Bulgaria Emerges Over Lithuania as Bitget’s Compliance Hub in MiCA Preparations

Cryptocurrency
exchange Bitget has received regulatory approval to operate as a Virtual Asset
Service Provider (VASP) in Bulgaria. The license permits the company to offer
trading, custody, and other digital asset services as it prepares for broader
EU compliance under the Markets in Crypto-Assets (MiCA) regulations.

As recently
as December, the company stated that it intended to establish its regulatory
hub in Europe in Lithuania. However, all indications now suggest that the final
choice has fallen on Bulgaria.

Bitget Receives Bulgarian
Regulatory Approval

The crypto
platform has received authorization from Bulgaria’s National Revenue Agency to
operate as a VASP, according to a company announcement sent to Finance Magnates
today (Thursday).

The
regulatory approval enables Bitget
to provide cryptocurrency trading, custody, and asset transfer services within
Bulgaria. The license also permits public offerings of digital assets and
wallet services in the jurisdiction.

The
authorization comes as the company prepares for compliance with the European
Union’s MiCA framework, which aims to establish standardized regulations for
digital assets across EU member states.

“The
successful application of the VASP license in Bulgaria is a part of Bitget’s
expansion strategy to serve users across the European Union,” said
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.”

Another License Added

The
Bulgarian license adds to the company’s existing regulatory approvals in
several European jurisdictions including Poland, Italy, Lithuania, and the
United Kingdom. In recent months, the exchange has also secured authorizations
in El Salvador and established compliant operations in Vietnam.

Interestingly,
as recently as December, the
company wanted to build a compliance team in Lithuania to ensure compliance
with MiCA. At the time, Ng referred to Lithuania as the exchange’s European
hub. However, all indications now suggest that plans have changed, and Bitget
has chosen Bulgaria instead.

Under the
VASP license terms, the exchange can facilitate cryptocurrency-to-fiat
conversions and provide institutional custody services in Bulgaria. The
approval also creates a framework for potential token offerings in the local
market.

“In
2025, Bitget is bound to lead with aggressive global scaling, with a sharp
focus on meeting compliance standards in every jurisdiction where we operate,”
Ng added. “This approach supports increasing users’ trust and ensures long-term
growth as we align our operations with emerging regulations worldwide.”

The company
reports
serving over 100 million users across more than 150 countries. Recent
initiatives include partnerships
in sports marketing and regional expansion efforts across multiple
jurisdictions.

In the
meantime, Bitget Wallet, the non-custodial crypto portfolio-building tool,
reached the 60 million users mark, growing
300% in 2024.

This article was written by Damian Chmiel at www.financemagnates.com.