How to obtain a crypto license in Bulgaria?.
A favorable economic environment, flexible crypto regulation, and a convenient legislative framework make Bulgaria an ideal location for the registration and development of crypto projects. Being a member of the European Union, Bulgaria ensures economic stability and reliability. Thus, cryptocurrency regulation in Bulgaria can be beneficial for both startups and large companies.
Advantages of obtaining a crypto license in Bulgaria
- Low tax rates. Bulgaria offers some of the lowest tax rates in Europe, making it an attractive location for launching a crypto business.
- Efficient and simple business registration process. Obtaining a crypto license in Bulgaria can be faster and easier than in other European Union countries.
- Ease and affordability of opening and running a company. Bulgaria’s legislation allows for registering and running a company at a relatively low cost and with relative ease.
- The functionality of the crypto license in Bulgaria includes the exchange between virtual assets and fiat currencies, the exchange between one or multiple virtual assets, as well as receiving, holding, and transferring virtual assets for the purpose of conducting operations with such assets.
Simple requirements for obtaining a crypto license in Bulgaria
- Founders and directors of the company can be non-residents of Bulgaria.
- The company must have a contact person residing in Bulgaria, responsible for AML issues, and constantly in touch with the local AML authority.
- The registered capital of the company must be at least 2 BGN (1 EUR) per partner (shareholder) in accordance with the legislation, but we recommend an amount that corresponds to at least 6 months of operating expenses.
- A virtual office is sufficient for company registration.
How to Obtain a Cryptocurrency License in Bulgaria
Obtaining a turnkey cryptocurrency license in Bulgaria takes 4 months and involves the following steps.
- Preparation of documents and registration of an LLC company in Bulgaria. This stage takes about 3 weeks from the moment all necessary documents are submitted, depending on the promptness of providing documents, required information, and the workload of the registration authority.
- Preparation of documents and submission of an application for obtaining a cryptocurrency license. This stage takes about 3 weeks, depending on the promptness of providing documents, possible need for additional requests, and processing times.
- Review of the application by the National Revenue Agency of Bulgaria regulator. This stage takes about 2 weeks, depending on the volume of work, possible requests for information, and decision-making time.
- Obtaining the cryptocurrency license and inclusion in the registry of cryptocurrency companies. This stage takes about 2 weeks, depending on the verification procedures, the volume of work, and additional requirements.
- Opening a corporate account and starting operations. This stage takes at least three weeks and depends on the identity of the founders, the appetite for risk of a specific payment institution, and the planned business model of the company.
By obtaining a crypto license in Bulgaria, you will receive a ready-to-work company with permission to provide cryptocurrency exchange and storage services on the territory of the country.
If you need to obtain a crypto license in Bulgaria, contact the lawyers at SBSB Fintech Lawyers. Our company has been specializing in supporting FinTech and Crypto projects since 2013 and we are ready to assist in preparing all the necessary documents for the legalization of your crypto business and obtaining the relevant license under the current legislation. We provide full legal support and develop individual solutions for each client, based on the specifics of their business model.