Cryptocurrencies in Bulgaria are not overseen by any financial regulatory body and are not recognised as electronic money or financial instruments. Therefore, Bulgarian authorities doe not issue licenses to crypto companies. However, companies that offer exchange services between virtual and fiat currencies or provide custodial wallet services must register and obtain an authorisation from the Bulgarian National Revenue Agency for anti-money laundering purposes. 

Therefore, a company that has obtained an authorisation in Bulgaria can legally conduct crypto-related activities. This can be considered as a more cost-effective solution compared to license obtaining in other European member states.

A crypto company registered in Bulgaria is allowed to conduct the following activities:

• exchanging virtual currencies;
• exchanging virtual and fiat currencies;
• custody services. 

No, the application process is fully remote. 

The corporate income tax rate in Bulgaria is 10%, and the dividend tax rate is 5%. Crypto assets are not subject to VAT. 

The authorisation obtaining typically takes around 1-2 months if all the documents are in order. Application timeframe will depend on the complexity of ownership structure, commercial proposition, and cooperation of the related parties since the application process runs in close collaboration with an applicant.

A minimum paid share capital required for the Bulgarian limited company is just 1 EUR. 

No, it is not required to hire local employees for a crypto company registered in Bulgaria. 

No, it is not necessary to open a physical office in Bulgaria. 

Absolutely, a foreigner can be in the structure of the Bulgarian company. Moreover, a non-EU citizen can form a company in Bulgaria.