In April, the bitcoin exchange obtained VASP authorization in Lithuania.
The virtual asset service provider (VASP) registration in Poland has enabled the cryptocurrency exchange Bitget to legally operate on the Polish market. This comes after the exchange expanded its cryptocurrency-related services in Europe by obtaining a VASP license in Lithuania earlier in April. Bitget sees these registrations as a key step toward strengthening its footprint and offering in Europe since it believes that regulatory compliance is essential for the widespread use of cryptocurrencies.
Bitget emphasizes regulatory compliance
Bitget had significant team expansion during the first quarter of 2023, going from 1,000 to 1,300 employees. Around 300 positions remain unfilled at the exchange in a variety of divisions, including operations, business development, compliance, research and development, and customer support.
This growth demonstrates Bitget’s dedication to enhancing its operational and assistance capabilities in order to fulfill the rising demand for its services.
Bitget experiences team growth and job opportunities
Bitget’s User Protection Fund has grown significantly as the value of Bitcoin (BTC) and other cryptocurrencies has increased. The overall book value climbed by $80 million to $380 million.
Furthermore, Bitget’s futures trading volume, which reached $658 billion, increased by a promising 27% quarter over quarter. The exchange currently has 8 million registered members from over 100 countries, demonstrating its popularity and global reach.
Bitget’s accomplishment in registering as a VASP in Poland illustrates its commitment to legal compliance and growing its market share in Europe. Bitget wants to offer consumers a safe and legal platform so they may trade and invest in cryptocurrencies as the market for cryptocurrencies continues to develop.
Bitget expands global user base with secure services
Growing User Base and Market Presence of Bitget: With 8 million registered users in more than 100 countries, Bitget’s user base has continued to expand. Through new regulatory registrations in Poland and Lithuania, the exchange is extending its market footprint in Europe, strengthening its position in the bitcoin sector.
Bitget is putting itself in a position for future growth and wide-scale adoption in the developing cryptocurrency market thanks to a growing staff and a strong User Protection Fund.
Binance, a cryptocurrency exchange, registered as a VASP in Poland earlier in 2023 as a result of the country’s new rules permitting blockchain enterprises to carry on with their activities. According to corporate consulting firm Maxcorp:
“Traditional Polish banks do not wish to work with crypto companies, thus mostly Lithuanian based financial institutions whom are crypto-friendly can be used, further we can suggest alternative banking options in Europe (Malta, Switzerland, Cyprus etc.).”
According to Polish law, businesses engaged in crypto-related activities are free from paying VAT, and profits are subject to standard 19% taxation.