Obtaining a MiCA licence in Bulgaria is a key requirement for companies wishing to professionally provide regulated crypto-asset services. Regulation (EU) 2023/1114 on markets in crypto-assets, commonly known as MiCA, establishes a uniform European legal framework for the issuance, public offering and admission to trading of crypto-assets, as well as for the provision of services related to crypto-assets.
By Atty. George Chisuse, Managing Partner · 2026-09-11 · Legal review: 16 September 2026
In Bulgaria, the application of MiCA is further regulated by the Markets in Crypto-Assets Act, effective as of 8 July 2025, and Ordinance No. 77 of 12 March 2026 of the Financial Supervision Commission.
The Financial Supervision Commission, or FSC, is the main competent authority responsible for the licensing and supervision of independent crypto-asset service providers, known as CASPs. The FSC is also the competent authority in relation to issuers of asset-referenced tokens, or ARTs, where such issuers are not credit institutions.
The Bulgarian National Bank, or BNB, is the competent authority in relation to issuers of electronic money tokens, or EMTs, established in Bulgaria. In the case of credit institutions issuing asset-referenced tokens or providing crypto-asset services, the BNB exercises the relevant prudential powers in cooperation with the FSC and the European Central Bank.
The European Banking Authority exercises direct supervision over issuers of tokens classified as significant ARTs or significant EMTs within the meaning of MiCA.
As a general rule under Article 59(1) of MiCA, crypto-asset services may be provided on a professional basis only by legal persons or other undertakings authorised as CASPs under Article 63 of MiCA, or by regulated financial institutions that may rely on the special notification regime under Article 60 of the Regulation.
MiCA defines ten regulated crypto-asset services. These include custody and administration of crypto-assets on behalf of clients, operation of a trading platform for crypto-assets, exchange of crypto-assets for funds, exchange of crypto-assets for other crypto-assets, execution of orders for crypto-assets on behalf of clients, placing of crypto-assets, reception and transmission of orders for crypto-assets on behalf of clients, provision of advice on crypto-assets, portfolio management of crypto-assets and provision of transfer services for crypto-assets on behalf of clients.
Accordingly, whether a MiCA licence is required depends primarily on the specific business model and the services that the company intends to provide.
MiCA provides a special regime for certain financial entities that are already subject to regulatory supervision.
Credit institutions, investment firms, UCITS and AIF management companies, electronic money institutions, central securities depositories and market operators do not necessarily have to undergo the full procedure for obtaining a new CASP licence in respect of the corresponding equivalent services.
Subject to the conditions of Article 60 of MiCA, they may provide such services on the basis of their existing authorisation after submitting a notification to the FSC at least 40 working days before the intended commencement of the activity.
MiCA requires crypto-asset service providers to maintain prudential safeguards.
The amount of those safeguards must at all times be at least equal to the higher of two amounts: the applicable minimum fixed threshold for the relevant class of services or 25% of the fixed overheads of the company for the preceding year. For newly established companies, the projected expenditure for the first 12 months is taken into account.
For Class 1, the minimum fixed threshold is EUR 50,000. This class covers reception and transmission of orders, execution of orders, placing, provision of advice, portfolio management and transfer services.
For Class 2, the minimum threshold is EUR 125,000. It includes the Class 1 services, as well as custody and administration of crypto-assets, exchange of crypto-assets for funds and exchange of crypto-assets for other crypto-assets.
For Class 3, the minimum threshold is EUR 150,000. This class also includes the operation of a trading platform for crypto-assets.
The prudential safeguards may be provided in the form of own funds, a professional indemnity insurance policy that meets the requirements of MiCA, or a combination of the two.
The licensing procedure begins with the submission of an application under Article 62 of MiCA and Ordinance No. 77 of the FSC. The application must be accompanied by the documentation required under Commission Delegated Regulation (EU) 2025/305 and Commission Implementing Regulation (EU) 2025/306.
Following submission of the application, the FSC reviews it for completeness. The period for this review is up to 25 working days.
Where deficiencies or missing information are identified, the FSC sets a deadline for remedying them. During this period, the procedural time limit is suspended, and the suspension may not exceed 20 working days.
Once the application is complete, the FSC carries out its substantive assessment. This stage may take up to 40 working days, after which the Commission adopts a reasoned decision to grant or refuse the licence.
One of the key elements of the licensing procedure is the preparation of the licensing file.
It includes a programme of operations and a three-year business plan describing the services to be provided, target markets, infrastructure and financial projections.
The FSC also assesses the corporate governance arrangements, reputation, professional qualifications and experience of the members of the management body and shareholders holding qualifying holdings.
An internal control framework and measures under the Bulgarian Measures Against Money Laundering Act must also be established, including risk assessment, transaction monitoring and compliance with the traceability requirements under Regulation (EU) 2023/1113. As stated in the source material, persons providing only advice on crypto-assets are not obliged entities under the Bulgarian Measures Against Money Laundering Act.
The licensing file must also address ICT security and digital operational resilience, business continuity arrangements, ICT risk management and compliance with DORA.
Separate procedures must be established for the protection and segregation of client funds and crypto-assets from the assets of the company.
MiCA also imposes requirements regarding the actual presence of the service provider within the European Union.
Under Article 59(2) of MiCA, the provider must have its registered office in the Member State in which it provides services, its place of effective management must be in the EU, and at least one of its directors must be resident in the Union.
Formal structures without local operational staff and infrastructure do not satisfy the substance requirement and may constitute grounds for refusal.
Yes. A service provider licensed by the FSC may use the European passporting regime under Article 65 of MiCA and does not need to obtain a separate licence in each Member State.
For this purpose, the provider submits a notification to the FSC specifying the Member States in which it intends to provide services, the specific services to be provided and the intended commencement date.
The FSC notifies the competent authorities of the host Member States and ESMA within 10 days. The provider may commence its activities no later than 15 calendar days after submitting the notification.
As a general rule, no.
The exception under Article 61 of MiCA, commonly referred to as reverse solicitation, applies only where the service is initiated at the client's own exclusive initiative.
Where there is targeted advertising, promotion or marketing within the European Union, including through affiliated entities or intermediaries, this exception does not apply.
Contractual provisions and disclaimers cannot, by themselves, replace the licensing requirement. The offering of new services or assets to the same client also requires a licence.
Vassilev & Chisuse Law Firm provides comprehensive legal and regulatory assistance in MiCA licensing proceedings before the Financial Supervision Commission and the Bulgarian National Bank.
Our assistance covers the structuring of the business model and determination of the applicable class of prudential safeguards, as well as the preparation of internal policies on risk management, asset protection and segregation, business continuity, AML and Bulgarian anti-money laundering compliance, and DORA compliance.
The law firm also provides assistance with preliminary dialogue with the regulatory authorities, legal representation in licensing proceedings and notifications for the cross-border provision of services within the European Union.
This material is for informational purposes only and does not constitute individual legal advice. The regulatory regime applicable to a particular business model should be assessed on the basis of the specific services and circumstances involved.
For the practical application and compliance work discussed here, see our legal assistance with MiCA licensing and CASP authorisation in Bulgaria and the EU, tailored to the proposed crypto-asset services.