Bitget, a cryptocurrency exchange, has obtained a regulatory license in Poland, allowing it to expand its operations in the European Union (E.U.) region while ensuring compliance with local and international laws.
In a tweet on May 23, 2023, Bitget announced that it has successfully registered as a virtual asset service provider (VASP) in Poland, following the footsteps of major exchange Binance, which was registered earlier in January. Under Polish legislation, corporate activities related to cryptocurrencies are exempt from value-added tax (VAT), but the profits generated from such activities are subject to a standard tax rate of 19%.
To comply with Polish law, VASPs are required to conduct know-your-customer (KYC) and anti-money laundering (AML) procedures. In response, Bitget has expanded its compliance team by 50% over the past year.
Bitget recognizes that regulation is crucial for the cryptocurrency industry’s future and aims to promote mainstream adoption. The exchange embraces and adheres to various regulatory frameworks for digital assets, and actively collaborates with governmental bodies to foster a better ecosystem. The recent registrations in European countries strengthen Bitget’s presence and service offerings in Europe.
Bitget’s first-quarter report for 2023 reveals significant growth in trading volume across its spot and futures markets, indicating a positive sentiment toward the platform’s expansion.