- Lithuania grants Bitrue permission to provide cryptocurrency services.
- Updates to Lithuanian regulations could impact the future of cryptocurrency.
Bitrue has received Virtual Asset Service Provider (VASP) accreditation in Lithuania, allowing it to provide cryptocurrency exchange and custodial wallet services. The Singapore-based exchange revealed its recent regulatory milestone in a Monday news release, highlighting its dedication to compliance and anti-money laundering (AML) standards.
Lithuania’s Financial Crime Investigation Service (Finansinių nusikaltimų tyrimo tarnyba) has granted Bitrue’s Lithuanian branch a license to fully comply with the country’s framework for virtual asset service providers. Bitrue stated that this regulatory certification represents a step ahead in integrating its operations with demanding European standards.
Regulation is vital for the development and legitimization of the cryptocurrency industry, and they acknowledge Lithuania for setting a shining example of how to guide and encourage companies in this space to thrive within national frameworks, said Adam O’Neill, Chief Marketing Officer at Bitrue. O’Neill also stated his support for additional global regulatory moves, which he feels would promote trust in Web3 firms and safety in the crypto industry.
Pursuing Further EU Market Expansion
Bitrue is also aiming to secure the Markets in Crypto-Assets (MiCA) license, which will allow it to expand its services across the European Union and the European Economic Area under MiCA’s growing legal framework. Although no set schedule for this license has been set up, the company plans to provide updates as its efforts proceed.
This registration in Lithuania, however, coincides with a likely shift in Lithuania’s regulatory posture regarding cryptocurrency. Earlier this year, Simonas Krėpšta, a board member at the Bank of Lithuania, indicated a prospective revamp to limit the authority of cryptocurrency enterprises in the country. Krėpsta observed that the crypto sector failed in a lightly regulated environment, citing evidence from the U.S. and Europe of issues such as embezzlement and substantial operational failures, despite Lithuania’s long-standing financial hub status.
Bitrue’s regulatory approval in Lithuania is a significant advance in aligning with future European Union regulations, while also providing an optimistic outlook for its European clients. As Lithuania and the EU refine their approach to digital assets, Bitrue positions itself as a completely compliant provider, enabling the crypto industry to gain legitimacy in a regulated environment.
