Only two Bulgarian companies are licensed by the FSC to trade in cryptocurrencies

Strict rules aimed at ending the “Wild West” era of cryptocurrencies went into effect on July 1

12:34 02.07.2026 ~ 3 min read

Only two Bulgarian companies have received a direct license from the Financial Supervision Commission (FSC) to provide crypto-asset services to date. These are “Alaric Securities” Ltd. and “Biller” Ltd., the regulator announced in connection with the stricter rules for trading in digital assets that have taken effect.

On July 1, 2026, the transition period set forth in the Markets in Crypto-Assets Regulation (MiCA) expired. Only licensed or officially notified companies are now authorized to provide crypto-asset services within Bulgaria and the European Union. Until now, firms listed in the FSC’s registry were allowed to operate in the market without an explicit license, taking advantage of the status quo; however, from this point forward, the regulatory framework is being significantly tightened to protect consumers and ensure financial stability.

Any provider wishing to operate in this sector in Bulgaria must undergo a rigorous licensing procedure with the national regulator or hold a valid license from another EU member state, accompanied by an official notification of operations on the Bulgarian market. All other platforms automatically fall into the gray market.

Which are the two licensed Bulgarian companies?

The first such company is “Alaric Securities”, which has been operating in Bulgaria since 2011 as an investment intermediary. The company offers trading in government securities, the placement of crypto-assets, investment advice on cryptocurrencies, and more. Its scope of activity covers global markets through a selection of strategies involving equities, fixed-income instruments, alternatives, and liquidity. The clients they serve include individual, corporate, and institutional clients.

The other Bulgarian company licensed to operate within the EU is “Biller”, which has been operating in the country since 2017. It provides services such as cryptocurrency portfolio management, custody, and administration of crypto assets on behalf of clients, as well as the execution of orders related to crypto assets on behalf of clients. The company diversifies protocols and strategies to limit volatility and increase the potential for above-average returns.

A list of companies registered in Bulgaria and the services they can provide can be found here. The European Securities and Markets Authority (ESMA) also maintains a register of all crypto-asset service providers licensed by the competent authorities of the member states.

What is the purpose of the new regulation?

The new rules are intended to bring order and security to the current “Wild West” of cryptocurrencies. The goal is, on the one hand, to give the green light to technological innovation and provide certainty for businesses, and on the other hand, to build a stable shield for people’s money. In practice, the regulation brings the market into the open by introducing strict controls and requirements for full transparency on the part of platforms, ensuring better protection for buyers, and putting an end to attempts at market manipulation and “under-the-table” trading.

The FSC warns that if you are a client of an unlicensed cryptocurrency service provider, you must terminate your relationship with the company.

What should you do if your provider is unlicensed?

“If you are a client of an unlicensed crypto-asset service provider, you must terminate your relationship with that provider. The provider is required to draw up a plan for winding down its operations and to assist you in the process of terminating the relationship,” the FSC states.

Unlicensed providers are no longer permitted to offer new services and may only conduct transactions related to settling your withdrawal. By law, they are required to draw up a plan for winding down their operations and to cooperate with you. In this situation, you have three legal options: