Bitget, the cryptocurrency exchange and Web3 company, has obtained a Virtual Asset Service Provider (VASP) license from Bulgaria’s National Revenue Agency.
The licensing now enables Bitget to offer a suite of crypto services within Bulgaria, including the “exchange, trading, transfer, custody, and public offering of crypto assets, as well as wallet services.”
This aligns with Bitget’s plans of obtaining EU’s Markets in Crypto-Assets (MiCA) license, which “will boost its foothold in the region.”
The VASP license in Bulgaria aligns with Bitget’s strategic “expansion across the European Union.”
The company is preparing for compliance with the EU’s MiCA framework, which seeks to establish “a unified regulatory environment for crypto assets throughout the region.”
Hon Ng, Chief Legal Officer at Bitget:
“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.”
Ng added:
“We have a sharp focus on meeting compliance standards in every jurisdiction where we operate and we have been investing in our compliance program from day one. We believe that our approach enhances user trust, ensures market integrity while at the same time increasing global adoption of digital assets and ensures long-term sustainable growth as we align our operations with emerging regulations worldwide.”
Bitget views regulatory compliance as “an integral part of its success, which is evident through its acquisition of approvals in key markets such as Poland, Italy, Lithuania, UK and now Bulgaria.”
The VASP license in Bulgaria grants Bitget the regulatory approval to offer a wide array of services to cater to the needs of digital asset users in the region.
These services include the exchange of crypto assets, enabling seamless conversion between crypto and fiat; trading and transfer of crypto assets, facilitating efficient and secure transactions; and custody services, providing a strong framework for safeguarding user assets.
Additionally, the license permits the public offering of crypto assets, supporting the scope for innovative token launches and opportunities.
In the last three months alone, Bitget has put forth major licensing and expansion updates.
It has secured a BSP license in El Salvador, approval in the UK to provide digital asset services, and has powered a compliant Vietnam-based exchange BitEXC.
The company plans to collaborate with European regulators to ensure its products meet all “regulatory requirements while prioritizing the protection of user assets and data.”
Established in 2018, Bitget is the world’s cryptocurrency exchange and Web3 company.
Serving users in 150+ countries and regions, the Bitget exchange is committed to helping users “trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices.”
Formerly known as BitKeep, Bitget Wallet is a “multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browse.”