Crypto exchange Bitrue has received approval as a Virtual Asset Service Provider in Lithuania, enabling it to offer crypto exchange and custody services.

Singapore-based crypto exchange’s Lithuanian branch has been granted approval as a Virtual Asset Service Provider, allowing the company to offer crypto exchange and custody wallet services, the company announced in a Monday press release.

The registration was granted by Lithuania’s Financial Crime Investigation Service, known as the Finansinių nusikaltimų tyrimo tarnyba. Bitrue stated that the approval underscores its commitment to regulatory compliance and anti-money laundering standards.

“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.”

Adam O’Neill, chief marketing officer at Bitrue

O’Neill added that the trading platform “fully welcomes further legislative developments” globally, which he believes “will not only help deepen the trust in web3 businesses but also make the industry safer.”

In alignment with its long-term goals, Bitrue is also pursuing the Markets in Crypto-Assets Crypto-Asset Service Provider license to expand its services across the European Union and European Economic Area under the new regulatory framework. While the company did not specify a timeline for achieving this milestone, it noted plans to provide updates on its progress in the future.

Lithuania to change its stance on crypto

The registration comes a few months after Simonas Krėpšta, a board member at the Bank of Lithuania, revealed plans for a regulatory overhaul that will substantially decrease the presence of crypto firms in the country, which has positioned itself as a haven for financial technology startups in recent years.

Krėpšta stated that the crypto industry “failed in a lightly regulated environment,” emphasizing that the central bank has “substantial evidence” from the U.S. and other European nations regarding numerous failures and embezzlement cases that have significantly impacted the industry.