BULGARIA
Romania
Serbia
Sofia
Bulgaria
Kosovo
Law and Practice Contributed by: George Chisuse, Ivelin Vassilev, Stephany Valcheva and Daniel Kolev VC Law
North Macedonia
Turkey
Greece
Contents 1. Overview of Blockchain and Crypto-Assets p.128 1.1 Blockchain p.128 1.2 Crypto-Assets p.130 2. Regulation p.132 2.1 Regulators and International Alignment p.132 2.2 Crypto-Asset Regulatory Frameworks p.133 2.3 Regulated Firms and Legal Wrappers p.133 2.4 Token Issuance p.134 2.5 Market Abuse p.134 2.6 Non-Compliance p.135 3. Licensing and Set-Up Requirements p.135
3.1 Licensing Requirements p.135 3.2 Set-Up Requirements p.136 3.3 Change of Control p.136 3.4 Passporting p.137 4. Cross-Border Services p.137 4.1 Marketing p.137 4.2 White Labelling p.138 5. Decentralised Finance p.138 5.1 Ability to Use DeFi p.138 5.2 DeFi Structures p.138 5.3 Liability p.139 6. Payments and Stablecoins p.139
6.1 Payments p.139 6.2 Stablecoins p.139 7. Tokenisation and Real-World Assets p.141 7.1 Treatment p.141
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