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Credefi Scores Regulatory Approval to Perform Virtual Currency Operations Internationally

2022-11-18   |   by Carl Cohen   |   1788

Credefi is a platform that aims to tackle some of the most pressing issues that riddle the spaces of both decentralized and traditional finance.

By delivering a steadfast product that enables decentralized and secured lending portfolios of business and delivering a fixed return rate, it protects lenders and borrowers from the volatile nature of the crypto market.

To further cement its position as a trusted provider of secure yields that upholds the values of both the DeFi and TradFi worlds, Credefi has scored a regulatory approval from Lithuania’s FCIS/FNTT Commission.

Credefi Greenlighted to Perform Virtual Currency Operations Internationally

The events of late have highlighted the need for effective regulations that promote secure and transparent integrations of cryptocurrency services.

Credefi has long been working with international regulators to provide the safest experience for its users. In light of the above, the company has managed to obtain an approval from the FCIS/FNTT under The Ministry of the Interior of the Republic of Lithuania to perform virtual currency operations.

The move was also in compliance with the amendments of the Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania.

Confirming the news was a spokesperson from the Ministry, who said:

“Credefi UAB has already notified the Register of Legal Entities of its intention to conduct activities of a virtual currency operator. In light of the above, I confirm that, at the time of writing, Credefi UAB is legally allowed to perform virtual currency operations.”

A Move in the Right Direction

Credefi’s efforts to providing transparent and safe services that abide by the legislative efforts of international regulators come at a critical moment for the cryptocurrency industry. Obtaining a regulatory approval from a national regulator delivers additional opportunities and highlights the safeguards Credefi works to bring to its users.

The company secured its spot among many other FinTech industry leaders and the very best in the market, such as Revolut, following it’s commitment to operations transparency, solidity and business plan consistency, in order to provide the highest level of service to its users, both in the traditional financial markets and in DeFi.

Having successfully delivered millions of dollars in liquidity, the team also understands the responsibilities this brings, especially in light of the most recent events and turbulence.

By working under existing regulations and promoting the need for new and effective legislation, Credefi brings counterpoints to legacy DeFi and TradFi by tackling pressing challenges such as:

  • Inconsistent and fragile yields that melt in bear markets.
  • Speculative and fickle opportunities unable to satisfy the DeFi lending supply.
  • Underserving SMEs who traditionally borrow at high interest rates from traditional banks.

The latest is just one of the moves Credefi has in the pipeline moving into the last quarter of 2022 and the beginning of 2023. The company will continue towards delivering a transparent product suite aimed to guarantee the safety of its customers, while also satisfying their lending and borrowing needs.

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