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Bitget exchange and custodial wallet provider has secured regulatory approval in Georgia. The approval allows Bitget to operate within the Tbilisi Free Zone (TFZ).
Now, users in Georgia can access a range of services such as spot trading, futures trading, and copy trading in a fully regulated environment. This development marks an important milestone for Bitget’s global expansion.
Georgia as a Key Market for Bitget Exchange
Bitget’s entry into Georgia is part of its broader strategy to expand in Europe. Georgia offers a favorable business climate and regulatory clarity. The country has become a key market for cryptocurrency, thanks to its progressive approach to blockchain technology.
Bitget CEO, Gracy Chen, highlighted that Georgia provides tax advantages and a supportive environment for crypto companies. The country’s government has been instrumental in shaping laws for blockchain and crypto industries.
Expanding in Europe and Beyond
Bitget exchange has been growing in Europe, especially as the European Union’s Markets in Crypto-Assets Regulation (MiCA) takes effect in 2024. Through its affiliate, Archax, Bitget exchange holds authorization from the UK’s Financial Conduct Authority.
It is also registered as a virtual asset service provider (VASP) in Italy, Poland, Lithuania, and Bulgaria. This expansion solidifies Bitget’s position as a leading player in the European crypto market.
In addition to regulatory compliance, Bitget has invested heavily in security. The platform offers features such as proof of reserves and a dedicated protection fund. These security measures help ensure the safety of user assets. With growing global concerns around digital asset security, Bitget exchange is committed to protecting users from potential threats.
Introducing PayFi: A Global Payment Solution
Bitget exchange has expanded its global offerings by launching PayFi, a new initiative to support national QR payments. Vietnam is the first market to implement this feature. Now, users in Vietnam can make payments using VietQR, the national QR code standard.
Bitget’s integration with VietQR enables users to pay with stablecoins such as USDT and USDC. It also supports multiple blockchains, including Ethereum, Tron, and Solana.
Vietnam’s regulatory environment for crypto is also evolving. Recently, the country’s National Assembly approved the Law on Digital Technology Industry. This law recognizes crypto assets and sets the stage for regulated development in the sector.
It includes requirements for cybersecurity and Anti-Money Laundering (AML) aligned with global standards. The law is set to take effect on January 1, 2026.
Bitget Wallet’s Role in the Vietnamese Market
In partnership with AEON, Bitget Wallet enables stablecoin payments through over 55 banks and payment institutions in Vietnam. This includes major banks like VietinBank and Vietcombank. With over 2 million merchants in the country accepting VietQR, users can now make everyday payments with crypto. This includes buying food, groceries, and other retail items by simply scanning a QR code.
Future Plans for Bitget’s Payment System
Looking forward, Bitget exchange plans to improve its payment system. Future updates will introduce an auto-swap feature. This feature will allow users to pay using any token without needing to manually convert it. The addition of auto-swap functionality will make payments easier and more seamless for users.
Conclusion
Bitget’s regulatory approval in Georgia and its expansion into new markets reflect the company’s strong growth. With regulatory clarity, robust security measures, and innovative features like PayFi, Bitget exchange is well-positioned for continued success.
As Bitget exchange advances its global expansion, it remains committed to delivering secure and efficient services that comply with local regulations. Georgia marks another key step in Bitget’s journey to becoming a leading digital asset exchange worldwide.
Frequently Asked Questions (FAQs)
1. What services can users access on the Bitget exchange in Georgia?
Bitget users in Georgia can access spot trading, futures trading, and copy trading under a fully regulated environment.
2. How does Bitget ensure security for its users?
Bitget offers security features like proof of reserves and a dedicated protection fund to safeguard user assets.
3. What is Bitget’s PayFi initiative?
PayFi allows users to make crypto payments using national QR codes, such as VietQR, in countries like Vietnam. It supports stablecoins like USDT and USDC.
4. How is Bitget expanding in Europe?
Bitget has secured regulatory approvals in the UK, Italy, Poland, Lithuania, and Bulgaria, expanding its reach in Europe.
Appendix: Glossary of Key Terms
Digital Asset Exchange – A platform where users can buy, sell, and trade digital currencies like Bitcoin, Ethereum, and stablecoins.
Custodial Wallet – A digital wallet where a third-party service manages and secures the private keys on behalf of the user.
Spot Trading – The purchase or sale of a financial instrument like cryptocurrencies for immediate delivery and payment.
Futures Trading – A type of trading where users agree to buy or sell an asset at a future date and price, often used for speculation.
Proof of Reserves – A verification process that ensures an exchange holds sufficient assets to cover users’ balances.
VASP (Virtual Asset Service Provider) – An entity that provides services related to virtual assets, including exchanges, wallet providers, and brokers.
MiCA (Markets in Crypto-Assets Regulation) – An EU regulation that aims to create a comprehensive regulatory framework for crypto-assets, ensuring market integrity and investor protection.
Reference
CryptoNews – cryptonews.com
