Cryptocurrency adoption globally seems to be on the rise as companies like Bitget significantly bolster their operational outreach. Venturing beyond its borders, Bitget aims to establish an operational presence in the Middle East, laying plans to hire 30-60 staff members over the next few years and setting up its office in the heart of Dubai. This initiative reflects Bitget’s efforts to cultivate a dynamic team well-versed in mid and back-office functionalities with a strong inclination towards advancing blockchain and cryptocurrency adoption worldwide.
While it manifests as a business move, what lies underneath is the company’s vision to bridge the gap between the Middle East and crypto realms. Noting this, the critical question becomes: is this phenomenon limited to Bitget, or is it a trend engulfing the crypto world?
This shift in operational strategy comes off the back of Gemini expressing its plans to expand in the Asia-Pacific region, joining the race to capture the “next wave of growth for crypto.” Looking for more than a 100 new additions to its Singapore team and aiming to institute an engineering division in India, Gemini’s move illustrates an increasing interest in markets outside the US.
Likewise, Coinbase has widened the services provided in Singapore, known as a crypto-friendly financial hub, enhancing its global footprint.
Why the sudden surge in overseas expansion, though? The answer may lay in the growing regulatory pressure in the U.S. Not long ago, the Securities and Exchange Commission came down heavily on Binance and Coinbase, filing 13 charges against the former and several against the latter about alleged violation of registration requirements. Other crypto platforms like Kraken and Bittrex, along with the crypto lending platform Nexo, faced similar actions.
This overseas expansion might be the rebellion against increasing regulatory scrutiny in the U.S, or just a forward-thinking business strategy to capture developing markets. The lines blur when it’s about the often puzzling and ever-evolving world of cryptocurrency. As crypto companies continue to expand horizons, the question remains: Will this tactic eventually backfire, or will they successfully navigate their ships through the stormy regulatory seas? It’s all a grand game of wait and watch.
Source: Cryptonews
