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CoinGape 2025-02-14 09:29:03

Bitget Secures Bulgarian Virtual Asset Service Provider (VASP) License, Strengthening EU Crypto Presence

Bitget Secures Bulgarian Virtual Asset Service Provider (VASP) License, Strengthening EU Crypto Presence

Cryptocurrency exchange and Web3 firm Bitget has obtained a Virtual Asset Service Provider (VASP) license from Bulgaria’s National Revenue Agency. This authorization allows Bitget to provide various crypto-related services within Bulgaria, including exchange, trading, transfer, custody, and public offering of digital assets, as well as wallet services. The move is part of Bitget’s broader strategy to expand its presence in Europe and work towards obtaining the Markets in Crypto-Assets (MiCA) license, which aims to create a standardized regulatory framework for cryptocurrencies across the European Union. Hon Ng, Chief Legal Officer at Bitget, described the Bulgarian license as a significant step in the company’s efforts to operate within the EU’s regulatory landscape. Compliance with such emerging frameworks as MiCA also bears prospects for the long-term growth and stability of the crypto market, he noted. Ng sees Bulgaria as a strategic entry point in Bitget’s European expansion, owing to the supportive regulatory framework enabling digital asset adoption. Ng mentioned, “The successful application of the VASP license in Bulgaria is a part of Bitget’s expansion strategy to serve users across the European Union.” Looking ahead, Bitget plans to expand its regulatory footprint globally by working with regulators in different jurisdictions. Ng argues that regulatory alignment enhances user trust, strengthens the integrity of the market, and encourages the use of digital assets, affirming the company’s commitment to compliance. Bitget has already received regulatory approvals in several European jurisdictions, including Poland, Italy, Lithuania, and the United Kingdom. The recently acquired license for Bulgaria attests to its commitment to conducting business in a regulated manner. With this clearance, Bitget will be allowed to offer a variety of services to the Bulgarian digital asset user base. These 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, potentially opening up new opportunities for token launches. Bitget has been actively expanding its regulatory reach in recent months. The company has acquired a BSP license in El Salvador, approval in the United Kingdom to provide digital asset services, and has played a role in developing the Vietnam-based exchange BitEXC. In addition, Forbes recently recognized Bitget as one of the world’s most trustworthy exchanges, reflecting its efforts in compliance and security. As the company continues to grow within Europe, it plans to collaborate with regulators to ensure its services align with legal requirements, while focusing on the protection of user assets and data. This new legal milestone in Bulgaria is just one more illustration of how the bitcoin sector is driving the need for both innovation and compliance in a rapidly evolving global regulatory environment. The post Bitget Secures Bulgarian Virtual Asset Service Provider (VASP) License, Strengthening EU Crypto Presence appeared first on CoinGape .

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