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Bitrue gets Virtual Asset Service Provider approval in Lithuania

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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.



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Elizabeth Warren Wins Third Senate Term Over Crypto Ally John Deaton

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Democratic Senator Elizabeth Warren secured her third Senate term on Tuesday, defeating Republican candidate and cryptocurrency advocate John Deaton in Massachusetts.

CoinGape has confirmed Elizabeth Warren’s victory, which maintains her position as one of the Senate’s leading voices on financial oversight and cryptocurrency regulation. Warren, a prominent critic of the cryptocurrency industry, overcame Deaton, who campaigned with support from influential figures within the crypto sector.

Elizabeth Warren Wins Senate Term Over  John Deaton

Throughout her political career, Warren has taken a firm stance against the cryptocurrency industry, citing concerns about its potential for financial crime and regulatory evasion. She has been active in pushing legislation to increase oversight on digital assets.

Notably, Warren has championed an anti-money laundering bill that seeks to extend Bank Secrecy Act (BSA) requirements, including know-your-customer (KYC) rules, to entities in the crypto space, such as miners, validators, and wallet providers. This regulatory push aims to bring the crypto industry in line with traditional financial sectors, a point she has reiterated in debates and public appearances.

During an October debate, Warren highlighted Deaton’s ties to the crypto industry, stating, “He’s saying he has really made crypto folks mad, so mad that they came here to Massachusetts and are funding 90% of his campaign to try to take back this Senate seat to take it away from me.” Subsequently, Elizabeth Warren used her opponent’s connections to the industry to emphasize her stance that crypto must follow established financial rules.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US SEC Publishes Grayscale’s Digital Large Fund Cap Filing In Federal Register

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The US Securities and Exchange Commission (SEC) has published Grayscale’s 19b-4 filing for its Digital Large Cap Fund in the Federal Register. This significant development has officially kickstarted the US SEC’s review process for the asset manager’s application to convert this fund into an ETF.

US SEC Publishes Grayscale’s Filing In Federal Register

Grayscale announced in a press release that the US SEC has published the NYSE’s 19b-4 filing to list and trade its Digital Large Cap Fund as an Exchange-Traded Product (ETP) in the Federal Register.

This formally initiates the review process for the Commission to review and possibly approve the application. As noted in the press release, this review process can take up to 240 days before the regulator must decide whether to approve or deny the application.

If the US SEC approves the NYSE’s proposed rule change, it would be the first time a national securities exchange would list and trade shares of multi-crypto asset ETPs. The SEC’s acknowledgment of the 19b-4 filing just comes around two weeks after the asset manager filed to convert the Digital Large Cap Fund into an ETF.

According to Grayscale, as of November 1, the GDLC currently holds over $530 million in assets under management (AuM) for the fund. The fund holds Bitcoin, Ethereum, Solana, XRP, and Avalance, which are weighted according to their respective market caps.

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Former SEC Official Criticizes Wells Notice Against Immutable

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Former SEC official Marc Fagel has voiced concerns over the Securities and Exchange Commission’s recent issuance of a Wells Notice to Immutable, an Ethereum-based Web3 gaming company. Immutable claims that the Wells Notice arrived with limited prior communication or explanation, marking a sharp departure from what is typically a more extensive investigative process. 

Fagel commented that it is unusual for the SEC to issue such notices without first conducting a thorough investigation, suggesting that this approach could be “risky.”

Former SEC Official Questions Rapid Wells Notice Issued to Immutable

Immutable announced it had received a sudden Wells Notice from the U.S. Securities and Exchange Commission (SEC). The notice, which serves as a formal alert for potential enforcement action, cited alleged securities law violations related to private IMX token sales in 2021. However, the specifics of these alleged violations were minimally detailed in the notice, sparking questions about the SEC’s procedural approach.

Former SEC Official Marc Fagel commented on the surprise issuance, noting that it’s uncommon for the agency to send such a notice without preliminary investigation. In typical cases, companies expect several months of interviews or exchanges before receiving a Wells Notice, and Fagel stated that deviating from this standard practice could be seen as “risky.”

In a heated discussion on the X platform, the former SEC official added, 

“BTW, it’s hard to believe the SEC would Wells without conducting sufficient investigation to support the claims; way too risky outside the TRO scenario. That said, I’ve heard plenty of anecdotes about the crypto unit dropping a Wells out of the blue, which is kinda scuzzy.”

Wells Notice Reflects SEC’s “Regulation by Enforcement” Strategy

The crypto sector has witnessed similar actions, with companies such as Coinbase, Consensys, and Crypto.com also receiving Wells Notices. The sudden notice aligns with a broader trend criticized as “regulation by enforcement.” Here, the agency proceeds with legal action rather than establishing clear compliance guidelines. 

Immutable pointed out that its interaction with the SEC was exceptionally brief before the Wells Notice was issued. More so, they noted that it lacked meaningful explanation, containing fewer than 20 words specifying the alleged securities violations.

The Securities and Exchange Commission approach has caused considerable frustration within the crypto community. Fagel highlighted that the SEC’s surprising strategy of issuing Wells Notices abruptly in the crypto sector has become increasingly common. 

ConsenSys Responds to SEC Claims on MetaMask

In parallel, blockchain company ConsenSys recently filed a response to the SEC’s claims regarding alleged securities violations by MetaMask. ConsenSys disputed the allegations, stating that MetaMask’s product embodies essential blockchain principles. It allows users to interact in a decentralized way. The company also reinforced its commitment to defending its product and technology within the legal framework.

Notably, under SEC Chair Gary Gensler, crypto firms have reported heightened compliance burdens. Regulatory enforcement actions have cost the industry an estimated $400 million, according to the Blockchain Association. These reports aligns with what the former SEC official, Marc Fagel, terms as “scuzzy”.

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