Cake Defi, a leading Decentralized Finance (DeFi) platform in Singapore, has just announced that it has obtained a cryptocurrency license from the Lithuanian Registrar of Legal Entities. It enables the platform to offer cryptocurrency exchange services, as well as provide and manage cryptocurrency wallets in Lithuania.
This will ease Cake’s cryptocurrency registration and authorization in additional European Economic Area (EEA) member states, as well as its eventual transformation into an EU-wide cryptocurrency authorization once the EU Markets in Crypto-assets (MiCA) Regulations go into force. In 2024, crypto licenses that meet the requirements of the MiCA framework will be able to get passporting rights.
Enabling transparent and safe means of interacting with its platform is key to Cake’s overall organizational objectives. By offering a regulated environment, as a licensed network, it will be able to provide customers with greater peace of mind. Cake DeFi is following in the footsteps of other big cryptocurrency firms, such as Binance, who have established organizations in Lithuania and have been issued permits across the country.
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.”
He further added: “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.”
Cake DeFi Rewarded a Record $317 Million
Cake’s exemption under the Payment Services (Exemption for Specified Period) Act 2019 from the Monetary Authority of Singapore (MAS) enables it to remain operational in and from Singapore whereas the MAS processes its license application to provide digital payment token services.
Cake DeFi has been devoted to delivering new economic value, fostering financial inclusion, and allowing more smooth and efficient financial services since its 2019 launch. As of the first quarter of 2022, Cake DeFi has handed out a remarkable $317 million in prizes to its clients.
So far, Cake DeFi accomplished these milestones by establishing a safe and reliable platform for users to utilize DeFi services like staking, financing, borrowing, and liquidity mining. It plans to go public on a stock exchange in the future to help with growth and research and development.
Cake DeFi Leading The Decentralized Finance Sector
Cake DeFi is a fully transparent, sophisticated fintech platform whose sole purpose is to provide access to decentralized financial services and applications. Since it was started three years ago in 2019, the DeFi company Cake DeFi has shown that it is committed to making it easier for people to get money.
It is also promoting the prudent investment of crypto assets to produce passive income. Offering loans, staking, and liquidity mining, the company has amassed $1 billion in customer assets. Additionally, the company has close to one million registered users.
About Cake DeFi
Cake DeFi is a completely transparent, truly innovative fintech platform that provides access to decentralized financial services and apps by allowing users to create profits from their crypto and digital assets. It is run and set up in Singapore and is subject to the laws and rules of that country.
By empowering its customers to leverage the capabilities of DeFi, Cake DeFi wants to help people all over the world learn more about crypto and DeFi in a way that is clear, simple, and easy.
