Crypto derivatives and copy trading platform , Bitget, has successfully secured its registration in Lithuania, allowing the company to provide crypto-related services in the region in accordance with local regulations.
Bitget Joins Lithuanian Booming Crypto Hub in Europe
Lithuania is fast becoming a significant player in Europe's digital asset market, with its progressive approach to cryptocurrency and blockchain projects. The country is at the forefront of the EU's crypto legislative landscape, attracting numerous companies seeking to establish legal entities for their crypto ventures.
Bitget's Managing Director, Gracy Chen, emphasizes the importance of adhering to and following the diverse regulatory frameworks for digital assets. She states that the company actively collaborates with governmental bodies to promote a healthy ecosystem for the crypto industry.
"The global regulation of digital assets is advancing on a daily basis, and we actively observe the regulatory changes around the globe," Chen commented in a press release sent to Finance Magnates.
Over the past year, quite a few companies have applied for cryptocurrency licenses in Lithuania. Among them was the popular exchange Gate.io, which is seeking to boost its global presence, and the crypto asset custody solution HyperBC. Nearly three years ago, the country was one of the first in the world to officially launch its own digital token, LBCOIN. A year earlier it allowed crypto-based investment funds to operate locally.
Bitget Supports Web3 Adoption
The crypto exchange compliance team constantly monitors global regulatory changes to ensure the company remains compliant with all relevant laws. Over the past 12 months, the company's compliance division has expanded by 50%.
Additionally, Bitget is focusing on promoting the digital assets space and its overall adoption. These include an investment of $30 million in the decentralized multi-wallet BitKeep and the establishment of a $200 million DApps innovation fund. Bitget is also making significant progress in the Web3 space, as evidenced by the launch of the $100 million Bitget Web3 Fund, aimed at promoting blockchain adoption and supporting innovative startups in the industry.
Founded in 2018, Bitget is a crypto exchange with copy trading services as one of its key features. It caters to over 8 million users in more than 100 countries.
Crypto Exchange Expands Staff
In November, Bitget announced that it registered a new office in Seychelles to accelerate its global expansion. On top of that, the digital assets exchange wants to increase its current workforce by 50%, reaching 1,200 employees this year.
Bitget's Seychelles branch was registered under the 2016 International Business Companies Act, and in recent weeks, the cryptocurrency exchange has established new branches in the LATAM and Asia markets as part of its ongoing corporate expansion strategy.
According to Chen, Seychelles is viewed as a welcoming region for the crypto community. Bitget has been working on the registration process for several months and was pleased to announce the development.
Reacting to the market turmoil caused by the collapse of FTX last year, the platform has decided to increase the value of its Protection Fund to $300 million. The Protection Fund was originally introduced a few months earlier with an initial stake of $200 million.
