Bulgaria’s Financial Supervision Commission (FSC) has warned crypto market participants about “crypto company hijacking”, a fraud involving the registration of company managers in the Commercial Register without the owners’ knowledge using forged documents, and has tied the alert to the closing phase of crypto-asset service provider (CASP) authorisation under the MiCA Regulation. In a Darik Radio interview, FSC director Desislava Laskova highlighted that such schemes can create licensing risks for affected firms and enable unlawful actions carried out in their name, including taking out loans. The FSC noted it is already applying the MiCA Regulation, with a transitional period running until 1 July 2026 after which providers operating without a licence will no longer be allowed to operate; supervision of electronic money tokens remains with the Bulgarian National Bank. Of eight licence applications received, one firm has been licensed (as an investment intermediary), three are under review and four were refused at the completeness-check stage due to substantial missing documentation and communication issues. The FSC reiterated that licensing typically takes 4 to 6 months and advised firms seeking to continue operating legally after the transitional period to submit documents no later than 16 February. It also reported sending a circular letter inviting companies to meetings to provide guidance on preparing licensing documentation to meet MiCA and national requirements.

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