Bitget Registers as Crypto Service Provider in Lithuania

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Bitget, a cryptocurrency trading platform based in Seychelles, has officially registered as a service provider in Lithuania, allowing the company to operate in the European country. According to a recent Bloomberg report, the country saw a fivefold surge in Bitcoin company registrations through 2022 as companies tried to acquire registrations in the Baltic nation following the suspension of hundreds of operating licenses in Estonia. Bitget has been in operation since 2018 and currently serves about 8 million users from over 100 countries. Lithuania also suggested legislation changes to anti-money laundering and counter-terrorism financing regulations in order to impose stricter standards for user identification and exchange operators. Bifinitey UAB is Binance Holdings Ltd.’s payments provider and the second largest business tax contributor in 2022. Bitget’s Lithuanian registration comes as the European Parliament prepares to vote on the highly anticipated Markets in Crypto-Assets legislation.

Crypto market update

The Registration Authority of the Abu Dhabi Global Market (ADGM) is collecting feedback on its proposed legislative framework for distributed ledger technology (DLT), which focuses on disclosures, liquidation, and governance structures. The proposed “DLT Foundations Regulations 2023” intend to establish a customized legislative framework that takes into account foundation elements that may be appealing to DLT project developers, such as decentralized autonomous organizations (DAOs). The plans include reporting, disclosure, publication requirements, and insolvency and liquidation procedures. The proposed framework is due for public feedback on May 12.

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