As part of its strategic growth in the EU, crypto exchange and Web3 business, Bitget is considering establishing its European regional hub in Lithuania. The resolution sets out to unify the region’s crypto asset regulation in conformity with the EU’s Markets in Crypto-Assets (MiCA) framework.
Hon Ng, Bitget’s Chief Legal Officer, explained his goal asserting, “By establishing a hub in the European Union, we are demonstrating our strong commitment to uphold the highest standards of security and compliance.”
Bitget’s European expansions follow a recent UK partnership. It also holds licenses in major markets such as Poland, Australia, and Italy.
Bitget European entry preparation in detail
The company has stated that it is currently preparing for compliance with the MiCA framework. Part of the plans is to establish an office in Lithuania and recruit compliance and operations personnel.
Additionally, the organization stated that it intends to establish a close partnership with European regulators to guarantee that its products satisfy all regulatory mandates.
As the MiCA framework is implemented, Bitget’s preparations will enable it to grow quickly as a compliant exchange.
Hon Ng made a statement, “We truly appreciate EU regulatory authorities for their leadership and vision for nurturing a secure and vibrant environment for digital innovation.”
He added, “Our vision for Europe goes beyond business expansion. The continent is at the forefront of the crypto revolution, and we are committed to contributing to its growing ecosystem of crypto startups.”
Bitget’s crypto registration is now secured in Lithuania, which indicates its commitment to operating securely and transparently within Europe.
Bitget’s goals for the Europe and MiCA initiative
The European Union’s community policies are quite advantageous for traders. When the requisite precautions are taken, they are also suitable for crypto platforms.
According to Bitget, MiCA will enhance the legitimacy and stability of crypto markets by establishing more transparent regulations. This would allow companies to develop new crypto technologies and services with greater confidence, potentially positioning the EU as a global innovation center in the blockchain and crypto sector.
The EU’s regulations have included measures to safeguard consumers from fraud, schemes, and market manipulation. These will ultimately promote a greater sense of confidence in the crypto markets, thereby encouraging more individuals to invest and participate.
However, there will be restrictions on certain stablecoins, which could affect the liquidity of the crypto market.
Still, one outcome of this trend could be the euro’s potential expansion on crypto exchanges or the introduction of new stablecoins on the euro, such as EUR Convertible (EURCV) by Société Générale, which has already been introduced on the European exchange, Bitstamp.
Ultimately, a significant number of European investors and speculators may opt for authorized platforms that are more in compliance with regulations, particularly if crypto assets begin to appear on well-known stock trading platforms.
Lastly, it is important to note that this has not yet occurred, as Switzerland, which is not a member of the EU, has been the primary European center for the crypto industry.
Bitget’s pending operations
Bitget stated that it is currently in the process of obtaining regulatory approvals in over 15 jurisdictions worldwide.
Recently, Bitget established a strategy to settle in the US under President-elect Donald Trump. BitGet CEO Gracy Chen said, “We are revisiting a US strategy, although we have not decided on anything yet.”
Although Trump’s crypto regulations are not clear in the US, newcomers still have the anxiety to deal with a mess of state-based licenses and different government agencies.
Gracy Chen explained a solution they could consider, “If we had a local partner who has many of those licenses already, then we could do a joint venture, for example. So we don’t need to go through all the applications. We might take that approach, but it’s not decided yet.”
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