Key Takeaways
- Bitget received regulatory approval in Poland as a virtual asset service provider to operate in and from Poland.
- This makes Poland the seventh EU country for which Bitget has received regulatory approval.
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Cryptocurrency exchange Bitget confirmed its registration as a Virtual Asset Service Provider (VASP) in Poland on May 23, granting Bitget the legal right to conduct operations within the Polish cryptocurrency market.
Gracy Chen, managing director of Bitget, stated that the adoption of regulatory frameworks is crucial for the cryptocurrency sector to become mainstream. She added that recent registrations in Lithuania and Poland strengthen Bitget’s presence in Europe.
Regulation helps achieve mainstream adoption of crypto.
At Bitget, we understand and embrace regulatory frameworks.
Working with policymakers across the EU and worldwide, we aim to enable open access to crypto in a safe and compliant manner.https://t.co/DsFbDP4fKb https://t.co/dWE36GHEuK
— Gracy Chen @Bitget (@GracyBitget) May 23, 2023
Bitget, an exchange with an average trading volume of around $10 billion, acquired a VASP license in Lithuania in April, which makes the Polish registration the seventh EU country where Bitget received registration. The exchange will be able to conduct cryptocurrency-related business from the countries of registration and work with regulatory authorities, ensuring that a part of Bitget’s 8 million users can transact in compliance with regulations.
In Poland, VASP recipients must comply with Anti-Money Laundering and Know Your Customer requirements, while Polish tax laws stipulate that profits from corporate cryptocurrency-related activities are taxed at a standard rate of 19% and not subjected to the value-added tax. For the EU as a whole, the newly approved MiCA laws will take effect in 2024, meaning that exchanges will have to provide further documentation of regulatory compliance and customer protection.
Chen further commented:
“By proactively working with policymakers and regulators across the EU and worldwide, Bitget aims to enable open access to crypto in a safe, responsible and compliant manner.”
Bitget released a transparency for Q1 2023 that showed the exchange’s growth, increasing employees from 1,000 to 1,300 and seeing a rise in its proof of reserves from 223% to 246%. Its native token, BGB, locked in a 120% gain, with the exchange stating in the report that it was “surpassing all other exchange tokens.”
