🇧🇬Bulgaria

Detailed overview

Bulgaria at a glance

Bulgaria pairs one of the EU's lowest-cost financial and tax environments with full euro-area membership from 1 January 2026, a dedicated MiCAR implementing act, and a gambling regime run by the tax administration. Crypto is supervised by the FSC (CASPs and ARTs) and the BNB (EMTs) under the Markets in Crypto-Assets Act; the transitional regime applied to entities in the former National Revenue Agency AML register and expired on 1 July 2026. Payments run under the Payment Services and Payment Systems Act with the BNB as supervisor and the Instant Payments Regulation and DORA in force. Gambling is licensed and taxed by the NRA under the Gambling Act, with lottery and toto reserved to the state. The euro replaced the lev at the fixed rate EUR 1 = BGN 1.95583, and Bulgaria now sits within the euro-area SSM and TARGET infrastructure.

Crypto regime under MiCA — FSC/BNB-split, low-cost, post-transition:

• MiCA + national implementing law — Regulation (EU) 2023/1114 (MiCAR); the Markets in Crypto-Assets Act (State Gazette No. 54 of 4 July 2025), adopted 20 June 2025 and in force 8 July 2025
• Competent authorities — the FSC for CASPs, ART issuers and issuers of crypto-assets other than ARTs/EMTs (white-paper notification and market-abuse supervision); the BNB for EMT issuers
• Grandfathering — closed. Bulgaria took the full 18-month transitional period; entities in the National Revenue Agency's Article 9a AML register as of 30 December 2024 could continue (Bulgarian territory only, no passport) until 1 July 2026, while entities registered between 30 December 2024 and the Act's entry into force on 8 July 2025 had to apply by 8 October 2025. That EU-wide backstop has now expired
• Article 60 notifications — credit institutions, investment firms, e-money and payment institutions, UCITS managers, AIFMs, CSDs and market operators may notify the FSC to provide crypto-asset services within their existing authorisation
• AML/CFT — the Measures Against Money Laundering Act applies; the FSC took over the crypto register from the NRA; the EU AML package (Regulation (EU) 2024/1624 / AMLR, with AMLA in Frankfurt) applies from 10 July 2027; the Bulgarian FIU is the Financial Intelligence Directorate of the State Agency for National Security
• TFR — Regulation (EU) 2023/1113 (recast Transfer of Funds Regulation) applies the Travel Rule to crypto-asset transfers from 30 December 2024 and is implemented by the Markets in Crypto-Assets Act
• Fees — FSC licensing and supervision fees are set in FSC Ordinance No. 76 of 12 June 2025; the Class 1 fee is among the lowest in the EU
• Tax — Bulgaria levies a flat 10% corporate income tax and a flat 10% personal income tax; there is no special crypto tax, and gains are taxed under the general regime
• Enforcement — the FSC holds extensive remedial and sanctioning powers, including suspension of services, white-paper corrections, and online-interface measures against unlicensed cross-border operators

Payments and e-money regime (BNB-led):

• PSD2 — Directive (EU) 2015/2366; transposed by the Payment Services and Payment Systems Act, supervised by the BNB
• Payment Institution licensing — initial capital EUR 20,000 (money remittance), EUR 50,000 (payment initiation) and EUR 125,000 (other payment services)
• EMD2 / E-Money Institution — Directive 2009/110/EC; EUR 350,000 initial capital
• Small payment institution — a national light regime below set thresholds, without EEA passporting
• Instant Payments Regulation (Regulation (EU) 2024/886) — euro instant payments: receiving applicable from 9 January 2025 and sending from 9 October 2025; with euro adoption, Bulgaria's market is integrated into the euro-area instant-payments and TARGET infrastructure
• DORA (Regulation (EU) 2022/2554) — applicable from 17 January 2025
• PSD3 / PSR — Commission proposals of 28 June 2023; provisional political agreement reached 27 November 2025, with final compromise texts published 23 April 2026 and formal adoption expected during 2026; the package will repeal PSD2 and EMD2 and fold e-money institutions into payment institutions, with PSD3 transposed nationally (most likely by amendments to the Payment Services and Payment Systems Act) and the PSR directly applicable after a phased timeline
• Banking — banks are licensed by the BNB under the Credit Institutions Act, with the ECB deciding for significant institutions under the SSM following euro adoption
• Currency: euro (EUR), adopted 1 January 2026 at the fixed rate EUR 1 = BGN 1.95583; no exchange controls

Gambling regime — single-authority model under the NRA:

• Gambling Act (Закон за хазарта, 2012, as amended) — the framework for all land-based and online gambling, administered and supervised by the National Revenue Agency, which absorbed the abolished State Commission on Gambling from 8 August 2020 and now licenses, supervises and taxes the sector
• Licence types — casinos, slot (gaming) halls, sports betting, bingo, and online gambling, plus equipment/software certification; licences are typically issued for five-year terms
• Online requirements — gaming software and updates require NRA approval; the central computer system and a local control server (hosted in the EU/EEA or Switzerland) must mirror gaming activity in real time to the NRA, and online betting data must be stored in Bulgaria
• Tax — lotteries, raffles, toto, bingo, keno and online gambling are taxed on gross gaming revenue, with the GGR rate raised to 25% from 1 January 2026 (previously 20%); land-based slot and casino operations are taxed primarily through fixed per-machine/per-table levies and licence fees; corporate income tax is a flat 10%
• State monopoly — traditional lottery and toto games are reserved to the state (Bulgarian Sports Totalizator); private online lottery is not permitted
• Advertising — heavily restricted since 2024, including bans on television, print, online media and public spaces, with only limited permitted forms
• Minimum age — 18; operators are AML obliged entities, with a dedicated NRA AML unit
• No EU passport — gambling is licensed Member State by Member State; an EU/EEA licence does not authorise activity in Bulgaria

Last verified: July 2026. Reference rate: USD 1 = EUR 0.87 (EUR 1 = USD 1.15). Bulgaria adopted the euro on 1 January 2026 at the fixed and irrevocable rate EUR 1 = BGN 1.95583; lev legacy amounts convert at that rate.

Bulgaria is a low-cost euro-area entry point: crypto runs under MiCAR and the Markets in Crypto-Assets Act with the FSC and BNB sharing supervision, payments sit under the Payment Services and Payment Systems Act with the BNB as supervisor, and gambling is licensed and taxed by the National Revenue Agency under the Gambling Act — with lottery and toto reserved to the state and the euro adopted on 1 January 2026.

Is there a crypto licence in Bulgaria?

Yes. Bulgaria applies MiCAR through the Markets in Crypto-Assets Act, with the FSC authorising CASPs and ART issuers and the BNB supervising EMT issuers. The full 18-month transitional window expired on 1 July 2026, so operating now requires an FSC authorisation, a valid MiCA passport, or an Article 60 notification.

The legal foundation:

• Regulation (EU) 2023/1114 (MiCAR) — the directly applicable EU framework for offerings, admission and crypto-asset services
• Markets in Crypto-Assets Act (State Gazette No. 54 of 4 July 2025, in force 8 July 2025) — designates the FSC and BNB, sets procedures, fees and sanctions
• Measures Against Money Laundering Act — AML/CFT obligations for CASPs
• Regulation (EU) 2023/1113 — Travel Rule for crypto-asset transfers

Structure:

• A Bulgarian legal entity (commonly an OOD/EOOD or AD) with capital paid in before application
• MiCAR own-funds floors by class — EUR 50,000 (Class 1), EUR 125,000 (Class 2), EUR 150,000 (Class 3) — with the prudential requirement set as the higher of the own-funds floor or a fixed-overheads measure
• Fit-and-proper management and qualifying shareholders, AML officers, a white paper for in-scope offerings, and custody, conflicts, complaints and market-abuse arrangements

Operational reality:

• Bulgaria combines among the lowest FSC fees in the EU with a flat 10% corporate tax, making it a competitive CEE base for licensed CASPs; the FSC runs pre-application meetings and has begun issuing authorisations
• A complete, well-structured file is essential — own capital paid in, IT and AML documentation, and clear service classification
• New Bulgaria-facing activity should be structured through an FSC authorisation, a valid passport or an Article 60 notification — not the closed transitional regime

Official CASP roadmap: The FSC has not published a dedicated step-by-step roadmap; it maintains the national crypto register (taken over from the National Revenue Agency) and MiCA guidance, including FSC Ordinance No. 76 of 12 June 2025 on fees and an explanatory note on MiCA, with authorisation following the Article 62/63 MiCAR procedure (a 40-working-day assessment of a complete application). See the Financial Supervision Commission and the ESMA register of authorised CASPs.

Payments & E-money (BNB — PSD2 / EMD2)

Best for payment, remittance, acquiring, wallet and open-banking operators that want a low-cost euro-area base supervised by the Bulgarian National Bank.

What it is: Authorisation as a payment institution or e-money institution under the Payment Services and Payment Systems Act, supervised by the BNB and passportable across the EEA.

Who it suits: Money-remittance and transfer providers, acquirers, card and wallet issuers, payment-initiation and account-information providers, and e-money issuers seeking a cost-efficient EU foothold; smaller entrants may use the small payment institution regime.

Covers: The payment services under the Payment Services and Payment Systems Act — placement and withdrawal of cash, execution of payment transactions, transfers, card and instrument-based payments, money remittance, payment initiation and account information — plus issuance of electronic money.

Operational requirement: A Bulgarian entity; minimum initial capital by service type; ongoing own-funds and safeguarding of client funds; strong customer authentication; AML/CFT; DORA operational-resilience obligations; and fit-and-proper management.

Headline figures

• Primary instruments: Payment Services and Payment Systems Act (PSD2 / EMD2); Instant Payments Regulation (EU) 2024/886; DORA (Regulation (EU) 2022/2554)
• Regulators: BNB (authorisation and supervision); ECB (SSM, for significant banks)
• Entry capital: payment institutions EUR 20,000 / 50,000 / 125,000 by service type; e-money institutions EUR 350,000
• Light regime: small payment institution below set thresholds, with a BNB decision within three months; no EEA passport
• Instant payments: euro instant payments — receiving from 9 January 2025, sending from 9 October 2025; Bulgaria now in the euro-area instant-payments and TARGET infrastructure
• Reform pipeline: PSD3 / PSR — political agreement November 2025, compromise texts April 2026, adoption expected during 2026; EMD2 to be repealed and EMIs folded into payment institutions
• Currency: EUR (adopted 1 January 2026); no exchange controls

Is there a gambling licence in Bulgaria?

Yes. Gambling is licensed and supervised by the National Revenue Agency under the Gambling Act, covering land-based and online casinos, slot halls, sports betting and bingo. Lottery and toto are reserved to the state, and an EU/EEA licence does not authorise activity in Bulgaria.

The legal foundation:

• Gambling Act (2012, as amended) — the framework for land-based and online gambling
• National Revenue Agency — the single authority for licensing, supervision, certification and gaming taxation since 2020
• Measures Against Money Laundering Act — AML obligations for gambling operators
• Tariff of state fees and the Corporate Income Tax Act — fees and taxation

Structure:

• Bulgarian companies and EU/EEA (and Swiss) operators with the required substance, capital and clean records may apply
• Mandatory technical certification, a central computer system and a Bulgaria-based local control server mirroring activity in real time to the NRA, and Bulgarian storage of online betting data
• Operators are AML obliged entities; the NRA runs a dedicated AML unit and the Council for Electronic Media monitors advertising compliance

Gambling — Online licence (NRA)

Best for established operators able to meet Bulgarian capital, certification and data-localisation requirements; not for offshore operators relying on an EU licence elsewhere.

What it is: An NRA licence for online gambling under the Gambling Act, covering the operator's certified verticals (e.g. casino, sports betting), typically for a five-year term.

Who it suits: B2C operators with a Bulgarian entity or an EU/EEA company with the required local presence and certified platform.

Covers: The online verticals within the licence scope, with separate certification per game type; lottery and toto are excluded as state-reserved.

Operational requirement: Minimum paid-in capital under the Gambling Act, NRA-approved software, a Bulgaria-based local control server, a dedicated bank account with a bank operating in Bulgaria, AML/CFT and responsible-gambling tools.

Headline figures

• Primary instruments: Gambling Act (2012, as amended); implementing ordinances; Corporate Income Tax Act
• Regulators: National Revenue Agency (licensing, supervision, taxation); Ministry of Finance (policy); Council for Electronic Media (advertising)
• Costs: minimum paid-in capital by licence type; one-off and annual state fees; a financial guarantee and a socially responsible contribution — confirm current figures with the NRA
• Tax/duty: GGR tax of 25% from 1 January 2026 on lottery-type and online gambling (previously 20%); fixed per-machine/per-table levies for land-based slots and casinos; flat 10% corporate income tax
• Online: NRA software certification, real-time local control server and Bulgarian data storage required
• Player protection: minimum age 18; AML and self-exclusion obligations; heavily restricted advertising

Costs and timelines at a glance

• Crypto: MiCAR via the Markets in Crypto-Assets Act, FSC for CASPs/ARTs and BNB for EMTs; own-funds floors EUR 50,000 / 125,000 / 150,000 by class; Article 63 timeline of a 25-working-day completeness check plus a 40-working-day decision; transitional regime closed 1 July 2026
• Payments primary instruments: Payment Services and Payment Systems Act (PSD2 / EMD2); Instant Payments Regulation (EU) 2024/886; DORA
• Payments regulators: BNB (authorisation and supervision); ECB (SSM, banks)
• Banking entry: authorisation under the Credit Institutions Act; BNB national supervisor, ECB for significant institutions under the SSM
• Reform pipeline: PSD3 / PSR — agreement November 2025, compromise texts April 2026, adoption expected during 2026
• Gambling: NRA single-authority regime under the Gambling Act; GGR tax 25% from 1 January 2026; lottery/toto state-reserved; data localisation and certification required
• Currency: EUR (adopted 1 January 2026 at EUR 1 = BGN 1.95583); no exchange controls
• FX: USD 1 = EUR 0.87 (EUR 1 = USD 1.15)

Who Bulgaria suits and who it does not

Suitable for

• Crypto exchanges, custodians and token issuers wanting a low-cost MiCAR CASP authorisation from the FSC, with EEA passporting and a flat 10% corporate tax
• Already-licensed banks, investment firms, payment and e-money institutions that can add crypto-asset services through the Article 60 notification route
• Payment, remittance, acquiring, wallet and open-banking operators seeking a cost-efficient euro-area base under BNB supervision
• Smaller payment entrants that fit the small payment institution regime and do not need an EEA passport
• Established gambling operators able to meet Bulgarian capital, certification, data-localisation and AML requirements

Not suitable for

• Firms wanting a bespoke or light-touch national crypto regime — Bulgaria applies MiCAR in full, with FSC/BNB supervision
• Providers relying on a former VASP registration — the transitional window closed on 1 July 2026
• Payment or e-money firms expecting to avoid EU prudential, safeguarding, DORA or AML obligations
• Offshore gambling operators relying on an EU/EEA licence elsewhere — Bulgaria licenses gambling nationally, with data-localisation and certification requirements
• Operators seeking to offer online lottery or toto — these are reserved to the state