Bitrue gets Virtual Asset Service Provider approval in Lithuania

• Bitrue has received VASP approval in Lithuania to offer crypto exchange services.
• The company aims for EU expansion by pursuing the Markets in Crypto-Assets license.
• Lithuania plans regulatory changes to reduce the presence of crypto firms in the country.

Crypto exchange Bitrue has announced its successful registration as a Virtual Asset Service Provider (VASP) in Lithuania, a significant step that allows the Singapore-based platform to offer both crypto exchange and custody services in the European country.

This approval, granted by Lithuania’s Financial Crime Investigation Service, Finansinių nusikaltimų tyrimo tarnyba, underscores Bitrue’s commitment to adhering to regulatory compliance and anti-money laundering standards.

Adam O’Neill, Bitrue’s Chief Marketing Officer, emphasized the importance of regulation in fostering a legitimate cryptocurrency industry. He stated, “Regulation 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.”

O’Neill also welcomed potential legislative developments globally, expressing confidence that such measures would enhance trust in web3 businesses and improve the overall safety of the industry.

Bitrue eyeing MiCA Crypto-Asset Service Provider license

The Lithuania approval comes at a pivotal time as Lithuania is set to reassess its stance on the crypto industry. Recently, Simonas Krėpšta, a board member of the Bank of Lithuania, revealed plans for a regulatory overhaul intended to reduce the presence of crypto firms in the country.

Krėpšta noted that the crypto industry has “failed in a lightly regulated environment,” citing substantial evidence of failures and embezzlement cases from the U.S. and other European nations.

The VASP registration in Lithuania aligns with Bitrue’s long-term ambitions as the company aims to pursue the Markets in Crypto-Assets (MiCA) Crypto-Asset Service Provider license.

The MiCA Crypto-Asset Service Provider license would facilitate the platform’s expansion across the European Union and the European Economic Area under the new regulatory framework. While the company has not disclosed a specific timeline for this endeavour, it has committed to providing updates on its progress.

As the regulatory landscape evolves, Bitrue’s approval marks a proactive step in navigating the complex world of cryptocurrency compliance and operations.