- Bitget has announced its plans to expand in Europe by establishing its crypto hub in Lithuania.
- The exchange is eyeing regulatory compliance ahead of European Union’s Markets in Crypto Assets (MiCA) rules.
Crypto exchange Bitget plans to enhance its compliance efforts with the establishment of a new regional office for Europe in Lithuania. The web3 company said in a blog post that this is part of its expansion objectives, with this aligning with European Union’s Markets in Crypto-Assets (MiCA) regulations.
Bitget is actively engaged with regulators as it prepares for MiCA compliance. That’s why its opening its office in Lithuania, it said in the announcement.
Compliance amid MiCA rollout
Entry into Lithuania will see the Bitget team work with European regulators to bring compliant products and services to users. However, the exchange wants to go further than just expanding its products and services across the EU.
According to Bitget chief legal officer Hon Ng, the hub will also target support for Europe’s 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,” Ng said.
Bitget’s move comes as the EU prepares for the full implementation of the MiCA laws on December 30, 2024. The EU adopted the framework in 2023 and has rolled out rules for exchanges and other crypto industry players, including stablecoin issuers.
Some exchanges, including Coinbase, have decided to delist non-compliant stablecoins in the EU market amid this. Tether recently said it would halt support for Tether Euro (EURT).
Bitget has regulatory approval in several countries and jurisdictions, including licenses in Poland, Australia, and Italy. The crypto company has also re-entered the United Kingdom market.
