Seychelles-based cryptocurrency exchange platform, Bitget, has taken its first step to operate in Europe by registering as a service provider in Lithuania.
The exchange platform has released a statement declaring that it has satisfied all regulatory requirements and regional policies necessary to operate within Lithuania. According to the statement, Bitget can now conduct its activities within the country.
Among the European nations, Lithuania has been identified as one of the fastest countries to adopt blockchain technology and cryptocurrency. The country’s progress in integrating these technologies into its economy has been remarkable.
Lithuania has become a hub for cryptocurrency and blockchain startups, attracting investors and businesses seeking to leverage the country’s supportive regulatory environment.
Reports indicate that in 2022, Lithuania made efforts to establish itself as a cryptocurrency hub, resulting in a fivefold increase in registrations of cryptocurrency companies. This surge in registration can be attributed to Estonia’s decision to revoke the registration of cryptocurrency exchanges within its borders.
Lithuania identified an opportunity to attract cryptocurrency businesses and took proactive measures to become an appealing location for them. Additionally, Bifinitey UAB, the payment service provider for the world’s largest cryptocurrency exchange platform Binance, is based in Lithuania.
According to Bitget, Lithuania is still a great place for crypto enthusiasts and businesses to set up shop and provide cryptocurrency-related services. Since its 2018 debut, Bitget has been used by 8 million individuals worldwide.
In addition, at the beginning of June 2022, Lithuania implemented stricter regulations on cryptocurrency-related enterprises registering in the Baltic state. There have been suggested changes to AML (Anti-Money Laundering) and counter-terrorism funding laws that would impose stricter restrictions on exchange operators and the identification of their customers.
