Bitru has obtained a virtual property service provider license in Lithuania

Bitrue has obtained a VASP license in Lithuania to provide crypto exchange services. The company aims to expand the European Union by monitoring the markets in the Crypto-Assets license. Lithuania is planning regulatory changes to reduce the presence of crypto companies in the country.

Crypto exchange Bitrue has announced that it has successfully registered as a virtual asset service provider (VASP) in Lithuania, a significant step that allows the Singapore-based platform to offer both crypto exchange and custody services in the European country.

This approval, granted by the Financial Crime Investigation Service of Lithuania, Finansininik Tyrimo Tarniba, demonstrates Bitrue's commitment to regulatory compliance and anti-money laundering requirements.

Adam O'Neill, Bitrue's Chief Marketing Officer, emphasized the need for regulation to grow the legitimate cryptocurrency industry. He said, “Regulation is an important part of the development and legalization of the cryptocurrency industry, and we thank Lithuania for being a shining example of how to guide and encourage companies to flourish in this space within national frameworks.”

O'Neill welcomed potential legislative developments globally, saying he believes such measures will boost confidence in Web3 businesses and improve the overall security of the industry.

Bittrue Eyeing MiCA Crypto-Asset Service Provider License

Lithuania's approval comes at an important time as Lithuania prepares to review its stance on the crypto industry. Recently, the board member of the Bank of Lithuania, Simonas Krepshta, announced a regulatory reform plan intended to reduce the presence of crypto companies in the country.

Krėpšta said the crypto industry has “fallen into an environment that is not easily regulated”, citing the failures and embezzlement cases from the US and other European countries.

The registration of VASP in Lithuania is in line with Bitrue's long-term ambitions as the company plans to pursue markets in Crypto-Assets (MiCA) Crypto-Asset service providers.

MCA's crypto-asset service provider license will facilitate the platform's expansion across the EU and the European Economic Area under the new regulatory framework. While the company did not specify a specific timeframe for this effort, it is committed to providing updates on its progress.

As the regulatory landscape continues to evolve, Bitrue's approval represents a proactive step toward navigating the complexities of cryptocurrency compliance and operations.