Cake DeFi obtains operating license for Lithuania and EEA eyes

Cake DeFi obtains an operating license for Lithuania, Eyes EEA

  • Cake DeFi obtains a license to operate as a regulated crypto platform in Lithuania.
  • The platform will also provide services and administer custody wallets in Lithuania.
  • Besides Lithuania, Cake DeFi aims to obtain an operating license for other EEA states.

Singapore-based decentralized finance platform Cake DeFi has obtained an operating license from the Registrar of Legal Entities of Lithuania. The license authorizes the platform to provide services in exchange for digital currencies as well as to provide and administer crypto custodial wallets in Lithuania.

As Cake celebrates its third anniversary with this achievement, it aims to provide users with a secure platform with a regulated environment. In addition, it can be expected that the Lithuanian license will facilitate registration and authorization in other member states of the European Economic Area (EEA).

Additionally, it will boost future conversion to an EU-wide crypto-clearance with the application of the European Crypto-Asset Market Regulation (MiCA). Scheduled to come into effect in 2024, the MiCA framework will grant passporting rights for crypto licenses to platforms that meet the terms of the framework.

However, Cake is not the first crypto company to obtain an operating license in Lithuania. The world’s leading crypto exchange, Binance, and digital asset investment platform, ONUS Technologies, are among the many crypto companies that have recently acquired crypto licenses in Lithuania.

While announcing the Lithuanian license, CEO and co-founder of Cake DeFi, Dr. financial regulation in Lithuania. and to protect our users with strong anti-money laundering policies.

Licensing Lithuania is an important step in our continued journey to become fully licensed and regulated in our key markets around the world.

Since its inception in 2019, Cake has focused on providing effective financial services and financial inclusion. Recently, Cake made headlines for paying out $317 million in rewards to its customers for the first quarter of 2022.

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