Cake DeFi’s crypto license in Lithuania facilitates its EEA entry
- The license entitles the platform to provide and manage crypto wallets in the country
- It will facilitate adoption across the EU when the EU Markets in Crypto Assets Regulations take effect
- Secure and transparent ways to interact with financial services are at the core of Cake’s corporate philosophy
Cake DeFi, a dynamically growing DeFi platform based in Singapore, was issued a cryptocurrency license by the Registrar of Legal Entities of Lithuania, Invezz learned from a press release. The license entitles the platform to provide and manage crypto wallets and conduct services for exchanging crypto in the European country.
Facilitating entry in EEA states
This development will help Cake obtain registration and authorization in other member states of the European Economic Area (EEA).
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What’s more, it will facilitate adoption across the EU when the EU Markets in Crypto Assets (MiCA) Regulations take effect, which is expected in two years. The MiCA framework will give passporting rights to crypto licenses that comply with it.
Transparent and secure interaction
Offering secure and transparent ways to interact with its financial services is at the core of Cake’s corporate philosophy. With this license, the platform will offer a regulated environment, giving users much-needed peace of mind.
In the footsteps of giants
Cake DeFi is proud to be treading in the footsteps of giants. Leading exchanges like Binance have been granted licenses in Lithuania and set up entities there.
Dr. Julian Hosp, Co-Founder and CEO of Cake DeFi, said in a statement:
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.
Unlocking new value
Cake DeFi has been committed to enhancing financial inclusion, unlocking new economic value, and enabling more efficient and simpler financial services ever since launching in 2019. The platform has paid rewards of $317 million to customers in the first quarter of this year alone.
The DeFi platform found success by being a safe and secure one-stop shop for clients to access lending, staking, liquidity mining, borrowing, and other DeFi services. As part of its plan to further growth and R&D, Cake DeFi intends to go public in the near future.