WOO X strengthens compliance with the AML policy of Poland and EU standards as a whole.
WOO Network will leverage its VASP registration approval in Poland for its plan to expand in the European region, highlighting that Warsaw has recently seen an influx of talent from neighboring countries, the company announced today.
WOO Network has been included on the Polish regulators’ list of virtual asset service providers (VASPs), which allows WOO X to legally provide services to Polish users.
“The approval that we obtained last year is a nod to our efforts to be a catalyst for crypto adoption in Poland as well as in Europe, as we provide a professional-grade trading platform with zero fees and deep liquidity along with being a proactive member of the crypto community.
Following the VASP registration, WOO X has further strengthened its compliance with the anti-money laundering (AML) regulations in Poland and we can use our learning as we expand in the EU.
Poland is a gateway for WOO Network to the EU markets. Warsaw is key to the growth of adoption in the whole of Eastern Europe as the country hosts a number of talents coming from neighboring countries, including Ukraine, Belarus, Bulgaria, and Central Asian countries, among others," said Jack Tan, co-founder of WOO Network.
The country has recently experienced the highest levels of immigration, with the majority of migrants coming from Ukraine. There are about 5 million Ukrainians in Poland. Consequently, Poland has recently seen an increase in the number of people who have crypto wallets as many businesses start to accept cryptocurrency as payment. The country is in the top ten countries in Europe in terms of the percentage of the population with crypto wallets. More than one million people or 2.8% of the Polish population have crypto wallets.
The VASP registration is aligned with WOO Network’s plan to strengthen its position within the Polish and European crypto ecosystem, according to Hubert Gregorski of WOO Network Poland.
“Prior to the VASP registration, we have already been very active in helping the crypto community in Poland, as we are also positioning to expand our presence in Europe. We see Poland as a hub for crypto adoption in this region. Last year, we joined the FinTech Poland Ecosystem with the goal of sharing insights into the innovative, secure, and responsible crypto assets market in the country,” Gregorski said.
In addition to nurturing the local communities, FinTech Poland is also a founding member of the European Digital Finance Association (EDFA), a non-profit independent industry body of 15 EU ecosystems representing thousands of members that collaborate with policymakers to ensure a competitive European Union and a prosperous single market.
Related story WOO Network joins Fintech Poland ecosystem
About WOO Network
WOO X is a trading platform for professional traders, featuring fully customizable modules, and lower to zero-fee trading complete with deep liquidity sourced from the WOO Network, which connects traders, exchanges, institutions, and DeFi platforms. The WOO Token is used in the network’s CeFi and DeFi products for staking and fee discounts.
WOO Network was incubated by Kronos Research, a multi-strategy trading firm that specializes in market making, arbitrage, CTA, and high-frequency trading (HFT).
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