Bitget, which was founded by Sandra Lou in 2018, disclosed in April that it is seeking a virtual asset service provider license in Lithuania.

Bitget Obtains Permission to Operate in Poland

The Seychelles-based cryptocurrency company indicated in a statement released on May 23 that its registration was authorized by the Poland regulator. The sanction authorizes Bitget to provide services related to virtual assets in Poland.

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The virtual asset service provider (VSAP) certificate in Poland is identical to that granted in Lithuania, allowing the crypto exchange to provide crypto-related services in the Baltic country.

The managing director of a cryptocurrency exchange, Gracy Chen, acknowledged that regulation provides a firm foundation for the cryptocurrency industry and serves as a catalyst for its mainstream adoption. The executive extolled the accomplishment by portraying the two registrations as the necessary foothold for expanding their presence throughout Europe.

Bitget's Expansion is Obvious in Workforce, Userbase, and Trading Volume

The confirmation of operating licenses in two European nations coincides with the announcement that Bitget is expanding its operations. In particular, the most recent quarterly report revealed a 30% increase in its workforce.

The 30% increase in the workforce translates to 300 new hires in the first quarter, bringing the total number of employees to 1,000 as of the fourth quarter of 2022. The organization has identified 300 open positions in its research, compliance, customer support, and business development departments.

Bitget's development is undeniable, given that its User Protection Fund has benefited from Bitcoin's recovery. The fund gained $80 million, bringing its total to $380 million. First-quarter trading volume on the cryptocurrency exchange increased by 27% to $658 billion. The exchange estimates that it has 8 million registered consumers in over 100 countries.

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Bitget Aims for Conformity with Polish Directive

According to a publication by the corporate consulting firm Maxcorp, Bitget complies with the most recent directive issued by the Polish regulator. Beginning in 2023, Binance was the first crypto exchange platform to register for a VASP license in Poland.

Following the introduction of stringent requirements, Maxcorp explained that Bitget is emulating Binance by seeking registration in Poland. Under the new terms, blockchain-based enterprises and crypto firms must apply for a new VSAP review.

Maxcorp observed that mainstream Polish institutions have not yet embraced crypto companies.

Instead, the VSAP favors financial institutions domiciled in Lithuania that are crypto-friendly. In Malta, Cyprus, and Switzerland, crypto exchanges can choose alternative banking partners.

Bitget's effective registration in Poland is expected to reap the benefits of procrypto policies. Primarily, Polish law exempts corporate activities involving cryptocurrencies from paying value-added tax (VAT). Consequently, Bitget's profits are subject to the standard corporate tax rate of 19%.

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The new requirements mandate that firms operating under a VASP license undertake the know-your-customer (KYC) procedure. In addition, the recipients must adopt anti-money laundering (AML) procedures in order to maintain the integrity of their operations.