Is crypto legal in Bulgaria? Rules & regulation (2026)

Legal framework

EU Markets in Crypto-Assets Regulation (MiCA, Reg. (EU) 2023/1114) implemented nationally via Bulgaria's Markets in Crypto-Assets Act (adopted 20 June 2025; in force 8 July 2025). Financial Supervision Commission (FSC) is the principal competent authority; Bulgarian National Bank (BNB) supervises e-money token issuers. AML supervision sits with the Financial Intelligence Directorate of the State Agency for National Security (FID-SANS); tax administration with the National Revenue Agency (NRA).

Status by sub-area

• Stablecoins

  In force

  Stablecoins are governed by MiCA Titles III (ARTs) and IV (EMTs) as directly applicable EU law, supplemented by the national Markets in Crypto-Assets Act. ARTs are licensed by the FSC; EMTs may only be issued by authorised credit institutions or e-money institutions supervised by the BNB. BNB has not yet finalised all secondary acts for EMT issuers.

• Exchanges / VASP

  In force

  Crypto-asset exchanges and other VASPs require a MiCA CASP licence from the FSC. Legacy NRA-registered VASPs benefit from a grandfathering period ending 1 July 2026; firms wishing to use it had to submit a CASP application by 8 October 2025.

• Token Offerings

  In force

  Offerings of crypto-assets to the public and admissions to trading must comply with MiCA Title II as transposed by the national Act: a notified crypto-asset white paper is required, unless an exemption applies (e.g., small offers below EUR 1 million, qualified investors, free distributions). Security tokens remain subject to the Public Offering of Securities Act and the EU Prospectus Regulation.

• Custody

  In force

  Custody and administration of crypto-assets on behalf of clients is a regulated CASP service under MiCA Article 75, supervised by the FSC. Client crypto-assets must be segregated from the provider's own assets, and delegation to unlicensed sub-custodians is prohibited.

• DeFi

  Partial

  Fully decentralised services with no identifiable operator fall outside MiCA (Recital 22), and Bulgaria has not enacted a specific DeFi regime. However, front-ends, DAOs or intermediaries with sufficient control are treated as CASPs by the FSC and must be licensed; the European Commission's MiCA review (mandated by 30 June 2025) is expected to inform any future Bulgarian rules.

  Still pending: Bulgaria implementing specific DeFi regime per EC MiCA review outcome

• Tax

  In force

  Cryptocurrencies are treated by the NRA as financial assets. Individuals' net annual gains from disposals are taxed at 10% (flat); corporate profits are taxed at 10%. Crypto-to-crypto swaps are taxable events; losses can only be netted within the same calendar year. DAC8/CARF reporting by CASPs becomes effective from 1 January 2026.

How to get a crypto license in Bulgaria

To provide crypto-asset services in Bulgaria you need a MiCA CASP authorisation (Crypto-Asset Service Provider), supervised by the Financial Supervision Commission (FSC), under the EU Markets in Crypto-Assets Regulation (MiCA), Title V.

Authority

the Financial Supervision Commission (FSC)

License required

a MiCA CASP authorisation (Crypto-Asset Service Provider)

Framework / law

the EU Markets in Crypto-Assets Regulation (MiCA), Title V

Minimum capital

€50,000–€150,000 minimum, by service class (Class 1/2/3)

Timeline

about 40 working days of substantive review; 1–3 months for a well-prepared application

Cost

an application fee of roughly €5,000–€25,000, plus ongoing supervisory fees

Passporting

Yes: a single MiCA CASP licence passports across all 27 EU member states.

Step by step: getting a crypto license in Bulgaria

1. 1

   Incorporate a legal entity with a registered office in the member state, with at least one director resident in the EU.

2. 2

   Build the application file: programme of operations, business plan, governance, AML/CFT, ICT resilience and client-asset segregation.

3. 3

   Submit the application to the national competent authority.

4. 4

   Completeness check: the authority has 25 working days to confirm the file is complete and request anything missing.

5. 5

   Substantive assessment: the authority has 40 working days to grant or refuse the authorisation.

6. 6

   Once authorised, notify the passport to the host member states you intend to serve, then begin operating across the EU.

Key points: crypto & digital assets in Bulgaria

1. 01National MiCA implementation

   The Markets in Crypto-Assets Act was adopted on 20 June 2025 and entered into force on 8 July 2025, aligning national law with Regulation (EU) 2023/1114 (MiCA) and designating competent authorities, sanctions and procedural rules.

   cms-lawnow.com wolftheiss.com

2. 02Competent authorities

   FSC is the lead competent authority for CASPs, issuers of crypto-assets other than EMTs, and issuers of asset-referenced tokens (ARTs). BNB supervises issuers of e-money tokens (EMTs). FID-SANS retains AML/CFT oversight.

   fsc.bg cms-lawnow.com

3. 03Transitional period for legacy VASPs

   Bulgaria opted for the full 18-month MiCA grandfathering. Entities registered as virtual-currency service providers with the NRA on or before 30 December 2024 may continue operations until 1 July 2026; unlicensed providers must cease operations after that date.

   gplawbg.com economic.bg

4. 04ESMA/EBA guidance applied

   The FSC has confirmed it will apply ESMA's MiCA-related guidelines (including on reverse solicitation and crypto-asset transfer services) and the joint ESMA/EBA/EIOPA guidelines on templates, explanations and the standardised crypto-asset classification test.

   fsc.bg cms-lawnow.com

5. 05Tax treatment

   NRA treats crypto as a financial asset: individuals pay a 10% flat tax on net annual gains from disposals (Appendix 5 of the annual return, due 30 April). Corporate taxation is 10%. Professional mining is treated as commercial activity (15% rate band/sole-trader regime). DAC8/CARF reporting applies from 2026.

   cms.law innovires.com

6. 06Licence classes & capital

   CASP licensing follows MiCA's three classes; minimum paid-in capital ranges from EUR 50,000 to EUR 150,000 depending on services (e.g., custody, exchange, operation of trading platform). State fees: Class 1 EUR 2,556, Class 2 EUR 5,113, Class 3 EUR 15,339.

   innovires.com wolftheiss.com

Crypto license in Bulgaria: FAQ

Timeline of decisions

1. 8 Jul 2025Law
   Bulgaria's Crypto-Asset Markets Act enters into force

   The national Markets in Crypto-Assets Act, adopted by parliament on 20 June 2025, came into effect on 8 July 2025, fully implementing EU MiCA at domestic level. The FSC is designated as the primary CASP licensing authority; the Bulgarian National Bank (BNB) oversees e-money token issuers. DORA was also transposed on the same date.

   CMS Law Now (Bulgaria)

2. 20 Jun 2025Law
   Bulgarian Parliament adopts the Markets in Crypto-Assets Act

   The National Assembly adopted Bulgaria's domestic Markets in Crypto-Assets Act, covering public offerings of crypto-assets, trading platform admission, and CASP/ART issuer licensing. A transitional grandfathering period allows VASPs registered with the NRA as of 30 December 2024 to continue operating without a full MiCA licence until 1 July 2026.

   CMS Law Now (Bulgaria)

3. 30 Dec 2024Law · official
   EU MiCA fully applies to all crypto-asset service providers across the EU

   MiCA's CASP authorisation regime became fully applicable in all EU member states including Bulgaria on 30 December 2024, requiring any firm providing crypto-asset services to hold an EU licence; existing NRA VASP registrations became the baseline for transitional treatment under the forthcoming Bulgarian implementing act.

   EUR-Lex — Regulation (EU) 2023/1114

4. 6 Oct 2023Law
   MAMLA amendment: expanded VASP definition and fit-and-proper requirements

   Amendments to the Measures Against Money Laundering Act (adopted by the National Assembly on 14 July 2023) entered into force, broadening the statutory VASP definition to include additional service categories and introducing fit-and-proper requirements for VASP managers, directly responding to MONEYVAL's 2022 findings on R.15 gaps.

   Mondaq (Pontes Law Firm, Bulgaria)

5. 1 May 2022Decision · official
   MONEYVAL Mutual Evaluation Report: Bulgaria placed in enhanced follow-up

   MONEYVAL adopted Bulgaria's Mutual Evaluation Report in May 2022, rating the country partially compliant with FATF Recommendation 15 on virtual assets and placing it in enhanced follow-up; identified gaps in VASP registration, supervision, and risk assessment directly drove the 2023 MAMLA amendments.

   FATF / MONEYVAL — Mutual Evaluation of Bulgaria

6. 7 Aug 2020Guidance
   Ministry of Finance Ordinance N-9 establishes NRA's public VASP register

   Ordinance No. N-9 of 7 August 2020 set out the detailed terms and procedure for entry into the National Revenue Agency's public register of virtual-asset service providers, making Bulgaria's NRA registration certificate (commonly called the 'crypto licence') the primary operational authorisation for VASPs.

   CMS Law — Expert Guide: Crypto Regulation in Bulgaria

7. 4 Aug 2020Law · official
   MAMLA Amended: VASP/Crypto Firms Required to Register with NRA

   Bulgaria amended its Measures Against Money Laundering Act on 4 August 2020 to transpose AMLD5, bringing virtual asset service providers, exchanges, custodians, and transfer-service providers, into the AML/CFT regime. VASPs were required to register with the National Revenue Agency (NRA) and comply with KYC, transaction monitoring, and suspicious-activity reporting obligations.

   Council of Europe / MONEYVAL

8. 1 Nov 2019Law
   MAMLA amended: crypto exchanges and custodial wallets brought under AML/CFT

   Bulgaria amended the Measures Against Money Laundering Act in November 2019 to transpose 5AMLD (Directive 2018/843), subjecting crypto-to-fiat exchanges and custodial wallet providers to mandatory NRA registration, KYC, customer due diligence, and transaction monitoring obligations for the first time.

   Mondaq (Kinstellar Law Firm, Bulgaria)

9. 19 May 2017Incident · official
   Bulgarian authorities seize 213,519 BTC in PRATKA/VIRUS organised-crime operation

   On 19 May 2017 Bulgarian law enforcement arrested six members of a criminal network that had bribed customs officials and deployed malware to evade customs fees, confiscating over 213,000 BTC (then worth ~$500 million); the case remains one of Europe's largest state crypto seizures and the ultimate disposal of the coins has never been officially confirmed.

   SELEC — Southeast European Law Enforcement Center

10. 2 Apr 2014Guidance
    NRA issues guidance classifying Bitcoin as a financial asset subject to 10% tax

    Bulgaria's National Revenue Agency issued guidance on 2 April 2014 treating cryptocurrency as a financial asset; gains from disposals are subject to the 10% personal income tax (or 15% corporate/commercial rate), making Bulgaria one of the first EU states to publish formal crypto tax treatment and establishing the tax framework still in use today.

    CoinDesk (reporting NRA bulletin of 2 April 2014)

Sources

1. 1.cms-lawnow.com/en/ealerts/2025/07/bulgaria-adopts-markets-in-crypto-assets-act
2. 2.fsc.bg/en/the-fsc-publishes-answers-to-the-most-frequently-asked-questions-o
3. 3.wolftheiss.com/insights/markets-in-crypto-assets-mica-licensing-in-bulgaria/
4. 4.gplawbg.com/en/bulgaria-adopts-the-crypto-asset-markets-act-what-does-it-mean-for
5. 5.cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/bulgaria
6. 6.cms.law/en/int/expert-guides/cms-expert-guide-on-taxation-of-crypto-assets/bu
7. 7.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets
8. 8.economic.bg/en/a/view/the-end-of-the-wild-west-of-crypto-in-bulgaria-is-coming-on
9. 9.cms-lawnow.com/en/ealerts/2025/07/bulgaria-has-opened-micar-licensing-and-continues-
10. 10.innovires.com/tax-residency/blog/dac8-carf-bulgaria-crypto-reporting-2026.html
11. 11.innovires.com/en/blog/mica-crypto-regulation-bulgaria.html