BULGARIA Trends and Developments Contributed by: George Chisuse, Ivelin Vassilev and Stephany Valcheva, VC Law
• it is an EU member state; • company formation is relatively straightforward; • operating costs may be lower than in some larger financial centres; and • a Bulgarian CASP licence can support EU pass- porting once the MiCA conditions are met. MiCA and the Bulgarian Markets in Crypto-Assets Act evolved the market from informal crypto entrepreneur- ship towards regulated financial services. That shift changes how the product should be designed, how the team should be built and how the business should properly document their contractual relationship with banks, investors, partners and clients.
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