Bulgaria Crypto License — CASP Authorization Guide 2026

To obtain a Bulgaria CASP authorization, companies must satisfy the FSC's requirements under MiCA Regulation (EU) 2023/1114 and Bulgaria's national implementing legislation — primarily the Law on Markets in Crypto-Assets (LMPCA) and the Measures Against Money Laundering Act (MAMLA). The following are the core requirements for FSC CASP authorization:

MiCA Article 67 establishes three minimum own funds tiers based on the CASP service types authorized. These are identical across all EU member states including Bulgaria — MiCA harmonizes capital requirements at the EU level. The FSC requires that capital be maintained at all times, not only at the authorization stage:

Under MiCA Art. 67(2), own funds must at all times be at least one-quarter of the fixed overheads of the preceding year — so capital requirements scale with business size. The FSC may require higher own funds than the MiCA minimums if it assesses that the risk profile of a particular CASP warrants it. Capital must consist of instruments that are fully paid up, freely available, and free from third-party claims.

Bulgaria's OOD structure is the standard vehicle for CASP applications. The nominal share capital of an OOD is just BGN 2 (approximately €1), with the MiCA own funds requirement (€50,000–€150,000) being a separate regulatory capital obligation that must be satisfied and evidenced to the FSC at authorization stage. Bulgaria's 10% corporate income tax applies to profits generated through the Bulgarian OOD entity — the lowest flat corporate rate in the EU.

Bulgaria's combination of low government fees, low corporate tax, and low operating costs makes it uniquely positioned among EU CASP jurisdictions. The table below compares the total cost landscape across key EU licensing destinations for 2026:

* Estonia: 0% on retained profits, 20% on distributions. Malta: effective rate reduced by imputation system. Germany: combined trade tax + corporate income tax. Table reflects government fees, statutory corporate tax rates, and relative operating cost index (Sofia = 1.0). Professional service fees vary by complexity.

Beyond the government fee, the most significant cost difference is in ongoing operational expenditure. A Sofia-based compliance officer costs approximately 40–60% less than an equivalent professional in Frankfurt, Amsterdam, or Paris. Office space in central Sofia is €12–€18/m² per month versus €35–€55/m² in comparable Western European capital cities. For firms where ongoing compliance staffing and infrastructure costs are material, Bulgaria's operating cost advantage compounds significantly over a 3–5 year horizon.

A Bulgaria CASP license issued by the FSC carries full MiCA EU passporting rights — a single FSC authorization grants your company the right to provide crypto-asset services in all 27 EU member states under MiCA Article 65. This is the same passporting right as a BaFin authorization in Germany or a De Nederlandsche Bank authorization in the Netherlands, at a fraction of the government fee and operating cost. You gain access to the entire EU single market from one NCA relationship.

How Bulgaria CASP Passporting Works

• Notification to FSC: To begin providing services in another EU member state, your Bulgarian OOD submits a passporting notification to the FSC specifying the target country, service types, and intended start date.
• 10-working-day forwarding: The FSC must forward the notification to the host state NCA within 10 working days. You may commence providing services in the host state on the day the notification is forwarded — without waiting for host NCA approval.
• ESMA register publication: All FSC-authorized CASPs appear in ESMA's publicly searchable register of authorized CASPs, giving institutional counterparties, partner platforms, and clients across the EU immediate confirmation of your authorization status.
• Home vs. host supervision: The FSC is your home-state prudential supervisor. Host-state NCAs supervise conduct-of-business requirements applicable in their territory under MiCA. Bulgaria's membership in the EU supervisory architecture ensures the FSC participates in ESMA's NCA coordination framework.

For companies serving clients across multiple EU markets, Bulgaria is a strategically sound choice. A Sofia-based entity with FSC authorization can serve German, French, Dutch, and all other EU clients through passporting — with the regulatory credibility of a MiCA-authorized EU CASP at the lowest possible ongoing cost. See our guide on EU passporting under MiCA for the complete procedural framework. For a Baltic alternative with a deeper fintech ecosystem, see Lithuania CASP License or Estonia CASP License.