Haru Invest secures EU passport via VASP license in Lithuania

Rick Steves

“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.”

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.

Read this next

Digital Assets

Binance executives sue Nigerian authorities over rights violation

Two senior executives from Binance have filed a lawsuit against against Nigeria’s national security adviser’s office and its anti-corruption agency, alleging violations of their fundamental rights.

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

<