MiCA in Bulgaria: the law, the regulators and who is licensed

For years, a crypto business in Bulgaria needed little more than an entry in a National Revenue Agency register. That ended in 2026. The EU's Markets in Crypto-Assets Regulation (MiCA) now decides who may exchange, hold or transfer crypto for clients, and the grace period for older Bulgarian firms closed on 1 July 2026. This guide explains the Bulgarian law, who supervises what, which companies were licensed as of September 2026 and how to check any provider in a few minutes.

What is MiCA and when did it start to apply?

MiCA is Regulation (EU) 2023/1114. It applies directly in every member state and sets one rulebook for crypto-asset issuers and crypto-asset service providers (CASPs). According to ESMA, the regulation reached full application in December 2024.

A CASP authorised in one member state can serve clients across the EU after notifying the other states. That is the "passport". The flip side is that a provider without an authorisation, or without a notification for your country, has no right to offer crypto services to you once national transition periods end.

Which Bulgarian law implements MiCA?

Bulgaria adopted the Markets in Crypto-Assets Act (Закон за пазарите на криптоактиви, ЗПКА) on 20 June 2025. It was published in the State Gazette, issue 54 of 4 July 2025, and took effect on 8 July 2025.

The Act does three main things:

1. Names the regulators. The Financial Supervision Commission (КФН, FSC) is the competent authority under Article 3, paragraph 1, except where the Bulgarian National Bank is expressly competent.
2. Closes the old registration regime. The NRA stopped keeping its register of virtual currency providers under the anti-money laundering law, the register passed to the FSC (§ 5), and pending NRA registrations were closed (§ 4). An entry in that old register is not a MiCA licence.
3. Sets the transition. Firms entered in the NRA register before 30 December 2024 could continue until 1 July 2026 or until a licence decision, whichever came first (§ 3, paragraph 1).

What do the FSC and the BNB do under MiCA?

The BNB's role comes from a new Article 182a added to the Payment Services and Payment Systems Act by the ЗПКА. In practice, most consumer questions concern the FSC, because it decides which platforms can serve you.

When did the MiCA transition period end in Bulgaria?

On 30 June 2026 the FSC announced that the transition period ends on 1 July 2026. From that date only licensed providers may offer crypto-asset services. The FSC said unlicensed firms must have exit plans ready and help clients leave, and that it had licensed two companies at that point.

Firms that registered with the NRA between 30 December 2024 and 8 July 2025 had a shorter window: they had to apply within three months of the law taking effect (§ 3, paragraph 2).

For the news summary, see MiCA transition ends in Bulgaria.

Which crypto companies are licensed in Bulgaria?

The table below is a snapshot of ESMA's interim CASP register file dated 9 September 2026. ESMA updates the register regularly, so check the live file before you rely on it.

In that snapshot, the passporting field for all four shows only Bulgaria. After the snapshot, the FSC decided on 10 September 2026 to grant a licence to FF Digital EOOD (ФФ Диджитал ЕООД). Check the FSC register for its entry and service list.

Bulgarian firms are not the only option. The same ESMA file lists 102 CASPs authorised in other member states that name Bulgaria as a host country. The FSC's list of Article 65 notifications had 122 entries on 15 September 2026, including large platforms such as Bitpanda, Coinbase, Crypto.com, Kraken and Revolut, as well as Circle Internet Financial Europe SAS.

How can I check a crypto provider myself?

It takes about five minutes:

1. Find the legal entity. Open the provider's terms of service and note the exact company name, and where possible its registration number or LEI. Brands and legal names often differ.
2. Search the ESMA register. On ESMA's MiCA page, download the "Crypto-asset service providers" file. Search for the company name. Check the home member state, the authorisation date, the service letters and whether Bulgaria appears among the countries served.
3. Check the service you need. A licence covers specific services. For buying crypto with euro you need "exchange of crypto-assets for funds"; for keeping coins on the platform, "custody and administration"; for sending, "transfer services".
4. For a Bulgarian firm, open the FSC register. The FSC register of licensed CASPs gives the decision number, date, address and services.
5. For an EU firm, open the FSC notifications list. It shows which foreign providers notified the FSC that they serve Bulgaria.
6. Check ESMA's non-compliant entities file. ESMA also publishes a list of entities flagged by regulators.

If the names do not match or you cannot find the entity, ask the provider in writing which authorisation it relies on.

One detail catches many users: large groups run several companies in the EU, and only some of them hold a MiCA authorisation. The entity named in your contract is the one that must be authorised and passported into Bulgaria, not just a sister company with a similar name. If a platform moved you to a new entity during 2025 or 2026, check the new name as well.

What does MiCA mean for crypto users in Bulgaria?

• Fewer, better supervised providers. Licensed firms must meet rules on capital, governance, safekeeping of client assets, complaints handling and disclosures.
• A clear deadline has passed. If you still hold assets with a provider that is not licensed and not passported into Bulgaria, plan your exit now. The FSC expects clients of such firms to move to a licensed provider or to take their assets into self-custody.
• Stablecoins on EU platforms are e-money tokens. Licensed platforms serve tokens with an authorised issuer, such as USDC and EURC. See what is a stablecoin.
• Tax reporting follows licensing. Under the DAC8 rules added to Bulgarian tax procedure law, FSC-licensed providers report user data to the NRA from the 2026 year onwards.
• Risk does not disappear. A licence does not protect you from price falls, and crypto-assets are not covered by a deposit guarantee scheme.

When you compare places to buy stablecoins, the licence check is step one. Our guide on how to buy USDC in Bulgaria applies it to real options.