Bitget Makes Waves in the European Crypto Scene
On May 23, cryptocurrency exchange Bitget announced its successful registration as a virtual asset service provider (VASP) in Poland. This regulatory license now empowers Bitget to operate within the Polish market legally. Earlier, in April, the platform received a similar license in Lithuania, allowing it to extend its cryptocurrency services from the Baltic nation as well.
Regulation and Future Prospects
Gracy Chen, Bitget’s managing director, recently stated, “We understand that regulation is the future of the cryptocurrency industry if mainstream adoption is to be achieved.” With these new registrations, Bitget strengthens its position and service offerings in Europe, paving the way for potential partnerships and growth opportunities across the continent.
Growing Workforce and Expanded Services
In its latest quarterly update, Bitget shared impressive growth metrics: its staff count jumped from 1,000 to 1,300 in the first quarter of 2023. Don’t worry, there are still around 300 job openings across various departments, including research and development as well as customer support. So, if you’re looking for a career change, keep your resume handy!
Bitcoin’s Resurgence Boosts Exchange Performance
With Bitcoin (BTC) and other cryptocurrencies enjoying a price recovery, Bitget’s User Protection Fund saw a nice uptick of $80 million, bringing its total value to $380 million. During this upbeat period, the volume of futures trading surged by 27%, totaling an impressive $658 billion. Who knew numbers could be this exciting?
Market Context: Competition and Regulation
Earlier in 2023, fellow exchange Binance also registered as a VASP in Poland, following the country’s revised terms for blockchain companies. However, Polish banks remain hesitant to work with crypto firms. As noted by the corporate consulting firm Maxcorp, “Traditional Polish banks do not wish to work with crypto companies.” Instead, many firms are opting for more crypto-friendly financial institutions in Lithuania and other European countries like Malta and Cyprus.
Taxation and Compliance Landscape
The Polish legal framework classifies corporate activities related to crypto as VAT-exempt, and profits are taxed at a standard rate of 19%. Companies receiving VASP licenses must ensure compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to help maintain the integrity of the industry. Safety first, people!
