Cake DeFi has achieved a significant milestone after receiving regulatory licenses in Europe.
The fastest growing Singapore-based decentralized finance[डीआईएफआई]Platform Cake DeFi announced on Thursday that it has received a cryptocurrency license from the Registrar of Legal Entities in Lithuania.
This latest development means that Cake DeFi has been authorized in Lithuania to provide services for the exchange of cryptocurrencies and providing and administering a cryptocurrency custodial wallet.
Cake DeFi is a completely transparent, highly innovative fintech platform dedicated to providing access to decentralized financial services and applications, enabling users to generate returns from their crypto and digital assets.
According to a press release shared with CoinJournal, the license Cake DeFi obtained in Lithuania facilitates the company’s cryptocurrency registration and authorization in other European Economic Area (EEA) member states and for future conversion to an EU-wide cryptocurrency authority. for when the EU Markets Crypto-Asset (MiCA) regulations go into effect.
The MiCA regulations will come into force in 2024 and grant passport rights for cryptocurrency licenses that meet the framework’s conditions.
Commenting on this latest development, Dr. Julian Hosp, Co-Founder and CEO of Cake DeFi, said;
“The license from Lithuania is a milestone in our ongoing journey to be fully licensed and regulated in our key markets across the globe. Our team has worked hard to meet the stringent norms of financial regulatory bodies in Lithuania and our users. I’m proud of the hard work we’ve done to keep the U.S. safe with strong anti-money laundering policies.”
As a licensed platform, Cake DeFi can give its clients additional peace of mind as they will carry out their trading activities in a regulated environment. The team said this latest development is a sign that Cake DeFi is following in the footsteps of other major cryptocurrency companies, such as Binance, which has established entities in Lithuania and licensed in the country.
Cake DeFi already has exemptions under the Payment Services (Exempt for Specified Period) Regulations 2019. It was issued by the Monetary Authority of Singapore (“MAS”), allowing Kek DeFi to continue operating in and out of Singapore while MAS processes its license. Application for conducting digital payment token services.
Cake DeFi is working towards getting listed on a public stock exchange in the near future to accelerate growth and R&D.
