Danal Fintech Completes Establishment of Lithuanian Corporation

Uk Jin

Summary

Danal Fintech announced the establishment of a corporation in Lithuania to expand its presence in the European virtual asset market.
Lithuania provides a favorable environment for the fintech and virtual asset industries, making it a strategic base for Danal Fintech's European expansion.
DaFin Labs plans to offer various virtual asset services by obtaining the CASP license.

Danal Fintech announced on the 24th that it has completed the establishment of a local corporation, 'DaFin Labs', in Lithuania to expand into the European market.

According to the company, Lithuania is a crypto-friendly country that implements policies favorable to the fintech industry and has legalized remittances, exchanges, and prepaid cards using virtual assets (cryptocurrency). Danal Fintech explained that it established a local corporation to expand its virtual asset and blockchain business across Europe, centered on Lithuania.

DaFin Labs plans to apply for the CASP (Crypto Asset Service Provider) license by February next year, aiming to obtain it by June under the EU (European Union) MiCA (Markets in Crypto-Assets) regulation, and to launch virtual asset services throughout Lithuania and Europe.

If DaFin Labs secures the CASP license, it will be able to offer a variety of virtual asset-related services, including ▲ virtual asset wallet and payment ▲ on-ramping services to purchase virtual assets with credit cards and fiat currency ▲ virtual asset card payments ▲ DEX (Decentralized Exchange) integrated swap services ▲ crypto OTC (Over-The-Counter) trading supporting large transactions.