Berlin’s Federal Financial Supervisory Authority (BaFin) has given digital asset platform Bullish a full Markets in Crypto-Assets Regulation (MiCAR) license, the company said on September 5, 2025. The license allows its German subsidiary, Bullish Europe GmbH, to provide regulated crypto trading and custody services to clients across the entire European Union, positioning the firm to expand its institutional footprint in the region.
The new MiCAR license serves as an upgrade from the company’s previous “grandfathered” status, based on BaFin custody. Bullish Europe, headquartered in Frankfurt, can now operate under Europe’s crypto jurisdiction, which aims to provide consumer protection, market integrity, and financial stability. This is an example of a contemporary trending of regulation
Meeting Institutional Demand
Company executives point to Europe as a role model for crypto big buyers, once the market is looking forward to regulation. In the announcement, Bullish Exchange President Chris Tyrer identified Europe as the “second largest cryptoasset economy in the world” and noted that “institutional demand for regulated, transparent trading venues is growing rapidly.” He added that the MiCAR approval allows Bullish to meet that demand by offering trusted execution services.
Marco Bodewein, Managing Director of Bullish Europe, emphasized the value of operating under a respected regulatory body. “We view BaFin’s continued and globally respected oversight as a bedrock of trust for our European operations,” Bodewein stated. “We are proud to offer European institutions and advanced traders a partnership founded on rigorous supervision and the highest level of regulatory clarity.”
Bullish’s successful acquisition of a MiCAR license highlights a major trend in the industry: digital asset companies are becoming more open to regulation in order to stay ahead of the competition and draw institutional capital. Getting approval from a top body like BaFin gives Bullish not only the right to do business, but also the ability to offer its services in all 27 EU member states. This trend shows how the interest in Europe expands while regulation comes in, since institutional players are relying more on this disruptive technology.
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