Gate Group has announced that has registered as a VASP, or virtual asset service provider, via the Organismo Agenti e Mediatori (OAM) in Italy.
Launched in 2013 and based in Cayman, Gate.io is currently ranked as the 8th largest crypto exchange in the world, according to CoinMarketCap.
Gate Group has pursued compliant operations in multiple jurisdictions, including:
- Hong Kong: TCSP licence to provide custody services for digital currencies
- Gibraltar: DLT licence to provide broker/dealer and custody services related to digital currencies, Gibraltar Charity Commissioner approval to engage in charitable activities.
- Malta: Class 4 Virtual Financial Asset Service Provider licence for cryptocurrency exchange, On-ramp and off-ramp, and custody services.
- Lithuania: VASP registration enabling the provision of services as a digital currency exchange operator and custodian.
- Dubai DMCC: Licence for proprietary trading services related to cryptocurrencies.
- Italy: VASP registration enabling the provision of cryptocurrency exchange and wallet services.
- Bahamas: SCB approval to engage in digital asset business, digital asset-to-fiat currency exchanges, offer one or more digital asset exchanges, and digital asset transfer services.
- Australia: Registration with AUSTRAC as a VASP
Lin Han, founder and CEO of Gate Group, commented on the approval in Italy, stating that the regulatory environment is maturing.
“In alignment with our global strategy, we embrace measures that protect users and ensure secure, fair, and honest practices. As a technology, cryptocurrency has immense value and potential to benefit everyone, and adequate safeguards help maintain industry integrity to ensure this technology remains at the forefront.”
As for Gate Group in the US, the platform is available depending on the state as it has taken a state by state approach to providing services due to missing federal regulators regarding digital asssets.