On May 23, cryptocurrency exchange Bitget announced that it had successfully registered as a Virtual Asset Service Provider (VASP) in Poland. The regulatory license allows Bitget to operate legally in the Polish market. In April, Bitget received a VASP license in Lith uania, allowing it to provide cryptocurrency-related services within and from the Baltic states.
Gracy Chen, Managing Director of Bitget, said: “We understand that regulation is the future of the cryptocurrency industry if mainstream adoption is to be achieved. Recent registrations in these two European countries strengthen our foothold and services in Europe. According to its la test quarterly update, Bitget increased its headcount from 1,000 to 1,300 in the first quarter of 2023, and still has about 300 job openings in R&D, compliance, business development, operations, and customer support.
Also, the price of Bitcoin recovered and other crypto assets brought the exchange's user protection fund to $380 million at a paper value of $80 million. During the same period, Bitget's futures trading volume increased by 27% month-on-month to $658 b illion. The exchange currently has 8 million registered users in more than 100 countries. In early 2023, cryptocurrency exchange Binance registered as a VASP in Poland after introducing new terms and conditions for blockchain companies to continue operating in Poland. According to business consulting firm Maxcorp:
“Traditional Polish banks do not want to work with crypto companies, so most crypto-friendly Lithuanian financial institutions can be used, besides we can suggest alternative banking options in Europe (Malta, Switzerland, Cyprus, etc.).” Polish legislation classifies crypto -related business activities as exempt from VAT, with profits taxed at the regular rate of 19%. VASP recipients must implement know-your-customer and anti-money laundering procedures to preserve transaction integrity.
