Bitget Withdraws Application for VASP License in Hong Kong
Bitget’s local arm in Hong Kong has announced its decision to withdraw its application for a Virtual Asset Service Provider (VASP) license in the region. The cryptocurrency exchange had previously established a dedicated platform for users in Hong Kong, but is now backing out of its licensing plans.
The reason behind this move remains unclear, but BitgetX HK, the exchange’s local arm, stated that it has decided not to apply for a license in Hong Kong due to “business and market-related considerations”. Consequently, BitgetX HK will cease operations on December 13, 2023.
Expansion of Fiat Gateways and Regulatory Developments
In other news, Bitget has expanded its fiat gateways in the Middle East, allowing users to utilize various currencies for peer-to-peer trades on the platform. Meanwhile, reports have emerged about Hong Kong’s securities regulator potentially allowing retail investors to buy spot crypto ETFs, although no timeframe has been announced as yet.
Hot Take: Bitget Shuts Down Plans for VASP License in Hong Kong
Bitget’s withdrawal from pursuing a VASP license in Hong Kong raises questions about the regulatory environment and business considerations for cryptocurrency exchanges in the region. The expansion of fiat gateways and potential regulatory developments indicate the evolving landscape of crypto markets globally.
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