Crypto exchange Bitget appreciates regulatory measures to advance the industry

Key points to remember

• Regulatory agencies around the world have rolled out frameworks to guide the cryptocurrency market.

• Europe recently approved the MiCA directive, while Hong Kong is expected to release its crypto regulatory framework soon.

• Crypto exchange Bitget said it supports all regulations designed to advance the cryptocurrency industry.

Cryptocurrency regulation is starting to take shape globally

The last few months have been interesting for the cryptocurrency industry in terms of regulation. Despite the ongoing bear market, regulators around the world have been busy rolling out regulatory frameworks for the crypto sector.

In the United States, the Securities and Exchange Commission (SEC) has stated that existing securities laws in the United States cover cryptocurrencies and no new laws are needed.

However, this is not the case in the United States. In Europe, the European Union has chosen to adopt MiCA, or Markets in Crypto Assets, to regulate the cryptocurrency industry.

Earlier this month, European finance ministers unanimously voted in favor of MiCAThe law is expected to come into force in 2024 and will regulate the operation of the crypto market.

Hong Kong should publish its cryptocurrency framework Soon. Once that happens, companies seeking to offer services in Hong Kong will need to apply for and obtain licenses from the commission.

The International Organization of Securities Commissions (IOSCO) has also opened its policy recommendations for the Crypto and Digital Asset Markets for public comment earlier this week.

Bitget supports market regulation

With regulation coming from various parts of the world, crypto companies have made changes to ensure that they operate within these frameworks.

The Bitget crypto exchange is one of the crypto exchanges that continues to strive to operate in compliance with current regulations.

While commenting on recent regulatory efforts, Bitget CEO Gracy Chen said;

“Bitget, as a pioneer of the crypto-based financial technology revolution and a highly innovative solution, welcomes all forms of regulation. We believe such regulations can help position the industry on a defined growth path, protect consumers and combat cybercrime. We believe that digital currency and its underlying technology have the power to support financial innovation and economic growth.

Based on this, the steps taken by IOSCO, the European Union and Hong Kong to advance the wide reach of the industry are well appreciated. They will serve as an important basis for other countries to also develop their own regulations.

Our brand is committed to adopting regulations and implementing a comprehensive set of risk control and anti-money laundering procedures.

Bitget has become one of the world’s leading cryptocurrency exchanges and currently processes over $500 million in daily trading volume.

The crypto exchange is led by Gracy Chen, a leader specializing in growing and executing global market strategies. She has been a metaverse and crypto enthusiast since 2014 and has now become an industry figurehead.