Key Takeaways
- Cryptocurrency exchange Bitget is setting up a regional hub in Lithuania to comply with the European Union’s Market in Crypto Assets (MiCA) framework and expand its operations in the region.
- The company with an active presence in Italy, Australia, and Poland, recently launched in the UK and is looking to make a return to the US next year. It is currently pursuing regulatory approval in 15 countries.
- The Lithuanian office will employ compliance and operations personnel and will seek to establish close relations with European regulators to guarantee that its products and services meet the MiCA requirements.
- MiCA, which goes into effect in 2025, includes measures to safeguard crypto investors against fraud schemes and market manipulation. Lawmakers expect the framework to promote greater confidence in the crypto market among mainstream investors.
Leading cryptocurrency trading platform Bitget has announced plans to set up a new European regional center in Lithuania as part of its strategy to expand operations within the EU and comply with the Markets in Crypto Assets (MiCA) regulation – which aims to provide a unified and consistent legal framework for crypto assets across the bloc.
Bitget is pursuing regulatory approval in 15 countries and holds licenses in several EU states, including Italy and Poland. The company recently launched in the UK and is considering a return to the US.
Bitget Sets Up European Hub In Lithuania To Comply With MiCA
In Europe, the exchange hopes to prepare for its compliance under the MiCA by focusing on Lithuania – a crypto-friendly nation, thereby strengthening its position in the continent. Part of its plans is to establish a regional office in the country and recruit compliance and operations personnel.
The company also stated that it intends to establish a close partnership with European regulators to guarantee that its products and services satisfy all regulatory mandates. Bitget previously secured the license to provide crypto-related services in Lithuania, therefore demonstrating its commitment to openness and safe operations in Europe.
These proactive steps will cement Bitget’s place among compliant exchanges in the bloc as the MiCA framework is implemented. According to a press release by the company, the regulatory policy will enhance the legitimacy and stability of crypto markets by establishing more transparent laws. This would allow crypto firms to develop new technologies and services with “greater confidence”, potentially positioning the region as a global innovation center in blockchain technology and digital assets.
Can MiCA Revitalize The Euro?
The EU’s crypto regulations include measures to safeguard consumers against fraud schemes and market manipulation tactics. These strategies will ultimately promote a greater sense of confidence in the crypto asset market, thereby encouraging new investors to participate in the growing economy.
However, the MiCA will impose restrictions on certain stablecoins, which could affect market liquidity as these fiat-backed tokens are widely used for exchanging cryptocurrencies due to their stable value. But, a positive outcome of this move could be the potential expansion of the euro market as crypto exchanges will introduce stablecoins pegged to the currency. A prime example of this is the EUR Convertible token (EURCV) issued by French banking giant Societe Generale, which has already been launched on the European version of the Bitstamp exchange.
This would also result in a significant number of European investors and traders opting for regulated and authorized crypto platforms, particularly if crypto assets start to appear commonly on well-established stock trading platforms.
Bitget’s European aspirations also mirror its approach towards improving the dependability and security of its offerings. Back in October, the exchange revised its token listing criteria to center it around important metrics like tokenomics, fully diluted valuation (FDV), and the history of the project and its team. These updates aim to increase the platform’s security while lowering the risk of fraud.
