Key points to remember
- Bitget has 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.
Share this article
Bitget cryptocurrency exchange confirmed its registration as a Virtual Asset Service Provider (VASP) in Poland on May 23, granting Bitget the legal right to conduct operations in the Polish cryptocurrency market.
Gracy Chen, CEO of Bitget, said the adoption of regulatory frameworks is crucial for the cryptocurrency industry to go mainstream. She added that recent registrations in Lithuania and Poland strengthen Bitget’s presence in Europe.
Regulation is contributing to the widespread adoption of crypto.
At Bitget, we understand and embrace regulatory frameworks.
Together with policymakers in the EU and around the world, we aim to enable open access to crypto in a safe and compliant way.
—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, making the Polish registration the seventh EU country where Bitget was registered. The exchange will be able to conduct cryptocurrency-related activities from countries of registration and work with regulatory authorities, ensuring that a portion of Bitget’s 8 million users can transact in accordance with regulations.
In Poland, VASP recipients must comply with anti-money laundering and know-your-customer requirements, while Polish tax laws state that profits from businesses’ cryptocurrency-related activities are tax at the normal rate of 19% and not subject to value added tax. For the EU as a whole, the newly approved MiCA laws will come into force in 2024which means that the exchanges will have to provide additional regulatory compliance documentation and customer protection.
Chen added:
“By working proactively with policymakers and regulators in the EU and around the world, Bitget aims to enable open access to crypto in a safe, responsible, and compliant manner.
Bitget has published a transparency for the first quarter of 2023 which show the growth of the exchange, increasing employees from 1,000 to 1,300 and seeing an increase in its proof of reserves from 223% to 246%. Its native token, BGB, locked into a 120% gain, with the exchange stating in the report that it was “outperforming any other exchange tokens.