Crypto exchange Bitget has received a Virtual Asset Service Provider (VASP) license from Bulgaria’s National Revenue Agency.
This enables Bitget to offer a variety of crypto services within Bulgaria, including exchange, transfer, custody, public offerings of crypto assets, and wallet services etc.
The VASP license aligns with the exchange's broader strategy to expand within the European Union and obtain the EU's Markets in Crypto-Assets (MiCA) license.
Bitget has been actively preparing to comply with the MiCA framework in EU, which seeks to establish a unified regulatory environment for crypto assets throughout the region.
According to Bitget’s Chief Legal Officer, Hon Ng, Bulgaria is considered a strategic gateway for their European expansion, offering crypto-friendly ecosystems that can accelerate crypto adoption.
The exchange has also secured approvals in other countries, including Poland, Italy, Lithuania, El Salvador, the UK, and Vietnam.
The EU's Markets in Crypto-Assets (MiCA) regulation will significantly impact operations of Bitget in the EU by creating a unified licensing structure across all 27 member states. Once authorized in one country, Bitget, as a Crypto Asset Service Provider (CASP), can offer its services throughout the EU.
The license strengthens Bitget's position in the European market by ensuring compliance with local regulations. Holding a VASP license enhances the exchange's credibility among users and investors.
Bulgaria is viewed as a crypto-friendly ecosystem that can facilitate further growth and adoption of digital assets.
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