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.

Vasil Golemanski, Chair of the Financial Supervision Commission (FSC), participated in the meeting of the Board of Supervisors of the European Securities and Markets Authority (ESMA), the independent EU authority playing a central role in the supervision of financial markets across the European Union.

A key focus of the discussions was the Market Integration and Supervision Package and its contribution to advancing the Savings and Investment Union, strengthening the competitiveness of EU capital markets and reducing regulatory burden. Board members also examined forthcoming legislative and regulatory amendments, including measures related to listing rules, market transparency, post-trade infrastructure and supervisory convergence.

During the debate, Mr Golemanski underlined the importance of ensuring that ambition is matched by operational feasibility:

“Deeper integration is essential if we want European savings to be channelled more effectively into investments that remain and generate value within the European Union, while reinforcing the EU’s position as an attractive and predictable place to do business. At the same time, proportionality must remain a guiding principle. Reforms should be sufficiently ambitious, yet workable in day-to-day supervisory practice, without creating unnecessary operational friction or new fault lines between markets.”

The FSC remains committed to ensuring that the Bulgarian non-banking financial sector is kept well informed of European regulatory developments and that the interests of the Bulgarian capital market are consistently and effectively represented in key supervisory discussions and decision-making processes at EU level.