WhiteBIT, a leading cryptocurrency exchange, is strengthening its international presence by securing VASP (Virtual Asset Service Provider) licenses in Croatia, Italy, and Kazakhstan. This strategic move enables the company to enter new markets and deliver top-tier digital asset management products and services to a broader user base. In these countries, WhiteBIT will focus on advancing infrastructure solutions for businesses and tailored products for end users, fully aligned with local regulatory requirements, DKnews.kz reports.
According to Chainalysis' The 2024 Geography of Crypto Report, the Central, Northern, and Western Europe region - encompassing Italy and Croatia - represents the world's second-largest cryptocurrency economy after North America, holding a 21.7% market share. Between July 2023 and June 2024, this region facilitated nearly $1 trillion in on-chain transactions. Meanwhile, Central and South Asia and Oceania, which includes Kazakhstan, ranked third globally, accounting for 16.6% of the total market value. This strategic expansion into these countries underscores their importance to the company's growth.
The European Union's recent adoption of the MiCA (Markets in Crypto-Assets) regulatory framework marks a pivotal moment for the cryptocurrency industry. This framework not only delivers long-awaited legal clarity but also highlights the region's commitment to embracing the potential of emerging technologies. Croatia and Italy, with their vibrant tech ecosystems and increasing interest in Web3, exemplify how European markets are becoming hubs for innovation.
In alignment with the specific requirements of its new licenses, WhiteBIT plans to actively expand both its business-to-business (B2B) and business-to-consumer (B2C) operations in these countries:
- For Businesses: Institutional trading, OTC transactions, exchange integration via APIs, and CaaS solutions.
- For Consumers: Seamless access to spot trading.
Today, WhiteBIT operates from 7 offices worldwide, serving over 5.5 million users. Additionally, the WhiteBIT Group holding, which includes the crypto exchange, supports a global user base exceeding 30 million. Committed to compliance, WhiteBIT adheres to the laws of the countries where it has a presence and consistently aims to be among the first to secure licenses in new jurisdictions. This proactive approach ensures reliability and fosters trust among users worldwide.
This year, WhiteBIT also became one of the first cryptocurrency exchanges to apply for a license in Turkey and secure inclusion in the official registry. This milestone underscores the company's commitment to meeting local regulatory requirements.
“Securing VASP licenses in Croatia, Italy, and Kazakhstan marks a significant achievement in our mission to make digital assets accessible to everyone and integrate innovation into the financial system. Our goal is to drive the global adoption of cryptocurrencies by creating a reliable, transparent, and innovative ecosystem for users. These licenses allow us to deliver high-quality products and services in these regions while fostering strong partnerships with regulators who support transparency and compliance” Volodymyr Nosov, founder and CEO of WhiteBIT
WhiteBIT is committed to expanding its global presence, with a particular focus on Asia. As the cryptocurrency industry evolves, the company aims to deliver localized services in emerging markets. This approach will solidify WhiteBIT's position as a leading industry player and cater to the growing demand for cryptocurrency products across diverse regions.
