Bitrue secures crypto exchange registration in Lithuania for EU expansion

Crypto exchange Bitrue has received approval as a Virtual Asset Service Provider in Lithuania, allowing it to offer crypto exchange and custody services.

The Lithuanian branch of the Singapore-based crypto exchange has been approved as a Virtual Asset Service Provider, allowing the company to offer crypto exchange and custodial wallet services, the company announced in a press release on Monday.

The registration was issued by Lithuania’s Financial Crime Investigation Service, known as Finansinių nusikaltimų tyrimo tarnyba. Bitrue said the approval underlines its commitment to regulatory compliance and anti-money laundering standards.

“Regulation is a vital component towards the development and legitimizing of the cryptocurrency industry, and we appreciate Lithuania as a shining example of how to guide and encourage companies in this space to develop within national frameworks.”

Adam O’Neill, Bitrue marketing manager

O’Neill added that the trading platform “fully welcomes further regulatory developments” globally and believes this will “not only deepen trust in web3 businesses but also make the industry safer.”

In line with its long-term goals, Bitrue is also seeking to obtain the Crypto Asset Markets Crypto Asset Service Provider license to expand its services across the European Union and European Economic Area under the new regulatory framework. Although the company did not specify a timeline for reaching this milestone, it said it plans to provide updates on its progress in the future.

Lithuania will change its stance on crypto

The registration comes a few months after Bank of Lithuania board member Simonas Krėpšta announced plans for a regulatory overhaul that would significantly reduce the presence of crypto firms in the country, which has positioned itself as a haven for financial technology startups. last years.

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