2024-08-27 01:52:28
Cryptocurrency trading in Bulgaria will be regulated by law. The proposal for a Law on Cryptoasset Markets should introduce some European regulations, the petitioners write in their reasons. The public consultation is until mid-September.
The Financial Supervision Commission (FSC) will oversee all activities of token creators and crypto-asset service providers. The terms for issuing a license for their activity are mentioned, as well as penalties for failure to comply with the regulations.
Token issuers will be required to manage a separate reserve of assets for each token. At all times, they must have own funds of at least €350,000, 2% of the average value of the asset reserve, or 1/4 of the previous year’s fixed overheads.
Crypto asset service providers will need to be listed in the Trade Register.
BNB will also exercise supervision, but for credit institutions that will deal with cryptocurrencies. Cryptocurrency activities are now unregulated. Due to the fight against money laundering, since August 2020, a registration regime has been operating in our country for those dealing with crypto-currencies.
The new law will also change a number of other laws. Some of the provisions should enter into force by the end of this year, and the others by the end of 2025, BNR writes.