Bitget, a crypto exchange, has received approval to operate in Georgia’s Tbilisi Free Zone (TFZ), which allows the exchange to operate custodial wallets and meditate transactions in the region. The TFZ is designed to attract international investors, particularly technology based ones, by offering tax incentives and streamlining regulatory requirements. Bitget is one of many crypto companies seeking out smaller enterprises to make headway in a changing regulatory environment. Gracy Chen, Bitget CEO, said that the company was seeking out regulatory environments that incentivised business endeavours and embraced international standards. Chen believes that these environments are perfect for building crypto businesses because they combine support from public officials with a growing demand for crypto services. Chen commented that Georgia was an ideal country to do business because it was taking a future oriented perspective and balanced consumer protections with frameworks that support innovation.
Bitget announced the TFZ deal on their website, stating that they now have regulatory approval to operate in Georgia. They can now operate digital asset exchanges and offer custodial wallet services. Bitget stated that the move is part of a broader initiative to move into Eastern Europe to take advantage of the positive regulatory environment. The company chose Georgia because the country offers tax incentives and favorable policies for crypto companies. Bitget also added that they would be committed to responsible practices and would comply with local laws when operating their exchange. Bitget wishes to embed itself within traditional financial structures and to also build business partnerships to grow its business in Eastern Europe.
Gracy Chen, Bitget CEO, said that she was interested in Georgia because the country has clear tax guidelines, as opposed to the MiCAR regulations in Europe which are very difficult to navigate. Bitget is listed as a virtual asset provider in Lithuania, Bulgaria, Poland, and the Czech Republic. Chen also commented, regarding the Georgia deal, that consumers have many protections as well, including transparency with reserves and a special fund for emergencies. What makes Georgia different, according to Chen, is its commitment to engaging directly with businesses and programs that offer grants to crypto companies.
Georgia has built a good reputation regarding crypto regulations because it has a pro business stance with startups and has a positive attitude towards emerging technologies. Georgia is highly ranked as having a high crypto mining per capita rate due to the favourable environment for crypto traders. A possible reason for Georgia’s success is their constant work to seek out businesses and to learn what is needed to make the country a hub for technological innovation. Georgia also seeks out international standards which makes it easy for foreign businesses to collaborate across long distances, having the assurance that the standards will be the same. Chen argued that the country has experienced success because it engages in strategic policy making. Chen added that Georgia was embracing the concept of a long game, understanding that the crypto industry will some day morph into a new global financial infrastructure. The benefit of having international standards is that Bitget can build off their experiences in Georgia and apply them to another jurisdiction that uses the same standards.
Vietnam has been the first recipient of Bitget’s PayFi network which uses QR codes to make payments with Bitget Wallet. The new development forms part of Bitget’s move to expand across the globe. The service integrates with Vietnam’s VietQR and allows payments to be made across the country with tokens such as USDT, Tron, Bitcoin, TON, Ethereum, and many more. Bitget claims that Vietnamese citizens have already started to use VietQR to pay for bills, groceries, and transportation. The practical use of crypto is a positive sign that blockchain is indeed a financial infrastructure of the future. Bitget has bold plans to extend this practicality across the globe.
