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Bitget Secures Operational License In Seychelles, Plans Global Expansion

Crypto trading platform, Bitget has announced its presence in Seychelles after being registered to offer digital asset services in the country. With the new license, the firm intends to expand further into other regions as it pushes to onboard more users to its platform.

According to a statement showing the firm’s approval, the registration falls under Seychelles’ 2016 International Business Act. The exchange claimed to operate a decentralized business structure with no specific head office.

In addition, it is reported to be eyeing a 50% increase in its users by Q1 next year. Gracy Chen, the company’s managing director, explained that Bitget’s recruitment drive aligns with its global expansion target and long-term goals.

Despite the bear trend, Chen noted that Bitget would continue to hire the right talent to drive its strategy. The Island nation is no stranger to crypto exchanges and related companies setting up shops in its jurisdiction.

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Like others, the country is trying to cash in on the booming crypto business by allowing as many exchanges as possible to operate in its space. However, the country still needs comprehensive crypto regulations to oversee operating license issuance.

With the increasing interest of start-ups in offering crypto-related products and services, the government set up the National Payment System Vision and Strategy. The government establishment would aim to oversee functions over the country’s payment systems.

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It is the first move the country is making before developing a crypto regulatory licensing regime. Entrepreneurs looking to set up crypto exchanges in Seychelles must first set up a company in the country.

Despite the absence of a guideline for the cryptocurrency industry, it is worth noting that companies must respect anti-money laundering laws and conduct their activities through local banks.

Crypto Adoption In South America

According to reports, the Singapore-based crypto asset services provider has begun operations in Brazil. Bitget is one of several crypto exchanges that have set up shops in South America.

Accordingly, the firm will facilitate deposits using the Brazilian national currency, Reais. In addition, Bitget will use the country’s public payment platform, PIX, to enable deposits.

By this month’s end, the exchange will begin its withdrawal services in Brazil. However, Bitget will not start offering its crypto-derivative products immediately.

The reason is that the Brazilian financial regulatory agency only issues special approval for such services. As a result, Latin America is leading the way in the global crypto adoption rate.

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Currently, El Salvador dominates the digital asset investment chart for that region. Despite the uncertainty about the stability of digital assets in the mainstream financial sector, the continent continues to pump money into these high-risk assets.

In addition to Brazil, Bitget operates in Colombia, Argentina, Mexico, and Venezuela. The crypto exchange has over two million users in about 50 countries.


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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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