Bitrue gets Virtual Asset Service Provider approval in Lithuania

• Bitrue
  has
  received
  VASP
  approval
  in
  Lithuania
  to
  offer
  crypto
  exchange
  services.
• The
  company
  aims
  for
  EU
  expansion
  by
  pursuing
  the
  Markets
  in
  Crypto-Assets
  license.
• Lithuania
  plans
  regulatory
  changes
  to
  reduce
  the
  presence
  of
  crypto
  firms
  in
  the
  country.

Crypto
exchange
Bitrue
has
announced
its
successful
registration
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
Lithuania’s
Financial
Crime
Investigation
Service,
Finansinių
nusikaltimų
tyrimo
tarnyba,
underscores
Bitrue’s
commitment
to
adhering
to
regulatory
compliance
and
anti-money
laundering
standards.

Adam
O’Neill,
Bitrue’s
Chief
Marketing
Officer,
emphasized
the
importance
of
regulation
in
fostering
a
legitimate
cryptocurrency
industry.
He
stated,
“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.”

O’Neill
also
welcomed
potential
legislative
developments
globally,
expressing
confidence
that
such
measures
would
enhance
trust
in
web3
businesses
and
improve
the
overall
safety
of
the
industry.

Bitrue
eyeing
MiCA
Crypto-Asset
Service
Provider
license

The
Lithuania
approval
comes
at
a
pivotal
time
as
Lithuania
is
set
to
reassess
its
stance
on
the
crypto
industry.
Recently,
Simonas
Krėpšta,
a
board
member
of
the
Bank
of
Lithuania,
revealed
plans
for
a
regulatory
overhaul
intended
to
reduce
the
presence
of
crypto
firms
in
the
country.

Krėpšta
noted
that
the
crypto
industry
has
“failed
in
a
lightly
regulated
environment,”
citing
substantial
evidence
of
failures
and
embezzlement
cases
from
the
U.S.
and
other
European
nations.

The
VASP
registration
in
Lithuania
aligns
with
Bitrue’s
long-term
ambitions
as
the
company
aims
to
pursue
the
Markets
in
Crypto-Assets
(MiCA)
Crypto-Asset
Service
Provider
license.

The
MiCA
Crypto-Asset
Service
Provider
license
would
facilitate
the
platform’s
expansion
across
the
European
Union
and
the
European
Economic
Area
under
the
new
regulatory
framework.
While
the
company
has
not
disclosed
a
specific
timeline
for
this
endeavour,
it
has
committed
to
providing
updates
on
its
progress.

As
the
regulatory
landscape
evolves,
Bitrue’s
approval
marks
a
proactive
step
in
navigating
the
complex
world
of
cryptocurrency
compliance
and
operations.