Bitrue, a cryptocurrency exchange based in Singapore, has recently been approved as a Virtual Asset Service Provider in Lithuania. This approval allows Bitrue to offer cryptocurrency exchange and custody wallet services through its Lithuanian branch. The registration was granted by Lithuania’s Financial Crime Investigation Service, highlighting Bitrue’s commitment to regulatory compliance and anti-money laundering standards.
Adam O’Neill, the chief marketing officer at Bitrue, emphasized the importance of regulation in the cryptocurrency industry. He praised Lithuania for setting an example of how to support and regulate companies in the crypto space, promoting both development and legitimacy. O’Neill expressed Bitrue’s support for future legislative developments globally, believing that increased regulation will enhance trust and safety within the industry.
In addition to its current approval in Lithuania, Bitrue is working towards obtaining a Markets in Crypto-Assets Crypto-Asset Service Provider license. This license will enable Bitrue to expand its services throughout the European Union and European Economic Area under a new regulatory framework. Although no specific timeline was provided for this expansion, Bitrue plans to keep stakeholders updated on its progress in the future.
The approval of Bitrue as a Virtual Asset Service Provider in Lithuania comes at a time when the country is reevaluating its stance on cryptocurrencies. Simonas Krėpšta, a board member at the Bank of Lithuania, recently announced plans for regulatory changes that aim to reduce the presence of crypto firms in the country. Krėpšta cited failures and embezzlement cases in the crypto industry, highlighting the need for stricter regulation based on evidence from the U.S. and other European countries.
Overall, Bitrue’s approval in Lithuania marks a significant step towards its expansion in the European market. With a focus on regulatory compliance and a commitment to enhancing industry standards, Bitrue is poised to navigate the evolving landscape of the cryptocurrency industry. As the company continues to pursue additional licenses and regulatory approvals, it aims to establish itself as a trusted and reputable player in the global crypto market.