Bitrue has received VASP approval in Lithuania to provide virtual currency exchange services. The company aims to expand in the EU by obtaining a crypto asset market license. Lithuania is planning regulatory changes to reduce the presence of crypto companies in the country.
Cryptocurrency exchange Bitrue has announced that it has successfully registered as a Virtual Asset Service Provider (VASP) in Lithuania. This is a significant step that will allow the Singapore-based platform to offer both crypto exchange and custody services in the European country.
This approval, granted by Lithuania's Financial Crimes Investigation Service Finansinių nusikaltimų tyrimo tarnyba, underlines Bitrue's commitment to complying with regulatory compliance and anti-money laundering standards.
Adam O’Neill, Chief Marketing Officer at Bitrue, emphasized the importance of regulation in fostering a legitimate crypto industry. “Regulation is a key element towards the development and legalization of the crypto industry, and serves as a shining example of how companies in this sector can be guided and encouraged to thrive within a national framework,” he said. I praise Lithuania.”
Mr O'Neill also welcomed the possibility of global legislation and expressed confidence that such measures would increase confidence in Web3 businesses and improve safety across the industry.
Bitrue focuses on MiCA crypto asset service provider license
Lithuania's approval comes at a critical time, as the country is reevaluating its stance on the crypto industry. Recently, Simonas Klepsta, director of the Bank of Lithuania, unveiled plans for regulatory reforms aimed at reducing the presence of crypto companies in the country.
Klepsta said the cryptocurrency industry “failed in a poorly regulated environment,” citing substantial evidence of failures and embezzlement cases in the United States and other European countries.
The VASP registration in Lithuania is in line with Bitrue's long-term ambition to obtain the Markets in Crypto-Assets (MiCA) crypto-asset service provider license.
The MiCA Crypto Asset Service Provider License will facilitate the expansion of the platform across the European Union and European Economic Area under the new regulatory framework. The company has not disclosed a specific timeline for this effort, but is committed to providing updates on its progress.
As the regulatory landscape evolves, Bitrue's approval marks a positive step toward navigating the complex world of cryptocurrency compliance and operations.
