1 year ago
134 Haru Invest has announced that its EU incorporated subsidiary – Haru EU Limited UAB – has become an authorized Virtual Asset Service Provider (VASP) for its EU operation based in Lithuania.
The VASP license allows Haru Invest to provide crypto exchange and wallet/custody services as the firm aims to operate a fully-fledged cryptocurrency exchange with a fiat gateway in the European Union.
Haru Invest is a subsidiary service brand of Block Crafters that operates a CeFi digital asset investment platform processing $2.27 billion in total transaction volume while supporting five crypto assets — Bitcoin, Ether, Tether, Ripple and USDC — with a tier of investment strategies, Earn Plus and Earn Explore.
“It will help build trust in the crypto industry for our members”
Hugo Lee, CEO of Haru Invest, said: “Haru Invest has been growing stronger than ever, even during the volatile market situation, so we are very keen on crypto regulations. Obtaining a VASP registration is one of many milestones for our company, and it will help build trust in the crypto industry for our members by providing secure and compliant digital asset management services.”
As a part of the VASP registration process, Haru Invest has undergone a thorough evaluation of its compliance and risk management procedures, as well as due diligence on its corporate governance and business operations. Lithuania, known for its crypto-friendly regulatory environment, is home to a growing blockchain ecosystem.
The company will leverage the VASP authorization to support the Euro currency directly. Haru Invest employs high-frequency algorithmic and trading strategies that take advantage of market inefficiencies and gaps to generate profits.
Haru Invest holds an MSB license from FinCEN in the United States
Last year, the firm obtained an MSB license for its U.S.-based subsidiary, Haruus LLC, in order to enable the digital asset management platform to carry out operations as a money transmitter service and expand its scope of service in the United States.
The Money Service Business (MSB) license is a financial service license supervised and granted by the U.S. Financial Crimes Enforcement Network (U.S. FinCEN) mandatory for any digital asset-related service providers to conduct their businesses in compliance with U.S. regulations.
The firm is now an official MSB across all 50 U.S. states, approved to carry out operations as a money transmitter service — including digital assets such as cryptocurrencies — and expand its scope of service in the country.
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