Cryptocurrency exchange Bitget has obtained regulatory approval as a virtual asset service provider (VASP) in Poland, enabling legal operations in the country. Bitget can now operate legally while adhering to all relevant local and international laws and regulatory standards.
This milestone achievement not only paves the way for Bitget’s increased presence in the EU market but also ensures that the platform provides its users in Poland with a trading experience that prioritizes security and transparency.
By fulfilling the necessary regulatory requirements, Bitget demonstrates its unwavering dedication to upholding compliance standards and regulatory oversight, which plays a pivotal role in fostering trust among its valued users and stakeholders.
The registration took place shortly after new terms and conditions were introduced by the country for blockchain companies to ensure their continued operations. In addition, Bitget secured a VASP license in Lithuania, expanding its cryptocurrency services within and from the Baltic nation.
Bitget’s managing director, Gracy Chen, said, “We understand that regulation is the future of the cryptocurrency industry if mainstream adoption is to be achieved. The recent registrations in the two European countries enhance our foothold and service in Europe.”
Bitget’s quarterly update revealed significant growth in its staff count, increasing from 1,000 to 1,300 members in Q1 2023. The company currently has approximately 300 open positions in various departments such as research and development, compliance, business development, operations, and customer support.
The price recovery of Bitcoin and other crypto assets resulted in a significant increase in Bitget’s User Protection Fund, which grew by $80 million to reach a book value of $380 million. During the same period, Bitget experienced a 27% quarter-over-quarter growth in futures trading volume, reaching $658 billion. The exchange currently boasts 8 million registered users across more than 100 countries.
Under Polish legislation, corporate activities related to cryptocurrency are classified as VAT-exempt, while profits are subject to a standard tax rate of 19%. VASP recipients must adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to ensure the exchange’s integrity is maintained.
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