Bitget Moves Into Bulgaria With New Crypto License
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Bitget, a well-known cryptocurrency exchange, has received permission to operate as a Virtual Asset Service Provider (VASP) in Bulgaria. This approval allows the company to provide digital asset trading, storage, and transfers. The company is now preparing to follow new European Union (EU) rules on cryptocurrency.
The firm had earlier planned to set up its main European regulatory office in Lithuania. But now, it seems the company has chosen Bulgaria instead. The approval was confirmed by Bulgaria’s National Revenue Agency, as shared in a company announcement.
The Organisation Prepares To Follow EU’s New Crypto Rules
The new license means Bitget can now offer public sales of digital assets and crypto wallet services in Bulgaria. This move is part of the company’s efforts to meet the upcoming EU crypto rules under the Markets in Crypto-Assets (MiCA) framework. These rules will create common regulations for cryptocurrency businesses across all EU countries.
Hon Ng, the Chief Legal Officer at Bitget, explained that getting the VASP license in Bulgaria is an important step in the company’s European growth. He noted that as the EU introduces stronger crypto rules, Bitget sees great chances to expand while staying within legal boundaries. He also said that Bulgaria’s crypto-friendly environment makes it a key location for their European plans.
The firm already has licenses in several other European countries, including Poland, Italy, Lithuania, and the United Kingdom. Besides this, the company has also received approvals in El Salvador and started regulated operations in Vietnam.
Bitget Chooses Bulgaria Instead Of Lithuania
Bitget had earlier planned to create a compliance team in Lithuania to follow MiCA rules. In December, the company even called Lithuania its European base. But now, it appears the company has decided that Bulgaria is a better choice.
With this new license, Bitget can help users change cryptocurrency into normal money and offer secure storage services for large investors in Bulgaria. The approval also allows Bitget to launch new digital tokens in the country’s market.
Bitget’s Chief Legal Officer said that in 2025, the company will focus on expanding across the world while following local rules. He added that this will help build trust among users and ensure long-term success as the company adjusts to new crypto laws.
Bitget now serves over 100 million users in more than 150 countries. Recently, the company has been working on growing its business by partnering with sports teams and expanding into new markets. Meanwhile, Bitget Wallet, a tool for managing crypto portfolios, has grown rapidly, reaching 60 million users in 2024, which is a 300% increase.
