Bulgarian VASP license reinforces Bitget’s presence in Europe, a CASP could follow

Cryptocurrency exchange Bitget has received a Virtual Asset Service Provider (VASP) in Bulgaria. This was the fifth European license Bitget had received and has brought it one step closer to Markets in Crypto-Assets (MiCA) licensing.

With its new license from Bulgaria’s National Revenue Agency, Bitget will be able to facilitate crypto trading, asset transfers, custodial solutions, public offerings, and wallet services. 

Bitget is looking to get from VASP to CASP

“The successful application of the VASP license in Bulgaria is a part of Seychelles-based Bitget’s expansion strategy to serve users across the European Union,” Bitget chief legal officer Hon Ng said. Bitget has already received regulatory approval in Poland, Italy and Lithuania.

VASP license holders need to apply for a MiCA Crypto Asset Service Provider (CASP) and pass different requirements, such as conforming to possibly stricter Anti-Money Laundering and capital provisions. CASP holders must also have a physical presence in the European Union (EU). CASP applications began to be considered in January. 

MiCA regulations came into force on Dec. 30, but VASP license holders were given up to 18 months (through July 1, 2026) to transition at the discretion of the licensing country. 

Bitget seeks registration worldwide

Bitget operates in the United Kingdom as well as the four EU member states. Its activities in the UK were temporarily halted in May after the passage of new regulations by the UK Financial Conduct Authority. The exchange was declared compliant and allowed to reopen in November.

Bitget claims it is available in more than 200 countries and regions. It was one of five cryptocurrency exchanges that were removed from the Apple and Google app stores earlier in February. The Japanese Financial Services Agency requested the move because the exchanges were not registered.  

Japanese users trying to download the Bitget app from Apple see a message that says, “This application is currently not available in this country or region.” The other exchanges affected were Bybit, MEXC, KuCoin, and LBank.

In December, Bitget launched the BitEXC exchange in Vietnam, customized to that country’s regulations.  

Bitget received a Bitcoin Service Provider license from the Central Bank of El Salvador in December. It also applied to another agency for licensing to provide services with other crypto assets.

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