Bitget, a leading cryptocurrency exchange and Web3 company, has been granted a Virtual Asset Service Provider (VASP) license by Bulgaria’s National Revenue Agency. This move marks a significant step in the company’s strategic expansion across the European Union and allows Bitget to offer a comprehensive range of crypto services within Bulgaria, including crypto asset exchange, trading, transfer, custody, and wallet services.
The VASP license is a key milestone in Bitget’s ongoing plans to establish a solid foothold in the European market. It also aligns with the company’s goal of obtaining the European Union’s Markets in Crypto-Assets (MiCA) license, which is expected to provide a unified regulatory framework for crypto assets across the region. As the EU introduces more stringent regulatory measures, the MiCA license will offer Bitget a competitive advantage in the growing European market.
Hon Ng, Chief Legal Officer at Bitget, commented on the licensing achievement, saying: “The successful application of the VASP license in Bulgaria is part of Bitget’s strategy to expand our presence across the European Union. As the EU leads with regulatory frameworks like MiCA, we see strong potential for sustainable growth and innovation while ensuring compliance. Bulgaria offers a strategic gateway to accelerate crypto adoption within the EU’s crypto-friendly environment.”
Ng further added that Bitget is looking forward to expanding its regulatory footprint in 2025, in collaboration with regulators worldwide. “We have a strong focus on compliance in every jurisdiction where we operate. Our investment in compliance from the beginning is crucial to building trust with users, ensuring market integrity, and fostering the long-term growth of the digital assets market,” he said.
Bitget has actively sought and gained regulatory approvals in key markets around the globe, including in Poland, Italy, Lithuania, and the UK. The company’s commitment to regulatory compliance has been integral to its expansion strategy. The VASP license in Bulgaria now gives Bitget the regulatory approval to provide an extensive array of services to digital asset users in the region, including facilitating crypto-to-fiat exchanges, secure trading and transfer of assets, custody services to protect user assets, and the ability to publicly offer crypto assets for token launches.
This latest achievement builds on Bitget’s recent success in securing regulatory approval in other regions. In the past three months, the company has received a BSP license in El Salvador, approval in the UK to provide digital asset services, and partnered with Vietnam-based exchange BitEXC to offer compliant services. Bitget has also gained recognition for its trustworthiness, with Forbes ranking the exchange as one of the world’s most trustworthy platforms.
Looking ahead, Bitget aims to collaborate closely with European regulators to ensure its products meet all regulatory requirements, placing a strong emphasis on the protection of user assets and data. As the cryptocurrency sector continues to evolve, Bitget’s focus on compliance and security positions it well to lead the way in global crypto adoption.
