From financemagnates by Jared Kirui

MiCA timeline. Source: ESMA

Crypto exchange Bitget plans to establish a regional hub in Lithuania ahead of the full implementation of the Markets in Crypto-Assets (MiCA) regulations.

A Base for Regulatory Compliance

According to the official statement, the company intends to open a local office and build a team dedicated to compliance. The exchange is already licensed in Poland, Italy, and Australia and has reportedly been actively pursuing regulatory approvals in over 15 jurisdictions worldwide.

Commenting about the business expansion plan, Hon Ng, the Chief Legal Officer of Bitget, said: “We truly appreciate EU regulatory authorities for their leadership and vision for nurturing a secure and vibrant environment for digital innovation.”

“The continent 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 European Union, we are demonstrating our strong commitment to uphold the highest standards of security and compliance.”

MiCA Regulations

Bitget recently re-entered the UK market as part of the global expansion plan. The exchange described this step as important since the MiCA regulations aim to create a unified standard for crypto operations.

Expanding Services Globally

Besides the upcoming regulation being the primary focus, Bitget also described the region as an important hub in promoting crypto innovation and supporting startups. The company offers a range of services, including trading solutions, a multi-chain wallet, and NFT functionalities. It was established in 2018 and reportedly serves over 45 million users across 150 countries.

In October, Bitget Wallet had doubled its user base to 40 million since March. The wallet provider also reported nearing 6 million app downloads in September alone, reportedly becoming the second most-downloaded crypto app globally behind only Binance.