WhiteBIT, leader in crypto exchanges, enters the markets of Croatia, Italy, and Kazakhstan thanks to VASP licenses. This strategic move aims to offer innovative solutions and compliance with local regulations.
Let’s see all the details in this article.
VASP Licenses: a strategic step to strengthen WhiteBIT’s global crypto presence
WhiteBIT, one of the leading cryptocurrency exchange platforms globally, has announced a significant expansion into the markets of Croatia, Italy, and Kazakhstan, thanks to the acquisition of VASP (Virtual Asset Service Provider) licenses.
This strategy not only strengthens the company’s international presence but also allows offering high-quality digital asset management products and services to an increasingly wide audience.
According to the The 2024 Geography of Crypto Report by Chainalysis, the area of Central, Northern, and Western Europe, which includes Italy and Croatia, represents the second largest economy in the world in the cryptocurrency sector.
Specifically with a market share of 21.7%. Between July 2023 and June 2024, this region facilitated on-chain transactions for nearly a trillion dollars.
On the other hand, the area of Central Asia, South Asia, and Oceania, which includes Kazakhstan, occupies the third place globally with 16.6% of the total market value.
The expansion of WhiteBIT in these countries underscores the strategic importance of these regions for its growth path.
On the other hand, the adoption of the MiCA (Markets in Crypto-Assets) regulatory framework by the European Union marks a turning point for the cryptocurrency industry.
This regulation offers the legal clarity long awaited and demonstrates Europe’s commitment to embracing the potential of emerging technologies.
Croatia and Italy, in particular, stand out for their dynamic technological ecosystems and the growing interest in Web3, demonstrating how European markets are becoming centers of innovation.
WhiteBIT, in line with the specific requirements of the new licenses, plans to expand both B2B (business-to-business) and B2C (business-to-consumer) operations.
Services for businesses and consumers
For companies, WhiteBIT will offer advanced services such as institutional trading, OTC transactions, exchange integration via API, and Crypto-as-a-Service (CaaS) solutions.
For consumers, the platform will focus on smooth access to spot trading, ensuring an intuitive and reliable user experience.
With offices in seven countries and over 5.5 million users served, WhiteBIT is now a consolidated reality in the global cryptocurrency landscape.
The WhiteBIT group supports a user base that exceeds 30 million worldwide, with a constant commitment to complying with the regulations of the countries in which it operates.
This year, WhiteBIT was among the first cryptocurrency platforms to apply for a license in Turkey, obtaining inclusion in the official register, demonstrating its dedication to regulatory compliance.
Volodymyr Nosov, founder and CEO of WhiteBIT, stated the following regarding this:
“Obtaining VASP licenses in Croatia, Italy, and Kazakhstan represents a significant milestone in our mission to make digital assets accessible to everyone and integrate innovation into the financial system. We want to lead the global adoption of cryptocurrencies by creating a reliable, transparent, and innovative ecosystem.”
Looking to the future, WhiteBIT aims to consolidate its global presence, with a particular focus on Asia and emerging markets.
This localized approach will allow the company to meet the growing demand for products and services related to cryptocurrencies, further strengthening its position as a leader in the bull sector.
With a constantly evolving cryptocurrency landscape, WhiteBIT is committed to leading the change by offering innovative and compliant solutions.