Key Takeaways
- Bitget has received Polish regulatory approval as a virtual asset service provider to operate in and from Poland.
- This makes Poland the seventh EU country where Bitget has received regulatory approval.
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Exchange Cryptocurrency Bitget confirmed its registration as a Virtual Asset Service Provider (VASP) in Poland on May 23, which gives Bitget the legal right to conduct operations within the Polish cryptocurrency market.
Gracy Chen, managing director of Bitget, says that the adoption of regulatory frameworks is essential for the cryptocurrency sector to become mainstream. He added that recent registrations in Lithuania and Poland strengthen Bitget’s presence in Europe.
Regulation will help achieve mainstream adoption of crypto.
At Bitget, we understand and embrace regulatory frameworks.
Working with policy makers across the EU and around the world, we aim to enable open access to crypto in a secure and compliant manner.https://t.co/DsFbDP4fKb https://t .co/dWE36GHEuK
— Gracy Chen @Bitget (@GracyBitget) May 23, 2023
Bitget, an exchange with an average trading volume of nearly $10 billion, Obtained a VASP license in Lithuania in April, making Poland’s registration the seventh EU country where Bitget has received registration. The exchange will be able to conduct cryptocurrency-related business from countries that register and work with regulatory authorities, ensuring that a portion of Bitget’s 8 million users can transact in compliance with the regulation.
In Poland, VASP recipients must comply with Anti-Money Laundering and Know Your Customer requirements, while Polish tax laws stipulate that income from cryptocurrency-related activities taxed at the standard rate of 19% and not subject to value-added tax. For the EU as a whole, the newly approved MiCA laws will come into effect in 2024means that exchanges are necessary provide additional documentation of regulatory compliance and customer protection.
Chen further commented:
“By actively working with developers and regulators across the EU and around the world, Bitget aims to provide open access to crypto in a safe, responsible and compliant manner.
Bitget released a transparency for Q1 2023 that SHOW the growth of the exchange, increasing employees from 1,000 to 1,300 and seeing an increase in the evidence of its reserves from 223% to 246%. Its native sign, BGB, is locked in a 120% profit, with the exchange saying in the report that it “surpasses all other exchanges tokens.”
