Crypto 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.

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.

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.