, the recipients must embrace the anti-money laundering (AML) procedures to ensure integrity in their operations.
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