Bitget Considers Lithuania for New European Regional Hub
Bitget is exploring Lithuania as a potential site for a new European regional hub to comply with the EU’s Markets in Crypto Assets (MiCA) regulations. This initiative aims to enhance Bitget's presence in Europe and adhere to evolving regulatory standards.
The crypto exchange is pursuing regulatory approval in 15 countries while holding licenses in several EU nations. Recently, Bitget entered the UK market and is considering re-entry into the US market. Establishing a hub in Lithuania is expected to bolster compliance efforts and strengthen its position in the region, supported by plans to hire staff for compliance and operational roles.
Bitget’s Chief Legal Officer, Hon Ng, stated that the company aims to contribute to Europe's growing ecosystem of startups through this hub, emphasizing their commitment to security and compliance standards.
MiCA establishes a comprehensive regulatory framework for cryptocurrencies across the EU, leading to significant changes within the industry. Companies like Revolut X are leveraging these developments to expand, while others, such as Tether, are reducing operations due to anticipated regulatory challenges. Successfully navigating MiCA could provide Bitget with a competitive advantage in the European market.
Challenges persist; Japanese regulators recently reprimanded Bitget for operating without appropriate registration, highlighting the critical nature of compliance. The proposed Lithuanian hub aims to address these risks and demonstrate Bitget’s commitment to regulatory adherence.
Despite these hurdles, Bitget continues to show strong momentum. The exchange’s native token, BGB, has reached an all-time high, indicating ongoing growth and positive market sentiment. While Bitget is taking “proactive steps” to meet MiCA requirements, no final decision on the Lithuanian hub has been confirmed.