Bitget Acquires Bulgaria’s VASP License, Aims Toward MiCA Approval

• Bitget has announced the acquisition of a VASP in Bulgaria.
• The VASP license acquisition aligns with Bitget’s expansion strategy.
• The crypto exchange aims to secure the EU’s MiCA license soon.

Cryptocurrency exchange Bitget has announced the acquisition of a Virtual Asset Service Provider (VASP) license from Bulgaria’s National Revenue Agency. In a recent announcement, the crypto exchange stated that it can now offer a comprehensive suite of crypto services within Bulgaria.

According to Bitget, the newly acquired license allows it to operate cryptocurrency exchange services, including trading, transfer, custody, public offering of crypto assets, and wallet services. The license acquisition is a step forward in Bitget’s plans to obtain the EU’s Markets in Crypto- Assets (MiCA) license to boost its foothold in the region.

Notably, the EU’s MiCA license aims to unify the region’s regulatory environment for crypto assets. Bitget highlighted its plan’s alignment with the EU’s compliance requirements, considering the crypto exchange’s target of establishing its presence across the region. 

Related: Bitget, Coinbase, and Crypto.com Lead in Spot Trading Market Share Growth

EU Expansion Strategy – Bulgaria as a Gateway Market

Bitget’s Chief Legal Officer, Hon Ng, stated that acquiring Bulgaria’s VASP license is part of the crypto exchange’s expansion strategy to serve users across the European Union. The CLO acknowledged the EU’s MiCA as a leading phenomenon in crypto regulatory frameworks, citing the potential for sustainable growth and innovation within the region amid a compliant atmosphere.

Ng considers Bulgaria a strategic gateway for Bitget’s expansion in Europe. According to the CLO, Bulgaria’s crypto-friendly ecosystem provides a chance for crypto adoption. He stated that the latest development constitutes a continuous process that would see Bitget grow its global regulatory footprint through international partnerships.

Compliance and User Trust – Cornerstones of Bitget’s Approach

In the meantime, Bitget has reiterated its focus on meeting the compliance standards in the regions where it operates. The crypto exchange considers this aspect of its business a critical element in building users’ trust, ensuring market integrity, and increasing the global adoption of digital assets.

Related: ​​MiCA Set to Kick Off With Direct Implication on the USDT Stablecoin

The latest acquisition adds to Bitget’s list of countries where it has received operational approval. Apart from Bulgaria, Bitget has acquired operational licenses in Poland, Italy, Lithuania, and the UK.