Bitget is considering Lithuania as the potential location for a new European regional hub to align with the EU’s Markets in Crypto Assets (MiCA) regulations. This initiative reflects the exchange’s broader strategy to strengthen its European presence and adhere to evolving regulatory frameworks.
The company is pursuing regulatory approval in 15 countries, adding to its existing licenses in multiple EU nations. Bitget recently entered the UK market and is also exploring a return to the U.S. market. A Lithuanian hub would bolster its compliance efforts and regional influence. To support this expansion, Bitget plans to hire compliance and operational personnel.
Chief Legal Officer Hon Ng highlighted Bitget’s vision for Europe, emphasizing the company’s commitment to fostering the region’s crypto ecosystem. “Europe is at the forefront of the crypto revolution, and we are dedicated to supporting its growth while maintaining high security and compliance standards,” Ng stated.
MiCA’s introduction promises a unified regulatory framework across the EU, presenting both opportunities and challenges for the crypto sector. While companies like Revolut X are leveraging MiCA to expand, others, including Tether, are scaling back. Successfully navigating these regulations could give Bitget a competitive edge in Europe.
However, challenges persist. In November, Japanese regulators reprimanded Bitget for unlicensed operations, underscoring the importance of compliance. Establishing a Lithuanian hub could mitigate such risks and demonstrate Bitget’s regulatory commitment.
Despite obstacles, Bitget is making strides. Its native token, BGB, recently hit an all-time high, reflecting market confidence and the exchange’s growth trajectory. A final decision on the Lithuanian hub is pending.
