Cake DeFi has reached achieved an important milestone after receiving a regulatory licence in Europe.
Cake DeFi, the fastest-growing Singapore-based Decentralised Finance (DeFi) platform, announced on Thursday that it had received a cryptocurrency license from the Registrar of Legal Entities of Lithuania.
This latest development means that Cake DeFi is authorised to carry out services for exchanging cryptocurrencies and providing and administering cryptocurrency custodial wallets in Lithuania.
Cake DeFi is a fully transparent, highly innovative fintech platform dedicated to providing access to decentralised financial services and applications by enabling users to generate returns from their crypto and digital assets.
According to the press release shared with Coinjournal, the licence Cake DeFi received in Lithuania facilitates the company’s cryptocurrency registration and authorisation in other European Economic Area (EEA) member states and for future conversion into an EU-wide cryptocurrency authorisation when the EU Markets in Crypto-assets (MiCA) Regulations become effective.
The MiCA regulations will come into in 2024 and will grant passporting rights for cryptocurrency licences that fulfill the terms of the framework.
While 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 become fully licensed and regulated in our key markets around the world. 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.”
As a licensed platform, Cake DeFi can give its customers extra peace of mind since they would carry out their trading activities in a regulated environment. The team said this latest development is a sign that Cake DeFi is following the footsteps of other major cryptocurrency companies, such as Binance, which set up entities in Lithuania and were granted licences in the country.
Cake DeFi already holds an exemption under the Payment Services (Exemption for Specified Period) Regulations 2019. This was issued by the Monetary Authority of Singapore (“MAS”), allowing Cake DeFi to continue operating in and from Singapore while the MAS processes its licence application to conduct 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.