Global Stablecoin Regulation

Bulgaria

Last Updated: May 20, 2026

Plasma

Last Updated: May 20, 2026

Bulgaria applies the EU MiCA regime and, in July 2025, adopted the Law on the Markets in Crypto-Assets (ZPKA) to operationalise it nationally (promulgated 4 Jul 2025; in force shortly thereafter). The Financial Supervision Commission (FSC) is the national competent authority for MiCA; the Bulgarian National Bank (BNB) remains the prudential supervisor for credit institutions/e-money institutions, including where MiCA assigns EMT-related powers. Existing providers recorded under the former AML registration are grandfathered until 1 Jul 2026 (or until authorisation is granted/refused); the FSC now keeps the §5 ZPKA register of such entities.

State Gazette (Държавен вестник) – Law on the Markets in Crypto-Assets (ЗПКA), promulgated 4 Jul 2025

ESMA – List of competent authorities designated under MiCA (shows FSC; BNB for credit institutions)

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Legal Status

Legal

Regularity Clarity

5/5

Regime Status

In-Force

Allowed Types

Fiat Referenced

Asset Referenced

Classification

E-Money

Crypto Asset

Under the EU MiCA regime, Bulgaria classifies stablecoins as e-money tokens (EMTs) and asset-referenced tokens (ARTs). EMTs reference a single official currency and are redeemable at par in funds; only credit institutions or e-money institutions may issue them and, in Bulgaria, supervision under Title IV is carried out by the BNB. ARTs reference another value or a basket (e.g., currencies, commodities, or crypto-assets) and require MiCA authorisation, reserve safeguarding, and ongoing disclosures; they are supervised by the FSC as Bulgaria’s MiCA NCA. Tokens that do not reference assets (often called “algorithmic”) are not EMT/ART under MiCA.

EUR-Lex – MiCA (EU) 2023/1114

ESMA – List of competent authorities under MiCA

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Regulatory Authorities

Financial Supervision Commission (FSC)

Bulgaria’s MiCA national competent authority. Authorises and supervises asset-referenced token (ART) issuers and crypto-asset service providers (CASPs); enforces MiCA conduct, disclosure, governance, and marketing rules. Maintains the § 5 ZPKA transition register for pre-existing providers.

Bulgarian National Bank (BNB)

Prudential supervisor for e-money institutions and payment institutions and the competent authority where MiCA assigns powers for e-money tokens (EMTs) (single-fiat stablecoins) issued by banks/EMIs. Oversees licensing and ongoing compliance under the Payment Services and Payment Systems Act.

Top Issuers

Circle (USDC, EURC)

SGForge (EURCV, USDCV)

AllUnity (EURAU)

Monerium (EURe)

Paxos (USDG, USDP, PYUSD)

Consumer Protection

Reserve Requirements

ART issuers must maintain a segregated reserve equal to holders’ claims, with custody at qualified entities and investments constrained to highly liquid/low-risk instruments (EBA RTS). EMT issuers must safeguard the funds received and invest them safely in the same currency.

Auditing

An independent audit of the reserve every six months is mandatory; results must be notified and published. ART issuers must also publish monthly the amount in circulation and reserve value/composition. (Additional reserve/custody/liquidity rules apply where tokens are significant.)

Redemption Rights

EMTs: redeemable at any time and at par value, in funds (not e-money). ARTs: permanent right to redeem for the market value in funds or by delivery of the referenced assets per the issuer’s redemption policy.

Recent Developments

Remittance Race

Find the cheapest and fastest way to send money abroad, comparing traditional methods alongside stablecoin options like Plasma.