As part of its expansion to Europe, Bitget has received regulatory approval from Georgia. The renowned cryptocurrency exchange confirmed the development on Thursday through a blog post.Â
Bitget disclosed that the license will enable its operation as a virtual assets exchange and custodial wallet provider within the Tbilisi Free Zone (TFZ). More so, the regulatory backing will enable users in Georgia to access the array of services offered by the cryptocurrency exchange.
By that, they can access spot trading, futures, and copy trading within a fully compliant and locally regulated framework. Similarly, the exchange highlighted the presence of favourable regulation in Georgia as one of the factors that contributed to the expansion effort.
Meanwhile, the CEO of Bitget, Gracy Chen offered more details on the latest development. According to Chen, since Europe has embraced the Markets in Crypto-Assets (MiCA) regulation, Georgia has remained a standout hub with its growing crypto user base, tax structure, and regulatory clarity.
The CEO promises users in the country industry standard security measures including proof of reserves and a special protection fund. By that, Chen said customers in Georgia can rest assured of entrusting their funds to the exchange.
Keynote on recent market expansion efforts by Bitget
However, the leading cryptocurrency exchange has continued to enhance its presence in the EU markets since the MiCA regulation came into effect last year. In the UK, Bitget managed to secure a license from the Financial Conduct Authority through its affiliate, Archax.
Additionally, Bitget is registered with regulators in Bulgaria, Poland, the Czech Republic, and Lithuania as a virtual asset service provider. The crypto exchange currently holds a license from the Organismo Agenti e Mediatori of Italy.
It is worth mentioning that Bitget has spread its market expansion efforts beyond Europe. A recent report by Binbits revealed that the exchange secured a Digital Asset Service Provider (DASP) in El Salvador.
Thanks to the approval, citizens of the pro-Bitcoin country can enjoy unrestricted access to various offerings of the exchange. Also, Bitget recently launched QR payment support for its web3 wallet in Vietnam.
The innovation allows users to make crypto payments with the Bitget Wallet using VietQR, a national QR standard in the Asian country. As revealed, the payment system supports multiple blockchains including Ethereum, Solana, BNB Chain, Tron, TON, and Base.
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