Bitget Eyes Lithuania for EU Regional Hub Amid MiCA Compliance Plans

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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Last updated: 

December 11, 2024

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Bitget, a cryptocurrency exchange and a Web3 company, has announced plans to establish a European Union regional hub in Lithuania.

The decision is part of its strategic expansion across Europe and its proactive measures to align with the Markets in Crypto-Assets (MiCA) regulatory framework, which will be fully compliant by the end of December.

MiCA Framework Attracting Crypto Exchanges to EU

The company plans to establish a regional office and hire compliance and operations personnel to ensure its activities fully adhere to the MiCA framework.

This decision follows Bitget’s recent acquisition of a crypto registration in Lithuania, which is part of its commitment to operating securely and transparently within the EU.

“We truly appreciate EU regulatory authorities for their leadership and vision for nurturing a secure and vibrant environment for digital innovation,” Bitget’s Chief Legal Officer Hon Ng said.

Hon Ng highlighted that the company’s ambitions in Europe extend beyond mere business growth.

He said it also supports the region’s burgeoning ecosystem of crypto startups and innovation.

Bitget’s Regulatory Commitment and Global Expansion

Bitget’s move into Lithuania aligns with its broader compliance strategy and expansion into crypto-friendly jurisdictions.

The exchange has already secured licenses in major markets, including Poland, Australia, and Italy, and has recently re-entered the UK market with fully compliant crypto services.

The company is actively pursuing regulatory approvals in over 15 jurisdictions worldwide.

As the MiCA framework comes into full effect, Bitget plans to collaborate closely with European regulators to ensure its products and services meet all necessary standards. This collaboration will prioritize user asset protection and data security, allowing the exchange to maintain reliability and compliance.

Hon Ng described the establishment of the Lithuanian hub as a significant step toward Bitget’s goal of becoming the fastest-growing compliant exchange under MiCA.

Bitget is not only expanding into Europe. Earlier this year, a report indicated that Bitget is also prioritizing its expansion into India, actively engaging with regulators to ensure compliance with licensing requirements.

The exchange labeled India a “high-priority market.” Bitget aims to capitalize on the country’s rapid crypto adoption and growing Web3 potential, driven by its tech-savvy population and skilled workforce.

Bitget’s efforts come amid regulatory crackdowns on non-compliant exchanges like Binance and Kraken in India.

These strategic expansions have contributed to Bitget’s growth.

According to a September report, Bitget tripled its global registered user base to surpass 45 million users, marking a 400% increase since 2023.

This milestone positions Bitget today as the sixth-largest crypto exchange by trading volume.

Growth has been particularly notable in Africa (1,614%), South Asia (729%), and Southeast Asia (216%) in 2024, supported by initiatives like TON projects and smart crypto solutions.

Notably, Last month, Bitget also integrated VietQR, a Vietnamese payment system enabling real-time digital transactions, to allow users to transfer Vietnamese Dong (VND) seamlessly.

This move enables VND deposits and withdrawals through VietQR and facilitates the purchase of cryptocurrencies like BTC, ETH, USDT, SOL, and BGB.

Bitget also launched a campaign offering transaction fee rebates and trading bonuses to incentivize user participation, targeting up to 1,000 participants.