FSC expects applications for licensing of Crypto Companies by 16 February

The Financial Supervision Commission (FSC) expects companies registered as Virtual Asset Service Providers (VASPs) that wish to obtain authorisation under the Markets in Crypto-Assets Regulation (MiCA) to submit their applications by 16 February 2026. The transitional period outlined in § 3(1) of the Transitional and Final Provisions of the Crypto-Asset Markets Act will conclude on 1 July 2026. The review of submitted documentation is estimated to take between four to five months. Any suspension of the statutory deadlines, or their resumption at the request of, or as a result of actions by, the applicant will substantially prolong the procedure and will make it impossible for the FSC to issue a decision before 1 July 2026.

This is stated in a letter sent by the FSC to the companies entered in the crypto-assets register, so called VASPs.

To date, the FSC has held more than 30 meetings with companies that have expressed an intention to apply for authorisation. The Commission’s experts have provided clarifications on the regulatory requirements and expectations regarding the preparation of the documentation to all interested parties.

After 16 February 2026, preliminary meetings with new companies will be discontinued, and the Commission’s efforts will be focused on the review of applications already submitted. Meetings will be held only exceptionally with companies that have already undergone a preliminary assessment, and solely for the purpose of clarifying additional issues.

Companies that plan to discontinue their crypto-asset activities by 1 July 2026 will be required to submit to the FSC, by 1 March 2026 at the latest, a plan for the orderly and transparent wind-down of their activities, including the arrangements for settling relations with clients. Entities that do not carry out any activity are able to apply for deregistration from the register under § 5(3) of the Transitional and Final Provisions of the Crypto-Asset Markets Act, in accordance with the procedure laid down in § 6 of the same Act.

Additional information, including a “Frequently Asked Questions on Crypto-Assets” section is available in the “Crypto-assets” section of the FSC’s website.

FSC discussed the urgent measures in the non-banking sector needed for Bulgaria’s accession to ERM II at a high-level meeting with the Chairman of the European Insurance and Occupational Pensions Authority

The Chairman of the Financial Supervision Commission (FSC) Mr. Boyko Atanasov and Mrs. Iliana Hristova, Deputy Chair of the Financial Supervision Commission in charge of the Insurance Supervision Division, held on 24 July 2019 a one-day high-level meeting with Mr. Gabriel Bernardino, Chairman of the European Insurance and Occupational Pensions Authority (EIOPA) and Patrick Hoedjes, Head of EIOPA’s Oversight Department.
Atanasov_BernardinoThe main purpose of the meeting for both, the Bulgarian and European Supervisory Authority of the non-banking sectors was to get acquainted personally and to ensure direct and purposeful communication. During the meeting the main challenges and related measures in the two most important non-banking sectors – insurance and pensions were discussed. The new management of the Financial Supervision Commission stated its strong commitment to ensure financial stability in the Bulgarian insurance and pensions sector, one of its main objectives.
In view of Bulgaria's accession to ERM II, the focus of the discussion was the need to ensure that the Bulgarian insurers maintain a sufficient level of technical reserves, an appropriate valuation of hard-to-value assets and of reinsurance recoverables, an adequate system of governance and that the financial and solvency position of the undertakings appropriately reflects the risks as legally established in the Insurance Code. The concrete measures to be taken in each of the areas were discussed, and the expected results are: a stable insurance market, greater precision in the valuation of certain categories of assets and technical reserves of the insurers as well as an appropriate system of governance.
 
FSC’s vision for the development of the Bulgarian insurance and pensions sector presented during the meeting is to ensure market stability, improved sanctioning mechanisms and preventive measures to protect consumers.
Mr. Boyko Atanasov, FSC chairman, said that "only by strong and fair supervision of the market behavior we can benefit the Bulgarian citizens. I am convinced that the only way to achieve our goals is through partnership, exchange of information and shared professional experience, as evidenced by our first meeting today with the senior management team of the European Insurance and Occupational Pensions Authority."
For his part, Mr. Bernardino, Chairman of the European Insurance and Occupational Pensions Authority, assured that the meeting was a sign of confidence in the new FSC management team, meaning Mr. Boyko Atanasov and Mrs. Iliana Hristova. "For the short time you are managing the Financial Supervision Commission, we are seeing a clear vision for the future strategic development of the regulatory and supervisory authority and a commitment to implement concrete measures for the stability of the Bulgarian insurance and pensions sector and for the benefit of the Bulgarian citizens. I count on transparent communication, a pre-emptive and proactive supervision and fulfilled commitments. In the interest of Bulgarian consumers, EIOPA will be uncompromisingly and closely monitoring the supervision of the Bulgarian insurance and pensions companies and if need be make use of its supervisory tools. To ensure strong supervision, it is important, however, that both the FSC and all other parties in the process, assume fully their responsibilities", added Mr. Bernardino.

FSC discussed the urgent measures in the non-banking sector needed for Bulgaria’s accession to ERM II at a high-level meeting with the Chairman of the European Insurance and Occupational Pensions Authority

The Chairman of the Financial Supervision Commission (FSC) Mr. Boyko Atanasov and Mrs. Iliana Hristova, Deputy Chair of the Financial Supervision Commission in charge of the Insurance Supervision Division, held on 24 July 2019 a one-day high-level meeting with Mr. Gabriel Bernardino, Chairman of the European Insurance and Occupational Pensions Authority (EIOPA) and Patrick Hoedjes, Head of EIOPA’s Oversight Department.
The main purpose of the meeting for both, the Bulgarian and European Supervisory Authority of the non-banking sectors was to get acquainted personally and to ensure direct and purposeful communication. During the meeting the main challenges and related measures in the two most important non-banking sectors – insurance and pensions were discussed. The new management of the Financial Supervision Commission stated its strong commitment to ensure financial stability in the Bulgarian insurance and pensions sector, one of its main objectives.
In view of Bulgaria's accession to ERM II, the focus of the discussion was the need to ensure that the Bulgarian insurers maintain a sufficient level of technical reserves, an appropriate valuation of hard-to-value assets and of reinsurance recoverables, an adequate system of governance and that the financial and solvency position of the undertakings appropriately reflects the risks as legally established in the Insurance Code. The concrete measures to be taken in each of the areas were discussed, and the expected results are: a stable insurance market, greater precision in the valuation of certain categories of assets and technical reserves of the insurers as well as an appropriate system of governance.
 
FSC’s vision for the development of the Bulgarian insurance and pensions sector presented during the meeting is to ensure market stability, improved sanctioning mechanisms and preventive measures to protect consumers.
Mr. Boyko Atanasov, FSC chairman, said that "only by strong and fair supervision of the market behavior we can benefit the Bulgarian citizens. I am convinced that the only way to achieve our goals is through partnership, exchange of information and shared professional experience, as evidenced by our first meeting today with the senior management team of the European Insurance and Occupational Pensions Authority."
For his part, Mr. Bernardino, Chairman of the European Insurance and Occupational Pensions Authority, assured that the meeting was a sign of confidence in the new FSC management team, meaning Mr. Boyko Atanasov and Mrs. Iliana Hristova. "For the short time you are managing the Financial Supervision Commission, we are seeing a clear vision for the future strategic development of the regulatory and supervisory authority and a commitment to implement concrete measures for the stability of the Bulgarian insurance and pensions sector and for the benefit of the Bulgarian citizens. I count on transparent communication, a pre-emptive and proactive supervision and fulfilled commitments. In the interest of Bulgarian consumers, EIOPA will be uncompromisingly and closely monitoring the supervision of the Bulgarian insurance and pensions companies and if need be make use of its supervisory tools. To ensure strong supervision, it is important, however, that both the FSC and all other parties in the process, assume fully their responsibilities", added Mr. Bernardino.

FSC Chair Takes Part in EU Talks on Key Regulatory Priorities in Copenhagen

The Chair of the Financial Supervision Commission (FSC), Mr. Vasil Golemanski, took part in a regular meeting of the Board of Supervisors of the European Securities and Markets Authority (ESMA), held in Copenhagen.

ESMA is an independent authority of the European Union responsible for enhancing the stability and transparency of Europe’s financial markets. Its core priorities include protecting investors, safeguarding their rights, and ensuring access to reliable and innovative financial services. The Board of Supervisors forms the core of ESMA’s governance structure, setting its strategic direction and coordinating the joint work of national supervisory authorities across the EU.

During the meeting, participants discussed key priorities related to capital markets, digital finance, sustainable investments, and the performance of supervisory functions in an environment of heightened global risks. Members reaffirmed their commitment to closer cooperation and stronger coordination of supervisory practices within the single European market.

“The Financial Supervision Commission will continue to work actively within ESMA’s structures to foster a transparent, efficient, and secure financial sector in the interest of investors, society, and businesses alike. We value these discussions and exchange of experience, which allow us to represent and protect Bulgaria’s interests among our European partners”, said Mr. Golemanski.

group photo
Group photo

FSC announcement in connection with COVID-19


In order to achieve the main purposes set in the Financial Supervision Commission Act, namely investors protection and stability maintenance on the Bulgarian financial market, the Financial Supervision Commission performs permanent and severe monitoring of the impact and spread of coronavirus infection COVID-19 over the financial markets, financial instruments trade and supervised persons activity.

The Financial Supervision Commission maintains continuous contact with the financial market participants in Bulgaria, as well as with the other EU competent authorities supervising market participants activities on the European financial markets.

In order to adequately manage the risk of high volatility in the capital markets and protect the interests of investors, a process of analysis and assessment of operational risks by market participants of all their internal rules and procedures related to ensuring stability and continuity with respect to their activity has been initiated. Emergency rules and procedures ensure that market participants can continue to operate in compliance with all applicable regulatory requirements and, while at the same time care for their employees.

In line with this are the recommendations of the European Securities and Markets Authority on the impact on financial market participants of the spread of COVID-19, which can be found at the following link:

 https://www.esma.europa.eu/press-news/esma-news/esma-recommends-action-financial-market-participants-covid-19-impact

FSC announcement in connection with COVID-19


In order to achieve the main purposes set in the Financial Supervision Commission Act, namely investors protection and stability maintenance on the Bulgarian financial market, the Financial Supervision Commission performs permanent and severe monitoring of the impact and spread of coronavirus infection COVID-19 over the financial markets, financial instruments trade and supervised persons activity.

The Financial Supervision Commission maintains continuous contact with the financial market participants in Bulgaria, as well as with the other EU competent authorities supervising market participants activities on the European financial markets.

In order to adequately manage the risk of high volatility in the capital markets and protect the interests of investors, a process of analysis and assessment of operational risks by market participants of all their internal rules and procedures related to ensuring stability and continuity with respect to their activity has been initiated. Emergency rules and procedures ensure that market participants can continue to operate in compliance with all applicable regulatory requirements and, while at the same time care for their employees.

In line with this are the recommendations of the European Securities and Markets Authority on the impact on financial market participants of the spread of COVID-19, which can be found at the following link:

 https://www.esma.europa.eu/press-news/esma-news/esma-recommends-action-financial-market-participants-covid-19-impact

FSC and FID SANS carried out jointly training regarding the update of the NRA of the Republic of Bulgaria

In June 22nd, 2023 the Financial Supervision Commission and the Financial Intelligence Directorate – SANS conducted a training focused on topics related to the implementation of the AML/CFT measures provided for in the Law on Measures Against Money Laundering, the Law on the Measures Against the Financing of Terrorism and the acts on their implementation, organized by the Association of the Insurance Brokers in Bulgaria for its members. The event was attended by 30 representatives of members of the Association of the Insurance Brokers in Bulgaria.

In the course of the meeting were discussed the following topics:

  • update of the NRA of the Republic of Bulgaria, adopted in 2023;
  • CDD measures.

The conducted training aimed to deepen the understanding of the representatives of the insurance intermediaries which have obtained a licence under the terms and according to the procedure established by the Insurance Code, where carrying on one or more of the classes of insurance referred to in Section I of Annex No. 1 to the Insurance Code, of the importance to comply with the requirements of the preventive legislation and their essential role in the process of maintaining the stability of the financial sector and in assisting to the competent state authorities in preventing and detecting money laundering and terrorist financing activities.

FSC and FID – SANS carried out jointly a training regarding the measures against ML/FT and the proliferation of weapons for mass destruction.

On 1st October, 2025 the Financial Supervision Commission and the Financial Intelligence Directorate of State Agency for National Security conducted a training focused on topics related to the implementation of the AML/CFT/CPF measures provided for in the Law on Measures Against Money Laundering (LMML), the Law on Measures Against the Financing of Terrorism and the Proliferation of Weapons for Mass Destruction and the acts on their implementation, organized for representatives of the investment intermediaries, management companies and alternative investment fund managers. The event was in hybrid form and was attended by more than 100 representatives of the obliged entities under Art. 4, items 8 – 10 of the LMML.

In the course of the meeting were discussed the following topics:

  • goAML registration;
  • Changes in the AML/CFT/CPF legislation;
  • Implementation of the AML/CFT measures in practice.

The conducted training aimed to deepen the understanding of the representatives of the investment intermediaries, management companies and alternative investment fund managers regarding the requirements of the preventive legislation and their essential role in the process of maintaining the stability of the financial sector and in assisting to the competent state authorities in preventing and detecting money laundering and terrorist financing and proliferation of weapons for mass destruction activities.

FSC Advocates for the Interests of the Bulgarian Market in the Debate on EU Capital Market Integration and Competitiveness

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.

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