Key Notes

Key Notes:

Bitget has received a Virtual Asset Service Provider (VASP) license from Bulgarian financial authorities, allowing it to expand its European operations.The company has chosen Bulgaria as its European base to comply with the EU’s Markets in Crypto-Assets (MiCA) regulation.Bitget originally planned to set up its European headquarters in Lithuania but has now shifted focus to Bulgaria without disclosing a specific reason.

As the European Union’s Markets in Crypto-Assets (MiCA) regulation takes full effect, crypto exchanges are making strategic moves to align their businesses with the new compliance framework. On Thursday, February 13, Bitget announced that it has secured an operational license from Bulgarian financial authorities, allowing it to function as a Virtual Asset Service Provider (VASP) in the country. With this approval, the exchange has chosen Bulgaria as its key hub for broader compliance with MiCA regulations.

With its newly granted VASP license, Bitget is now authorized to offer a range of services, including crypto trading, asset custody, and fiat conversion. The approval also enables the company to provide institutional custody services and potentially facilitate token offerings in Bulgaria’s local market.

Once Bulgaria fully integrates MiCA into its financial regulatory framework, Bitget will be able to extend its services across the EU’s 27-member bloc without needing separate approvals in each country. This passporting capability is a major advantage for exchanges seeking seamless operations across the region.

Initially, Bitget had planned to establish its European headquarters in Lithuania, as announced in December. However, without providing a specific reason, the exchange has now shifted its focus to Bulgaria, leveraging its new VASP status to solidify its regulatory standing in the region.

According to a Finance Magnates report, Bitget underwent rigorous scrutiny by Bulgaria’s National Revenue Agency before receiving the necessary regulatory approval.

Bitget’s Chief Legal Officer Hon Ng said that obtaining the VASP license aligns with the company’s commitment to expanding its European footprint while maintaining regulatory compliance. He further stated that the European market has the potential for sustainable growth and innovation.

“As the EU continues to lead with regulatory frameworks like MiCA, we see strong potential for sustainable growth and innovation in the region while maintaining compliance. Bulgaria serves as a strategic gateway for our European expansion, offering crypto-friendly ecosystems the chance to accelerate crypto’s adoption,” he said.

The exchange also highlighted that its VASP status in Bulgaria is part of its broader compliance efforts, ensuring that it remains fully registered with the appropriate authorities in every jurisdiction it operates in. Bitget has already secured regulatory approvals in Italy, Poland, Lithuania, and the United Kingdom, further strengthening its presence across Europe.

Outside Europe, the company is also registered in El Salvador as a Bitcoin Service Provider with plans explore the US market.

Despite its strong foothold in Europe, Bitget has ambitious global expansion plans. The company’s 2025 strategy includes an aggressive push into new markets while prioritizing regulatory compliance.

“In 2025, Bitget is bound to lead with aggressive global scaling, with a sharp focus on meeting compliance standards in every jurisdiction where we operate. This approach supports increasing users’ trust and ensures long-term growth as we align our operations with emerging regulations worldwide,” he said.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.

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