Crypto exchange Bitrue has received approval as a Virtual Asset Service Provider in Lithuania, enabling it to offer crypto exchange and custody services. The Singapore-based crypto exchange’s Lithuanian branch has been granted approval, allowing the company to expand its services in this region, the company announced in a recent press release.

The registration was granted by Lithuania’s Financial Crime Investigation Service, known as the FinansiniΕ³ nusikaltimΕ³ tyrimo tarnyba. Bitrue emphasized that this approval underscores its commitment to regulatory compliance and anti-money laundering standards.

β€œRegulation is a vital component towards the development and legitimization of the cryptocurrency industry, and we commend Lithuania for being a shining example of how to guide and encourage companies in this space to flourish within national frameworks.”

Adam O’Neill, chief marketing officer at Bitrue, added that the trading platform β€œfully welcomes further legislative developments” globally, which he believes β€œwill not only help deepen the trust in web3 businesses but also make the industry safer.”

Bitrue’s Strategic Expansion Plans

In alignment with its long-term goals, Bitrue is also pursuing the Markets in Crypto-Assets Crypto-Asset Service Provider license. This strategic move will enable the company to expand its services across the European Union and European Economic Area under the new regulatory framework. While the company did not specify a timeline for achieving this milestone, it noted plans to provide updates on its progress in the future.

Changing Regulatory Landscape in Lithuania

This registration comes a few months after Simonas KrΔ—pΕ‘ta, a board member at the Bank of Lithuania, announced plans for a regulatory overhaul. This overhaul is expected to substantially decrease the presence of crypto firms in the country, which has recently been a haven for financial technology startups.

KrΔ—pΕ‘ta stated that the crypto industry β€œfailed in a lightly regulated environment,” emphasizing that the central bank has β€œsubstantial evidence” from the U.S. and other European nations regarding numerous failures and embezzlement cases that have significantly impacted the industry.

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