The Bulgaria Financial Supervision Commission adopted at second reading a new ordinance setting the terms and conditions for licensing and carrying out activities by issuers of tokens secured by assets and by providers of crypto-asset services, and took a series of authorisation and register decisions spanning securities and insurance supervision. In capital markets supervision, the FSC approved a prospectus for the admission to trading on a regulated market of a EUR 25,000,000 secured, non-convertible bond issue by Mainable Energy Fund AD, structured as 25,000 dematerialised registered bonds of EUR 1,000 nominal value with a floating coupon of six-month EURIBOR plus 4.50% capped at 7.50% per annum, plus additional non-guaranteed investment income linked to 20.00% of net cash flows from the base period; the bonds (ISIN BG2100034250) have an issue date of 13.10.2025 and maturity of 13.10.2032. It also entered Stable Energy Fund AD as an issuer and the specified bond issue in the register of public companies and other issuers of securities for trading on a regulated market. Separately, the FSC approved a prospectus for Sila Holding AD’s EUR 3,323,397.23 secured, non-convertible bond issue (6,500 dematerialised registered bonds of EUR 511.29188 nominal value) with a floating coupon of six-month EURIBOR plus 1.00% subject to a 2.75% floor and 5.00% cap per annum, issued 11.09.2025 and maturing 11.09.2034 (ISIN BG2100030258), and entered the issue in the same register. In insurance supervision, Phoenix Insurance Company EAD received a licence extension adding new classes including rail vehicles, aircraft, vessels, cargo during carriage, multiple civil liability classes (motor, aircraft and vessels, and general civil liability), loans, guarantees and legal costs. The FSC also entered Kate Finn Ltd. in the register of bound agents, registered NIT-NEW INTERNET TECHNOLOGIES EOOD as an organisation for professional training of insurance broker employees, deleted H&P Insurance Broker Ltd. from the register of insurance brokers, and terminated proceedings related to a licence to operate as an investment intermediary for My Money Invest EOOD. Promulgation of Ordinance No. 77 in the State Gazette is forthcoming.
Bulgaria Financial Supervision Commission 2026-03-12
Bulgaria Financial Supervision Commission adopts crypto-asset licensing ordinance and approves EUR 25 million and EUR 3,323,397.23 bond prospectuses and Phoenix Insurance licence expansion
The Bulgaria Financial Supervision Commission adopted a new ordinance for licensing token issuers and crypto-asset service providers, alongside authorisation and register decisions in securities and insurance supervision. It approved bond issue prospectuses for Mainable Energy Fund AD and Sila Holding AD, and extended Phoenix Insurance Company EAD's licence to include new insurance classes. Additional register updates include entries and deletions related to insurance brokers and training organisations.