With the new registration, BitGet will be able to offer its services "in or from Lithuania."
BitGet, a cryptocurrency exchange and digital asset trading platform, has secured registration as a service provider in Lithuania.
According to the announcement shared on April 20th, the company has successfully adhered to the compliance standards of Lithuania's regional laws and regulations. The company noted that this regulation will allow it to offer crypto-related services "in or from Lithuania."
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Known as an emerging digital asset market in Europe, the country also serves as a "heaven" for cryptocurrency and blockchain initiatives. As revealed by the new portal Bloomberg, in 2022, Lithuania experienced a staggering increase in crypto-related company registrations.
The surge came as businesses sought to find a safe place in the Baltic nation after Estonia stripped hundreds of operating licenses during a late 2021 crackdown.
Lithuania continues to maintain its status as an attractive hub for both cryptocurrency users and companies aiming to establish legal entities offering crypto-related services.
In light of this, BitGet has chosen to strengthen its compliance efforts, with managing director Gracy Chen noting:
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.
Operating since 2018, BitGet now serves approximately 8 million users across more than 100 countries.
BitGet's Lithuanian registration underscores the significance of compliance in the rapidly evolving crypto landscape and the strategic opportunities arising from Europe's burgeoning digital asset markets.
It is worth noting that recently, BitGet has partnered with Core DAO and MEXC to roll out a $200 million fund to offer financial assistance to early-stage Web3 projects.
