Bitget, a well-known cryptocurrency exchange and copy trading platform, announced a significant milestone. The company announced proudly that it has been approved as a virtual asset service provider (VASP) in Poland. Bitget is now in a position to expand its operations within the European Union (EU) while adhering to relevant domestic and international laws and regulations.

Bitget has secured a VASP ( Virtual Asset Service Provider ) registration in Poland! 🎉

Now operating legally in the Polish market, this is a massive milestone expanding our presence in the EU.

✅ Details – https://t.co/OQU5KTwT1z pic.twitter.com/tA2ZoTJgUQ

— Bitget (@bitgetglobal) May 23, 2023

Bitget Becomes Registered VASP in Poland, Strengthening EU Market Presence

Bitget’s approval as a VASP in Poland is a critical step toward establishing a stronger presence in the EU market. Bitget gains legal standing to offer its services to Polish customers as a registered VASP. It will result in a safer and more transparent trading environment. The registration demonstrates the platform’s dedication to stringent compliance measures and vigilant regulatory oversight, both of which are critical in building trust among its users and stakeholders.

Gracy Chen, Bitget’s Managing Director, emphasized the importance of regulation in the cryptocurrency industry, particularly for widespread acceptance. Recognizing the significance of compliance, Bitget obtained a VASP license in Lithuania in April. It allows the company to operate legally in the country and provide cryptocurrency-related services to both residents and visitors.

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The cryptocurrency exchange has been aggressively growing its workforce, with a significant increase from 1,000 to 1,300 employees during the first quarter of 2023. Bitget is currently hiring for 300 positions in departments such as research and development, compliance, business development, operations, and customer support. This hiring reflects the company’s commitment to expansion and its desire to improve the quality of services provided to its growing user base.

Bitget Reports Impressive 27% Increase in Quarterly Futures Trading Volume

Bitget has also had a positive financial trajectory. The recovery of Bitcoin (BTC) and other crypto assets increased the book value of the exchange’s User Protection Fund by an impressive $80 million. It brought the total to $380 million. Furthermore, the platform saw a 27% increase in its quarterly futures trading volume. It reached an impressive $658 billion. Bitget currently has 8 million registered users from over 100 different countries, demonstrating its global reach and appeal.

It is worth noting that under Polish law, crypto-related business operations are exempt from VAT, and cryptocurrency related income is taxed at the standard rate of 19%. To ensure the security and integrity of transactions, VASP participants, including Bitget, are required to implement Know Your Customer and Anti-Money Laundering policies.