The Financial Supervision Commission (FSC) has published answers to the most frequently asked questions on crypto-assets, related to the Regulation on Markets in Crypto-Assets (MiCA) and the national legal framework under the Markets in Crypto-Assets Act.

The initiative aims to support companies that intend to apply for authorisation as crypto-asset service providers, as well as other interested stakeholders, by facilitating the interpretation and practical application of the new regulatory requirements.

The Frequently Asked Questions (FAQ) cover the main types of crypto-asset services subject to licensing, the specific features of the individual activities, the classification of service providers, and the conditions for application. Particular attention is given to the requirements concerning the business plan, organisational structure, governance arrangements, staff, and internal rules and procedures, as well as to the assessment of actual presence and operational activity in the Republic of Bulgaria.

The document also provides information on the transitional regime applicable to entities entered in the register pursuant to § 5(3) of the Transitional and Final Provisions of the Markets in Crypto-Assets Act, including the licensing deadlines, and the consequences following the end of the transitional period, including the supervisory authority’s expectations regarding the orderly winding-down of activities where authorization has not been obtained.

By publishing the questions and answers, the FSC seeks to enhance the transparency and predictability of its supervisory practice, support the timely preparation of market participants, and promote the responsible and sustainable development of the crypto-asset market in Bulgaria, in line with the European standards for investor protection and financial stability.

Everything you need to know about crypto-assets is available here.