Exchange of crypto Bitrue has been approved as a Virtual Asset Service Provider in Lithuania, which means that it can now trade and store cryptocurrencies
In a Monday news release, a Singapore-based cryptocurrency exchange said that its Lithuanian branch has been approved as a Virtual Asset Service Provider. The company can now offer crypto exchange and custody wallet services.
The Finansinių nusikaltimų timetable tyrimo tarnyba, Lithuania’s Financial Crime Investigation Service, gave the registration. Bitrue said the permission shows it is committed to following the rules and not laundering money.
Adam O’Neill, chief marketing officer at Bitrue, said:
“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.”
According to O’Neill, the trading platform “welcomes further legislative developments” worldwide. These changes, he says, “will not only help deepen trust in web3 businesses but also make the industry safer.”
Bitrue is also trying to get the Markets in Crypto-Assets Crypto-Asset Service Provider license to offer its services in more places in the European Union and the European Economic Area, which aligns with its long-term goals. The company didn’t say when it would reach this goal, but it did say that it would share reports on its future progress.
Lithuania is going to change how it feels about crypto
A board member at the Bank of Lithuania named Simonas Krėpšta announced plans for a regulatory overhaul a few months ago. These changes will make it much harder for crypto firms to operate in the country, which has become a haven for financial technology startups in recent years.
Krėpšta said the crypto industry “failed in a lightly regulated environment.” He emphasized that the central bank has “substantial evidence” from the U.S. and other European countries about many failures and cases of theft that have had a big effect on the industry.