Bitget has been registered as a Financial Services Provider (FSP) in New Zealand. The approval puts the crypto exchange on the Financial Service Providers Register (FSPR) in the country. The feat does cement Bitget’s presence and regulatory approval in the global financial services landscape as it continues to expand its global reach.
Bitget’s New Zealand Registration All Major Financial Services
The FSPR registration is for multiple categories of financial services that the crypto exchange can offer. These include foreign currency exchange and domestic and cross-border money transfers, client asset custody, portfolio and money management. Further, Bitget can enable features like execution of financial products and foreign exchanges transactions on behalf of clients.
In addition, Bitget has signed up to the New Zealand Insurance and Financial Services Ombudsman (IFSO) Dispute Resolution Scheme. The independent scheme provides customers with an alternative avenue for grievance and resolution with involved financial services companies.
Recently, Bitget has also recorded a milestone in its trading volume for perpetual futures, which surpassed $70 billion.
Importance of The Universal Exchange Framework
The registration is part of Bitget’s compliance and operation plan. The firm is developing the systems, equipment and tools necessary to service a growing array of financial services. These include traditional market instruments, foreign exchange and tokenized real world assets.
Gracy Chen, CEO at Bitget, stated “Financial platforms need compliance structures that can support a wider mix of assets and services.” She then noted, “The registration adds another layer to our international financial services framework as the platform continues connecting digital assets with established markets.”
For context, Bitget has been working on its Universal Exchange (UEX) model to connect various asset classes to a single platform. The offering comprises crypto currencies, tokenized securities, commodities, foreign exchange products and other financial instruments.
Hence, it is continuing to expand its services through registered entities and qualified partners in various jurisdictions, the company said.
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