- A minimum of 125,000 euros in seed funding is required for exchanges to incorporate.
- The nation is seen as a growing market for digital assets in Europe.
Bitget, a cryptocurrency trading platform located in Seychelles, has formally registered as a service provider in Lithuania. The Baltic state’s local rules and regulations have been fulfilled, according to a release from the exchange. Also, a safe haven for crypto and blockchain initiatives, the nation is seen as a growing market for digital assets in Europe.
Furthermore, after Estonia canceled hundreds of operating licenses as part of a crackdown in the country in late 2021. A new report from Bloomberg indicates that the country had a fivefold surge in crypto firm registrations through 2022.
Focus on Compliance a Priority
Bitget said that Lithuania is still a great place for crypto enthusiasts and businesses to set up shop and provide services linked to cryptocurrencies. According to managing director Gracy Chen, the crypto derivatives exchange has increased its compliance efforts as a consequence.
The director stated:
“The global regulation of digital assets is advancing on a daily basis, and we actively observe the regulatory changes around the globe. We have a whole dedicated compliance team in place to focus on various regulatory compliance matters.”
In June of last year, the Baltic nation of Lithuania tried to impose stricter regulations on cryptocurrency-related enterprises seeking to set up business in the country. For the purpose of enforcing stricter standards for user identification and exchange operators. It was recommended to legally revise Anti-Money Laundering and Counter-Terrorism Financing regulations.
Moreover, a minimum of 125,000 euros ($137,000) in seed funding is required for exchanges and crypto-service companies to incorporate. In the same week that the European Parliament is poised to enact the highly anticipated Markets in Crypto-Assets legislation, Bitget has registered in Lithuania.
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