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Bulgaria is part of the European Union and is characterized by favorable conditions for doing business. Financial technologies and operations with cryptoassets are actively developing here. Therefore, if you intend to start a crypto company in Bulgaria, our material may be useful to you, as it talks about innovations in the crypto business regulation in this country.

Regulation of crypto activity in Bulgaria

Businessmen interested in registering a Bulgarian crypto exchange should take into account that last year the country took active steps to harmonize its legislation with the EU Directives (4 and 5 AMLD) in relation to illegal income.

If you intend to start a crypto activity in Bulgaria, you should address Anti-Money Laundering and enhance your ID verification efforts.

Now, according to the updated AML Law, the following companies registered in Bulgaria are subject to customer due diligence requirements:

  1. Providers of crypto exchange services.
  2. Providers of e-wallets.

The necessity and relevance of these innovations lies in solving the problems associated with:

  • growing digitalization of the financial sector;
  • adaptation of Fintech regulation in Bulgaria;
  • the increased risk of using digital platforms for money laundering.

As the adoption of cryptocurrencies continues, firms are getting serious about anti-money laundering compliance. For AML purposes and to fund the fight against criminal activity, crypto exchanges and crypto exchangers must register with the National Revenue Agency.
 

Finally

Money laundering is a huge global problem. Unfortunately, while cryptocurrency means cheaper, faster international transactions, it also makes the crypto sector attractive for criminal activity, such as money laundering. The changes in Bulgarian legislation fulfill the EU's general desire to increase business transparency and implement the AML policy. If you are planning to register a company for crypto activity in Bulgaria, you should take into account the new legislative requirements.

For more information, please contact IQ Decision UK team and sign up for an individual consultation on the EU Fintech regulation updates.