In Bulgaria, the cryptosphere is managed and controlled by the following government agencies: the National Revenue Agency (NRA), the Bulgarian Central Bank, and the Bulgarian Financial Supervision Commission (FSC).
The start of cryptocurrency regulation was in 2014 when the NRA equated cryptocurrencies with financial assets, and income from transactions with them became subject to a 10% tax.
In 2020, Bulgaria created a register of companies that provide cryptocurrency services. The Ministry of Finance of Bulgaria decided that cryptocurrency companies must be registered with the National Revenue Agency. The NRA issues a crypto-certificate based on which companies have the right to legally conduct business in this jurisdiction.
The Anti-Money Laundering Measures Act of 2022 states that virtual currencies can be exchanged, stored, and sold.
The Central Bank regulates cryptocurrencies based only on AML procedures and the Market in Crypto Assets Regulations (MiCA Regulations).

Bulgaria has adopted the program “Digital Bulgaria 2025“, the implementation of which implies joining the EU currency zone, which means tougher conditions when obtaining a permit in the future.

Advantages of obtaining a cryptocurrency license in Bulgaria

Simple licensing procedure.
Registration of the company, and obtaining a permit is a fairly simple process without the requirement to hire local staff, with a minimum authorized capital, and the possibility of registration remotely.

Access to the EU zone.
By registering a company in Bulgaria, you have access to customers from the EU zone and a large market of consumers.

Low taxes.
Relative to other EU countries, Bulgaria has the lowest tax rates. Crypto-assets are not subject to VAT, profit tax is 10%.

Simplified and transparent legislation.
In Bulgaria, it is easier to fulfill all the norms of legislation than in other EU jurisdictions.

One license for several types of activities.
If authorized, companies will have the right to offer exchange, storage, and payment services.

If authorized, companies will have the right to offer exchange, storage, and payment services. Cryptolicense in Bulgaria opens up job opportunities:

Crypto exchanges. A cryptocurrency exchange license in Bulgaria gives the right to exchange virtual currencies for fiat money, and altcoins. Crypto asset storage. Provide storage services for cryptocurrencies. Making payments. When making payments using virtual currencies, it is necessary to comply with the principles of the Law on Payment Services and Electronic Money. Consulting. Offer clients investment strategies using digital currencies.

Low Crypto exchange license Bulgaria costs.
Optimal conditions are created for the company’s activities: low operating costs, as well as office rent, and staff salaries, are optimal for the EU zone.

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Requirements for obtaining a cryptocurrency license in Bulgaria

The issuance of a Bulgaria crypto license is as fast and easy as possible when all regulations are met:

Corporate structure.
Most often crypto-businesses choose the registration form: limited liability company (LLC) or joint stock company (JSC). Requirements include one shareholder (individual or legal entity); authorized capital of 2 BGN (1 EUR); local office (virtual offices are allowed); director/manager can be non-resident.

Implement AML/KYC procedures.
Cryptocurrency companies are obliged to collect data and carry out the identification of clients for this purpose it is necessary to hire an AML manager (Bulgarian resident) responsible for compliance with all requirements under the Money Laundering Measures Act (MAMLA) (Article 4).

Registration with the NRA.
A mandatory condition is the inclusion of the company in the state register and obtaining a certificate, which is specified in the Decree of the Ministry of Finance of Bulgaria No. H-9 of August 7, 2020.

Procedure for obtaining and registering a cryptocurrency license in Bulgaria

Only after obtaining a license, a cryptocurrency company will have the right to offer services of exchange and storage of virtual currencies on the territory of the country. The process of registration may take about 4 months. A business needs to go through the following steps to fulfill all the crypto license requirements:

  • Stage 1

Prepare documents and register the business

  • It is necessary to prepare the identification documents of the main managers and shareholders, provide certificates of criminal record, and a business plan, and register the business in the Registry. The most common form of business is a Limited Liability Company (000-S.R.O.). This form of legal entity is advantageous because it has minimal requirements: start-up capital of 2 BGN (1 EUR), one director and shareholder, a legal address, and a memorandum and articles of association, providing a list of countries in which it is planned to provide services. This process can take about 2 weeks.
  • Stage 2

Apply for a license to the NRA

  • NRA reviews the application and issues the certificate from 2 weeks to a month.
    A prerequisite, in addition to all corporate documents, is a written AML/KYC policy. A compliance manager must also be appointed to report suspicious payment information to the Financial Intelligence Agency.
  • Stage 3

Open a corporate account

  • A corporate account is opened to fulfill all tax and regulatory requirements, in terms of time it will take about one week.

Crypto license consultant in Bulgaria


Inhyuk Suh

Establishing a cryptocurrency company in Bulgaria

The Bulgarian government supports the development of this industry, so the process of establishing a new company is a fairly simple and quick process, which is based on the rules of the Republic of Bulgaria Commercial Law Act of 1991.
The registration takes place in a few steps when it is necessary:

  • Determine the organizational structure of the business

Efficiently register – Limited Liability Company (LLC). There are several advantages: authorized capital 2 leva (about 1 euro), a minimum of one shareholder, and one managing director.
For a Closed Joint Stock Company: the initial capital should be already 50,000 leva (about EUR 25 000).
For a Public Limited Company: the starting capital should be BGN 100,000 (about EUR51 000).

  • Company name registration

It is possible to carry out all processes remotely, as well as through a notarized power of attorney. It is necessary to check the uniqueness of the name in the Company Register.

  • Form a package of documents

The list includes identity documents of the owners of the company and managing directors; articles of association and memorandum of association, minutes (certified by a notary); arranging a legal address (virtual office) and electronic address, providing contact numbers; describing business activities; provide a list of countries where the business plans to provide its services.

  • Open an account to deposit the initial capital

According to the chosen form of business, the minimum amount of authorized capital must be deposited into the account and a certificate of deposit must be obtained.

  • Applying to the Registrar

The company needs to obtain a Unique Identification Code (UIC) in the registry to conduct its business, for this purpose, it is necessary to fill in an application form, attach the company documents, and a receipt for payment of the state duty (about 25 EUR).

  • Registration with the Tax Inspectorate (“Natsionalnata agenziata za prikhodite” NAP)

If the annual turnover of the company exceeds BGN 50,000, then VAT registration is carried out.

  • Registration with the social insurance

When hiring workers, the company must register with the Social Security Administration.

  • Apply to the NRA

To obtain Bulgaria’s crypto exchange license, an electronic application with a digital signature is sent to the NRA, by the lectronic Documents and Electronic Authentication Services Act. If there are no errors in the application, the entry in the registry is made within 7 days, or another 7 days to correct the deficiencies.

Documents required to obtain a cryptocurrency license in Bulgaria

The process of obtaining a license includes submitting a package of documents, information data, as well as account details.

Basic documents worth mentioning include:

  • Company name
  • Constituent documents
  • Legal and electronic address
  • Company website
  • Data on the manager and shareholder (passports, identity documents)
  • Contact details of the person representing the interests of the company
  • Company registration number, certificate of incorporation
  • AML/KYC policies and procedures
  • Bank account number
  • Business plan describing what the company is going to do
  • List of countries in which the company intends to provide services

The complete package of documents provides a complete picture of the company and its future activities in Bulgaria.

Regulation of Cryptocurrencies in Bulgaria

For a company planning to conduct its crypto activities in Bulgaria, all regulatory rules should be adhered to.

The main regulatory bodies in Bulgaria are:

  • Financial Supervisory Commission (FSC): it supervises financial institutions and monitors compliance with AML procedures.
  • Bulgarian National Bank (BNB): it supervises payments as well as credit institutions.
  • Financial Intelligence Directorate (FID): the main focus is the tracking of suspicious transactions.
  • Ministry of Finance: international cooperation, anti-money laundering work.

Bulgarian legislation regulating virtual currencies includes:

Taxation in Bulgaria

In the Value Added Tax Act of 2006, crypto-operations are equated to financial services, so zero VAT is introduced. However, if the company’s annual turnover exceeds EUR51k, then VAT is payable.
For law firms conducting crypto-activities is introduced:

  • 10% corporate income tax
  • 5% tax on dividends
  • payment of social security taxes when hiring personnel
  • income from mining -10% (if the profit exceeds €2500)
  • consulting services – 15% (if profit exceeds €5000)

Recordkeeping and reporting requirements

Businesses in this jurisdiction are required to file annually:

  • Financial statements (primary documentation, contracts, invoices, statements), filed by July of the month for the previous year.
  • Tax returns
  • Audit (additional documentation may be requested)

The audit is mandatory if the company employs more than 50 people, has a turnover of more than EUR 1, 2 million, or assets of more than EUR 750 thousand.

FAQ about cryptocurrency license in Bulgaria

What is a cryptocurrency license in Bulgaria?

Cryptolicense is an official authorization from the NRA to conduct crypto activities in Bulgaria.

Is cryptocurrency regulated in Bulgaria?

Yes, it is regulated by several government agencies, whose actions are aimed at complying with all international anti-money laundering legislation.

How much does it cost to get a cryptocurrency license in Bulgaria?

Depends on whether there will be business registration, legalization of documents, or account opening. The state duty to apply to the NRA costs about EUR 25.

Is cryptocurrency taxable in Bulgaria?

Yes, it is. It all depends on the turnover of the company and sources of income.

Who has the right to apply for a crypto license in Bulgaria?

When collecting all documents, a legal entity submits an electronic application signed with an electronic signature.

Can non-residents apply for a crypto license in Bulgaria?

Yes, the regulator does not restrict non-residents from applying.

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