Bitget, a cryptocurrency exchange, successfully obtained a regulatory license to operate in Poland.
The new approval enables Bitget to expand its operations in the European Union (E.U.) region but also ensures adherence to local and international laws.
The future is regulation
In a tweet sent out on May 23, 2023, Bitget announced it has secured virtual asset service provider (VASP) registration in Poland, joining the major exchange, Binance, which registered in January.
In accordance with Polish legislation, corporate operations associated with cryptocurrencies are considered exempt from value added tax (VAT), while profits generated from such activities are subject to a standard tax rate of 19%.
To ensure compliance with Polish law, VASPs are obligated to conduct know-your-customer (KYC) and anti-money laundering (AML) procedures. Bitget also expanded by its compliance team by 50% over the past year.
“We understand that regulation is the future of the cryptocurrency industry if mainstream adoption is to be achieved. At Bitget, we always embrace and follow the various regulatory frameworks set forth for digital assets and actively cooperate with governmental bodies to bring upon a better ecosystem. The recent registrations in the two European countries enhance our foothold and service in Europe.”
Gracy Chen, Bitget managing director.
A sentiment towards strong growth
In Bitget’s first quarter report for 2023, the platform reports significant growth in trading volume across its spot and futures markets.