Bitget is considering a new European regional hub to prepare for MiCA compliance. This hub will be based in Lithuania, and the exchange plans to recruit personnel for compliance and operations.
This news comes from a press release shared with BeInCrypto.
Bitget Prepares for MiCA
Bitget, one of the leading crypto exchanges, is pursuing regulatory approval in 15 countries and holds licenses in several EU nations. Bitget entered the UK market recently and is also considering a return to the US.
“Our vision for Europe goes beyond business expansion. [It] 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 [EU], we are demonstrating our strong commitment to uphold… standards of security and compliance,” said Hon Ng, Bitget’s Chief Legal Officer.
Markets in Crypto Assets (MiCA) is a new EU crypto regulatory framework that will significantly impact the industry. Companies like Revolut X are using the opportunity to massively expand European operations, while firms like Tether are pulling back in anticipation of regulatory trouble. If Bitget can succeed under MiCA, it could give the firm a competitive edge.
Such a success, however, is not guaranteed. For example, in late November, the exchange received a rebuke from Japanese regulators due to improper registration. Because several companies are investing heavily in this opportunity, a similar rebuke could set Bitget back. A dedicated regional hub may alleviate some of these concerns.
In any event, Bitget’s BGB token hit a new all-time high today, and there are several signs of continued forward momentum. The exchange has been generating good publicity for itself, and there are not any clear warnings of a possible downturn in the near future.
BitGet Token (BGB) Price Performance. Source: BeInCrypto
Although the press release used noncommittal language, a few lines suggested that Bitget would engage in some sort of active MiCA compliance. For example, it claimed that “the company is actively preparing for” MiCA and taking “proactive steps” to become compliant. Whether or not the Lithuanian regional hub is finalized, Bitget is taking the challenge seriously.
