Bitget Secures Bulgarian VASP License, Bolstering EU Expansion

Cryptocurrency exchange and Web3 firm Bitget has secured a significant milestone in its European expansion strategy by obtaining a Virtual Asset Service Provider (VASP) license from Bulgaria’s National Revenue Agency. This authorization enables Bitget to offer a range of crypto-related services within Bulgaria, including exchange, trading, transfer, custody, and public offering of digital assets, as well as wallet services.

The Bulgarian VASP license is a crucial step in Bitget’s broader strategy to strengthen its presence in Europe and work towards obtaining the Markets in Crypto-Assets (MiCA) license. MiCA aims to create a standardized regulatory framework for cryptocurrencies across the European Union, fostering a more transparent and secure environment for digital asset users and providers.

Hon Ng, Chief Legal Officer at Bitget, emphasized the significance of the Bulgarian license in the company’s efforts to operate within the EU’s regulatory landscape. Compliance with emerging frameworks like MiCA not only ensures the long-term growth and stability of the crypto market but also enhances user trust and market integrity.

Bulgaria was chosen as a strategic entry point in Bitget’s European expansion due to its supportive regulatory framework, which enables digital asset adoption. The successful application of the VASP license in Bulgaria is a testament to Bitget’s commitment to expanding its services across the European Union.

Looking ahead, Bitget plans to expand its regulatory footprint globally by working with regulators in various jurisdictions. Ng believes that regulatory alignment enhances user trust, strengthens market integrity, and encourages the use of digital assets. This commitment to compliance is reflected in Bitget’s acquisition of regulatory approvals in several European jurisdictions, including Poland, Italy, Lithuania, and the United Kingdom.

The recently acquired Bulgarian VASP license allows Bitget to offer a variety of services to the Bulgarian digital asset user base. These services include crypto-to-fiat exchange services, secure transaction facilitation, and custody solutions designed to protect user assets. Additionally, the license enables the public offering of crypto assets, opening up new opportunities for token launches.

Bitget has been actively expanding its regulatory reach in recent months, acquiring a BSP license in El Salvador and approval in the United Kingdom to provide digital asset services. The company has also played a role in developing the Vietnam-based exchange BitEXC. Forbes recently recognized Bitget as one of the world’s most trustworthy exchanges, reflecting its efforts in compliance and security.

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