On May 23, cryptocurrency exchange Bitget announced its successful registration as a virtual asset service provider (VASP) in Poland. The regulatory license allows Bitget to operate legally within the Polish market. In April, Bitget received its VASP license in Lithuania, allowing it to offer cryptocurrency-related services both within and from the Baltic nation.
Gracy Chen, Bitget’s managing director, said, “We understand that regulation is the future of the cryptocurrency industry if mainstream adoption is to be achieved. The recent registrations in the two European countries enhance our foothold and service in Europe.”
According to its latest quarterly update, Bitget grew its staff count from 1,000 to 1,300 members during Q1 2023 and still has around 300 openings in research and development, compliance, business development, operations and customer support.
Additionally, the price recovery of Bitcoin (BTC) and other crypto assets allowed the exchange’s User Protection Fund to gain $80 million in book value to reach $380 million. Over the same period, Bitget’s futures trading volume grew by 27% quarter-over-quarter to $658 billion. The exchange currently has 8 million registered users in more than 100 countries.
Earlier in 2023, cryptocurrency exchange Binance registered as a VASP in Poland after the country introduced new terms and conditions for blockchain companies to continue their operations. According to corporate consulting firm Maxcorp:
“Traditional Polish banks do not wish to work with crypto companies, thus mostly Lithuanian based financial institutions whom are crypto-friendly can be used, further we can suggest alternative banking options in Europe (Malta, Switzerland, Cyprus etc.).”
Polish legislation classifies corporate activities related to crypto as VAT-exempt, and profits are taxed at a regular rate of 19%. VASP recipients are required to carry out Know Your Customer and Anti-Money Laundering procedures to maintain the integrity of the exchange.