Bitget Eyes Lithuania as MiCA Compliance Deadline Approaches

Crypto exchange Bitget plans to establish a regional
hub in Lithuania ahead of the full implementation of the Markets in
Crypto-Assets (MiCA) regulations.

A Base for Regulatory Compliance

According to the official statement, the company
intends to open a local office and build a team dedicated to compliance. The
exchange is already licensed in Poland, Italy, and Australia and has reportedly
been actively pursuing regulatory approvals in over 15 jurisdictions worldwide.

Commenting about the business expansion plan, Hon Ng,
the Chief Legal Officer of Bitget, said: “We truly appreciate EU regulatory
authorities for their leadership and vision for nurturing a secure and vibrant
environment for digital innovation.”

“The continent is at the forefront of the crypto
revolution, and we are committed to contributing to its growing ecosystem of
crypto startups. By establishing a hub in the European Union, we are
demonstrating our strong commitment to uphold the highest standards of security
and compliance.”

Bitget recently re-entered the UK market as part of
the global expansion plan. The exchange described this step as important since
the MiCA regulations aim to create a unified standard for crypto operations.

Expanding Services Globally

Besides the upcoming regulation being the primary
focus, Bitget also described the region as an important hub in promoting crypto
innovation and supporting startups. The company offers a range of services, including
trading solutions, a multi-chain wallet, and NFT functionalities. It was
established in 2018 and reportedly serves over 45 million users across 150
countries.

In October, Bitget Wallet had doubled its user base to 40
million since March. The wallet provider also reported nearing 6 million app
downloads in September alone, reportedly becoming the second most-downloaded
crypto app globally behind only Binance.

“With over 90% of tokens only available on
decentralized exchanges (DEXs), we’re helping users tap into new
opportunities,” said Alvin Kan, the COO at Bitget Wallet. “Our goal is to bring Web2 users into the world of
Web3, making crypto easy to access, especially for those in regions where
traditional finance is limited.”

The exchange is also expanding through sports partnerships. In September, it inked a collaboration with Spain’s top-tier
football league, LALIGA, as the official crypto partner for Eastern, Southeast
Asian, and Latin American regions.

This article was written by Jared Kirui at www.financemagnates.com.
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