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.