CASP License in Bulgaria

The Markets in Crypto-Assets Regulation (MiCA) introduces a unified regulatory framework for crypto-assets across the European Union (EU), promoting legal certainty, investor protection, and market stability.

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In Bulgaria, the Financial Supervision Commission (FSC) oversees the issuance of CASP licenses under MiCA. This ensures full compliance with EU regulations. A CASP license obtained in Bulgaria provides a solid legal foundation for operating within the EU. It also helps build trust among banks and partners.

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About the Service

"One of the core requirements under MiCA is obtaining a Crypto-Asset Service Provider (CASP) license, mandatory for businesses offering crypto asset services. This licensing ensures compliance with strict standards on governance, security, and anti-money laundering (AML), enabling licensed CASPs to operate seamlessly across all EU member states. Whether you are an emerging startup or an established operator, obtaining a CASP license is essential to access the EU’s vast and dynamic market for digital assets."

"In Bulgaria, the Financial Supervision Commission (FSC) is the competent authority responsible for supervising the licensing of CASPs in accordance with MiCA. Companies providing or planning to provide crypto-asset services in Bulgaria must comply with both local implementation requirements and the pan-European provisions of MiCA. Our company possesses extensive knowledge of Bulgarian legislation, ensuring the efficiency and effectiveness of your compliance efforts. We will help your business meet regulatory requirements and unlock the potential of the EU crypto market!"

Key Numbers about a CASP License in Bulgaria

3 mounts Licensing timeline

Average time to obtain a CASP license after submission.

At least several Directors requirement

Minimum number of directors for a compliant CASP structure.

Up to €150k Share capital

Capital requirements depend on the business model.

From 0 to 55% Personal tax

Applicable personal income tax range in Bulgaria.

10% Corporate tax

Standard corporate income tax rate.

10% Capital gains tax

Tax rate applied to investment income.

Legal Opinion about a CASP License in Bulgaria

Obtaining a CASP license in Bulgaria is essential for businesses offering crypto-asset services. Applicants must meet requirements, including robust AML/CFT compliance, a formal governance structure, and sufficient operational capital. Once licensed, CASPs must adhere to ongoing reporting obligations and maintain compliance with Bulgarian and EU regulations. A CASP license enhances credibility and provides access to the EU market under a clear regulatory framework

Types of Activities with a CASP License in Bulgaria

Providing custody and administration of crypto-assets on behalf of clients
This service means safekeeping or controlling, on behalf of third parties, crypto-assets or the means of access to such crypto-assets, where applicable in the form of private cryptographic keys. Holdings of crypto-assets on behalf of the clients shall be segregated from CASP’s holdings.
Operation of a trading platform for crypto-assets
This service contains of the management of one or more multilateral systems, which brings together or facilitates the bringing together of multiple third-party buying and selling interests for crypto-assets – in the system and in accordance with its rules – in a way that results in a contract, either by exchanging one crypto-asset for another, or a crypto-asset for funds.
Exchange of crypto-assets for funds
This service means the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital.
Exchange of crypto-assets for other crypto-assets
This service means the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital.
Execution of orders for crypto-assets on behalf of clients
This service means concluding agreements to buy or to sell one or more crypto-assets or to subscribe for one or more crypto-assets on behalf of third parties and includes the conclusion of agreements to sell crypto-assets at the moment of their issuance.
Placing of crypto-assets
This service includes the marketing, on behalf of or for the account of the offeror or of a party related to the offeror, of crypto-assets to purchasers. Before placing the crypto-assets a CASP shall obtain the agreement of the issuers or any third party acting on their behalf.
Reception and transmission of orders for crypto-assets on behalf of clients
This service means the reception from a person of an order to buy or to sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution.
Providing advice on crypto-assets
This service means offering, giving or agreeing to give personalized recommendations to a third party, either at the third party’s request or on the initiative of the a CASP providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto-asset services.
Providing portfolio management on crypto-assets
This service includes managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto-assets.
Providing transfer services for crypto-assets on behalf of clients
This service means transfer, on behalf of a natural or legal person, crypto-assets from one distributed ledger address or account to another. Such service may be provided without virtual currency wallet opened for a CASP’s client.

Benefits of Obtaining a CASP License in Bulgaria

Seamless cross-border operations within the EU
- A CASP license in Bulgaria provides a strong foundation for passporting services across the European Economic Area (EEA).
- Adherence to EU compliance standards simplifies regulatory approvals in other member states.
Improved customer acquisition and retention
- A licensed status reassures clients about security, AML compliance, and fraud prevention.
- Investors and users prefer platforms that operate within a regulated framework, leading to higher conversion rates.
Access to a regulated and transparent market
- Compliance with Bulgaria and European financial regulations helps build investor confidence.
- Compliance with FMA requirements ensures the transparency and security of operational activities.
Enhanced institutional trust and banking access
- Legitimacy under Bulgaria and EU financial regulations enhances trust among investors.
- Compliance with the FMA ensures operational transparency and security.
Opportunities for institutional funding and partnerships
- Licensed companies find it easier to open and maintain bank accounts in Bulgaria and across Europe.
- Regulatory recognition reduces the likelihood of banks classifying transactions as high-risk, improving financial operations.

Our services

Clear overview of key services, with simple descriptions and strong CTAs that help users quickly scan options and take action

Step 1

Incorporation stage

Company formation in Bulgaria
Provision of a registered address for 1 year
Opening corporate bank account and transferring the share capital
Appointment and employment of a local director
Detailed company structure documentation

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Step 2

Pre-licensing stage

Preparation and submission legal and financial documents (non-exhaustive list) according to MiCA
Review of existing policies and procedures, if the company already has them

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Step 3

Licensing stage

CASP license application assistance
Conducting communication with the FSC during the license process

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Our Experts in This Area

Yuliia Kravchenko

Head of Licensing & Advisory

Step by step description

Name Selection and Availability Check

Verification and reservation of a compliant company name that meets jurisdictional requirements, avoids registration conflicts, and aligns with brand positioning and business strategy.

Document Preparation and Collection

Preparation, collection, and verification of all required corporate and personal documentation, ensuring accuracy, completeness, and compliance with local regulations and international standards.

Regulatory Review and Approval

Support throughout the regulatory review process, including communication with authorities, handling of additional requests, and maintaining application progress without delays.

Legal Structure and Ownership Model

Definition of the optimal corporate structure and ownership model, including limited liability, holding, or joint stock options, with full alignment to business goals, tax efficiency, and regulatory requirements.

Company Registration Process

Management of the full incorporation process, including document submission, coordination with authorities, and follow-up to ensure smooth and timely registration.

Licensing, Tax Setup, and Compliance

Completion of all required approvals, tax registration setup, and establishment of a compliance framework to support ongoing operations, reporting, and long-term stability.

Regulation

"The MiCA Regulation applies directly in Bulgaria and is supplemented by regulatory provisions adopted by the Financial Supervision Commission (FSC).It defines the supervisory powers of the Financial Supervision Commission (FSC), including the authority to issue directives, suspend the provision of services, and ensure compliance with CASP requirements. In addition, the law establishes administrative sanctions, reporting obligations, and procedural rules aimed at ensuring compliance with supervisory standards and EU directives."

Licensing Authority

The Financial Supervision Commission (FSC) is the competent authority responsible for the supervision and licensing of Crypto-Asset Service Providers (CASPs) in Bulgaria. The FSC ensures that entities comply with both the MiCA Regulation and the relevant national legislation. It provides regulatory guidance, monitors compliance with applicable requirements, and is authorized to grant or revoke licenses of Crypto-Asset Service Providers operating in Bulgaria.

Procedure, timelines, fees:

"After MiCA entered into force on 30 December 2024, the Financial Supervision Commission (FSC) has 25 working days to assess whether an application contains all the required information, without evaluating its quality at this stage. If any information is missing, the applicant may be requested to provide the missing information within a specified deadline.Once the missing information, if any, has been submitted, the Financial Supervision Commission (FSC) has 40 working days to carry out a qualitative assessment of the application. During this assessment period, the FSC may request additional clarifications; however, only the first such request may suspend the 40-working-day assessment period for up to 20 working days.Finally, the authorization procedure is subject to payment of the applicable Bulgarian administrative fees, and if the application is approved, additional fees established by the competent authorities of Bulgaria may apply."

Transition Period

Under Bulgaria’s MiCA transitional framework, existing VASPs have a 12-month transition period to comply with MiCA provisions. Specifically, VASPs registered with the Financial Supervision Commission (FSC) for AML purposes before December 30, 2024 are permitted to continue their operations until December 31, 2025. Within this period, these entities must obtain authorization under MiCA to continue their services beyond the transitional phase. This approach reflects Bulgaria's commitment to aligning its national regulatory framework with MiCA provisions promptly.

Requirements for key persons

Capital Requirements

Documentation Requirements

Corporate Income Tax (CIT)

"The standard corporate income tax rate in Bulgaria is 10%.Companies in Bulgaria are generally subject to corporate income tax on their taxable profits. The most common legal forms of companies in Bulgaria are OOD and EOOD. Corporate income tax returns are generally submitted electronically through the system of the Bulgarian National Revenue Agency.In Bulgaria, the taxation of crypto-assets depends on the nature of the activity and is generally carried out in accordance with income tax rules. The tax treatment depends on the nature and scale of the activity, including whether crypto-asset transactions are carried out on a commercial basis. Income derived from such activities is taxed in accordance with the general corporate income tax rules applicable in Bulgaria."

Capital Gains Tax (CGT)

"Capital gains derived from crypto-assets by individuals in Bulgaria are generally subject to a flat tax rate of 10%.Income related to crypto-assets in Bulgaria may be taxed in accordance with the applicable Bulgarian tax legislation, depending on the nature and scale of the activity.Income derived from crypto-asset transactions carried out on a commercial basis may also fall under the general taxation rules applicable in Bulgaria."

Personal Income Tax (PIT)

"All individuals who are tax residents of Bulgaria are generally subject to income tax in Bulgaria on their worldwide income. Non-residents may also be subject to taxation on certain income derived from Bulgaria.Bulgaria generally applies a flat personal income tax rate of 10% to individuals.As of 2025, certain exemptions or special tax conditions may apply depending on the type of income and the taxpayer’s individual circumstances."

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Clients confirm our quality

“They helped create the board, adjust the entire corporate structure, adding the necessary legal entities”

Manimama prepared our project for MiCA. And they didn't just make the documents, they helped create the board, adjust the entire corporate structure, adding the necessary legal entities, conclude contracts between them, create a consistent picture of all providers and elements, without which our application would not have been so complete.

“Thank you for your expertise and patience!”

Before signing the contract, we made six rounds of negotiations, because my client had a lot of questions that concerned the technical infrastructure, the board creation, and the formation of the authorized capital. We got the most complete picture, which allowed us to choose this provider. Thank you for your expertise and patience!

“It is the comprehensive approach that they use and the willingness to help with any issue”

During the preparation of documents for MiCA, Manimama advised us on labor, administrative, and corporate law. Usually, providers do not do this, strictly limiting the list of works that they do under the contract. It is the comprehensive approach that they use and the willingness to help with any issue that arises along the way that attracts us as a client.