One of Singapore’s fastest-growing Decentralized Finance (DeFi) platforms has secured a crypto license from the Lithuanian Registrar of Legal Entities. It allows the platform to provide and operate crypto custodial wallets in Lithuania and exchange cryptocurrency.
When the EU Markets in Crypto-assets Regulations (MiCA) comes into force, Cake’s cryptocurrency registration and authorization in other European Economic Area (EEA) member states will be facilitated. The MiCA framework, set to go into force in 2024, will provide crypto licensees that meet the framework’s conditions and pass porting rights.
Cake’s company strategy is based on the belief that its platform should be accessible and safe to all users. It will be able to provide clients with additional peace of mind since it is a licensed platform. As with other prominent cryptocurrency firms like Binance, Cake DeFi has established up shop in Lithuania and been awarded a license.
Co-Founder and CEO of Cake DeFi, Dr. Julian Hosp, stated:
“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.”
At home in Singapore, Cake has an exemption granted by the Monetary Authority of Singapore (MAS) that permits it to continue operating in and from Singapore. At the same time, the MAS reviews its application for a license to operate digital payment token services.
Aiming to increase financial inclusion, streamline financial transactions, and improve the user experience are all core values of Cake DeFi, which was launched in 2019. A whopping $317 million has been rewarded to its consumers as of the first quarter of 2022. DeFi services like lending, borrowing and liquidity mining may be readily accessed via Cake DeFi’s safe and secure one-stop platform. It plans to list on a public stock market soon to speed up expansion, research, and development.