- Cake DeFi secures license to operate as a regulated crypto platform in Lithuania.
- The platform will also provide services and administer custodial wallets in Lithuania.
- Aside from Lithuania, Cake DeFi aims to achieve an operating license for other states of EEA.
The Singapore-based decentralized finance platform, Cake DeFi, has secured an operating license from the Registrar of Legal Entities of Lithuania. The license authorizes the platform to conduct services in exchange for digital currencies alongside providing and administering crypto custodial wallets in Lithuania.
Cake DeFi is now authorized to conduct services for exchanging cryptocurrency, and providing and administering cryptocurrency custodial wallets in Lithuania and much much more…
— Cake DeFi (@cakedefi) June 8, 2022
As Cake celebrates its third anniversary with this achievement, it aims to provide users with a secured platform with a regulated environment. Besides, it can be predicted that Lithuania’s license will facilitate the registration and authorization in other member states of the European Economic Area (EEA).
Moreover, this will boost future conversion into an EU-wide crypto-authorization with the enforcement of the EU Market in Crypto-assets (MiCA) Regulations. Anticipated to be effective in 2024, the MiCA framework will grant Passporting Rights for crypto licenses to platforms that abide by the terms of the framework.
However, Cake isn’t the first crypto company to achieve an operating license in Lithuania. The world’s leading crypto exchange company, Binance, and digital asset investment platform, ONUS Technologies, are among the numerous crypto companies who have recently acquired crypto licenses in Lithuania
While announcing the achievement of Lithuania’s license, Cake DeFi’s CEO and Co-Founder, Dr. Julian Hosp, commented: “I’m beyond proud of the hard work our team has put in to meet the stringent criteria of the financial regulatory bodies in Lithuania and to protect our users with strong anti-money laundering policies.”
The license from Lithuania is a milestone in our ongoing journey to become fully licensed and regulated in our key markets around the world.
Since its inception in 2019, Cake has been focused on providing efficient financial services and financial inclusion. Recently Cake was in the news for paying out $317 million in rewards to its customers for Q1, 2022.