Regulatory AlertsBulgaria: crypto & digital assets regulation
RegulatedBulgaria: MiCA implementation via FSC licensing under Law on Crypto-Asset Markets
- Lead regulator
- Financial Supervision Commission (FSC)
- Also involved
- National Bank of Bulgaria (payment institutions) · CNPA (data protection)
- Core law
- Law on Crypto-Asset Markets (2026)
- Entry capital
- Depends on activity tier under MiCA
- Approval timeline
- 4 months for CASP authorization
- Customer assets
- Segregated from firm assets; no commingling
- Data protection
- GDPR · Commission for Personal Data Protection
- Sandbox
- No
Bulgaria has implemented the EU Markets in Crypto-Assets (MiCA) Regulation through the Law on Crypto-Asset Markets. The Financial Supervision Commission (FSC) is the sole competent authority for licensing and supervising crypto-asset service providers (CASPs) and asset-backed token issuers. The regulatory framework is fully aligned with EU standards, requiring strict authorization for core activities.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Exchange / trading platform | LicenceCrypto-Asset Service Provider (CASP) License[1][2] Requires MiCA-compliant authorization for trading platforms | See MiCA capital requirements | 4 months | Financial Supervision Commission |
| Custody of client assets | LicenceCrypto-Asset Service Provider (CASP) License[1][2] Custody is a regulated CASP activity under MiCA | See MiCA capital requirements | 4 months | Financial Supervision Commission |
| Token issuance / public offering | LicenceAsset-Backed Token Issuer License[1][2] Asset-backed tokens require specific issuer authorization | See MiCA capital requirements | 4 months | Financial Supervision Commission |
| Broker-dealer / OTC desk | LicenceCrypto-Asset Service Provider (CASP) License[1][2] Execution/placement services fall under CASP regime | See MiCA capital requirements | 4 months | Financial Supervision Commission |
| Stablecoin issuance | LicenceAsset-Referenced Token (ART) or E-Money Token (EMT) License[1][2] Stablecoins are regulated as ARTs or EMTs under MiCA | See MiCA capital requirements | 4 months | Financial Supervision Commission |
| Crypto payments acceptance | LicencePayment Institution License or CASP License[1][2] Crypto-to-fiat payments require CASP or payment license | See MiCA capital requirements | 4 months | Financial Supervision Commission |
| Mining / staking services | Uncertainverify with regulator MiCA does not explicitly regulate mining/staking services | — | — | — |
| Advisory / portfolio management | LicenceCrypto-Asset Service Provider (CASP) License[1][2] Portfolio management is a regulated CASP activity | See MiCA capital requirements | 4 months | Financial Supervision Commission |
New — what changed recently
- 2026-05-29Law on Crypto-Asset Markets — Enactment of the primary law implementing MiCA in Bulgaria, establishing the FSC as the competent authority.
- 2026-03-12Regulation No. 77 — Detailed procedural rules for licensing CASPs and asset-backed token issuers were published.
Market-entry checklist
- 1Prepare MiCA-compliant applicationSubmit detailed documentation on governance, key personnel, and operational procedures to the FSC.
- 2Demonstrate financial soundnessProvide evidence of initial capital and ongoing financial resources as required by MiCA tiers.
- 3Establish organizational structureEnsure robust internal control mechanisms and risk management frameworks are in place.
- 4Secure physical premisesProvide proof of registered office and operational facilities in Bulgaria or the EU.
- 5Submit Regulation No. 77 formsComplete the specific application forms and attachments mandated by the FSC's March 2026 regulation.