Bulgarian Parliament Adopts MiCA into National Law

News

On 20 June 2025, the Bulgarian National Assembly passed the Law on Crypto-Asset Markets in its second reading, formally transposing the EU’s Markets in Crypto‑Assets (MiCA) regulation into Bulgarian domestic legislation. The law:

• Introduces a transitional period through 2026, allowing existing crypto firms to continue operating while preparing for full compliance.
• Defines and regulates “crypto‑asset” and “token” types, including public offerings and trading platform listing requirements
• Establishes licensing and supervision for issuers and service providers by the Financial Supervision Commission (FSC), with the Bulgarian National Bank (BNB) overseeing e-money tokens.
• Empowers the FSC to enforce consumer protections, impose penalties (up to BGN 30 million or 15 % of annual turnover), and – controversially – block websites or apps without prior court approval in urgent cases.

This represents Bulgaria’s first comprehensive legal framework for the crypto sector, aligning it with EU standards since MiCA’s full applicability from 30 December 2024, and marking a key milestone following initial parliamentary approval in mid‑May 2025.

Implications for Legal and Industry Stakeholders

• Ongoing compliance horizon: Agencies and service providers must prepare for licensing and operational alignment with MiCA rules by the end of the transitional period in 2026.
• Regulatory oversight: The FSC now has broad supervisory powers, encompassing licensing, on‑site inspections, sanctions, and emergency online content removal. Legal guidance on enforcement escalation is critical.
• Consumer safeguards: Investors and users gain enhanced protection through licensing requirements, transparency mandates, and recourse mechanisms.
• Market dynamics: Harmonisation with EU frameworks should foster market transparency and may attract institutional players, but could also raise entry barriers for smaller operators.

This legislative update complements NBLO’s recent MiCA webinar, where we explored the EU-wide framework, scope, and compliance strategies. With Bulgaria now enacting its national MiCA regime, our team continues to monitor developments closely.

NBLO has extensive experience in regulatory and crypto matters, including advising on licensing, compliance structuring, and risk management. Our regulatory team is happy to assist existing clients in aligning their operations with the new rules and to support new entrants seeking to access the Bulgarian and EU crypto markets.