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Coinpaprika 2024-12-12 08:44:35

Bitget Eyes Lithuania for EU Crypto Compliance

Bitget is considering Lithuania as a possible location for a new European regional hub to comply with the EU’s Markets in Crypto Assets (MiCA) regulations. This move is part of the company’s broader efforts to strengthen its presence in Europe and meet emerging regulatory standards. The crypto exchange is actively seeking regulatory approval in 15 countries while already holding licenses in several EU nations . Recently, Bitget entered the UK market and is evaluating a return to the US market. Establishing a Lithuanian hub is expected to enhance its compliance efforts and solidify its standing in the region. To support this initiative, the company plans to recruit personnel for compliance and operational roles. Bitget’s Chief Legal Officer, Hon Ng, emphasized the company’s vision for Europe, stating, “Our vision goes beyond expanding business. Europe is at the forefront of the crypto revolution, and we are committed to contributing to its growing ecosystem of startups. By setting up a hub in the EU, we show our dedication to upholding security and compliance standards .” MiCA introduces a robust regulatory framework for cryptocurrencies across the EU, promising significant changes for the industry. Companies like Revolut X are capitalizing on these developments to expand their European operations, while others, such as Tether, are scaling back in anticipation of regulatory hurdles. If Bitget successfully navigates MiCA, it could gain a competitive advantage in the European market. However, challenges remain. In late November, Japanese regulators reprimanded Bitget for operating without proper registration. Such regulatory setbacks underline the importance of compliance and could hinder the company’s progress. The proposed regional hub in Lithuania is seen as a step toward mitigating such risks and demonstrating Bitget’s commitment to regulatory standards. Despite these challenges, Bitget’s momentum remains strong. The exchange’s native token, BGB, recently reached an all-time high, signaling continued growth and positive sentiment in the market. The press release indicates that Bitget is taking “proactive steps” to meet MiCA requirements, although no final decision on the Lithuanian hub has been confirmed.

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