Lithuanian license for Cake DeFi is first in EU and EEA
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- Cake DeFi gets EU license
- All web3 financial services in one application
As the fastest growing Singapore-based cryptocurrency company, Cake DeFi prioritizes security and regulatory compliance issues in every jurisdiction of its operations.
Cake DeFi gets EU license
According to an official announcement shared by the Cake DeFi team, it has finally secured its first license in the EU and EEA region. Since June 9, 2022, it is licensed by the Registrar of Legal Entities of Lithuania.
Cake Defy is 3 years strong
In celebration of our anniversary, we’re offering a new customer $3,333 in a lucky draw!
Register today and win the grand prize! pic.twitter.com/7tG5CFRYQN
– Cake Defy[@cakedefi] 9 June 2022
This license allows Cake DeFi to exchange cryptocurrency and to provide and operate all types of cryptocurrency custodial wallets in Lithuania.
Also, more importantly, this license is set to transform Cake DeFi into a legitimate player in the European fintech market. It is set to facilitate compliance with the protocol with the upcoming EU-wide Cryptocurrency Authority, when the European Union Markets in Crypto-Assets (MICA) Regulations take effect.
Dr Julian Hosp, Co-Founder and CEO of Cake DeFi, emphasized that his team has crossed an important milestone in terms of customer security and global regulatory compliance:
The license from Lithuania is a milestone in our ongoing journey to be fully licensed and regulated in our major markets across the globe. I am proud of the hard work done by our team to meet the stringent norms of financial regulatory bodies in Lithuania and to keep our users safe with strong anti-money laundering policies.
Lithuania is one of the most influential cryptocurrency centers globally; For example, some units of Binance’s global ecosystem are registered in this Baltic state.
All web3 financial services in one application
Prior to receiving the Lithuanian license, Kek DeFi received an exemption under the Payment Services (Exempt for Specified Period) Regulations 2019 by the Monetary Authority of Singapore (MAS), one of the strictest watchdogs in the region.
Cake DeFi is a one-stop platform that offers its users a full plethora of red-hot Web3 services including staking, lending, lending and liquidity pool management opportunities.
In Q1, 2022, it paid out a staggering $317 million in rewards to its users, a record-breaking amount for a service of this type. The platform also targets an IPO in the near future.