In the last month, Bulgaria has been seeing a new VASP registration nearly every day on average, highlighting the country’s growing appeal as a prime destination for virtual asset service providers. 📈
Before we jump into the specifics of Virtual Asset Service Provider (VASP) authorisation, let’s address the critical question: Why are firms choosing Bulgaria? 🤔
📊 Let’s Talk Numbers:
– Corporate Tax Rate: 10% 🏦
– Personal Income Tax: 10% 💼
– Dividend Tax: 5% 💰
But Bulgaria isn’t just about low taxes! It’s home to a vibrant fintech community. 🌟 Sofia, the capital, is an emerging hub for tech startups, featuring numerous incubators and co-working spaces. 🌐 Events like Webit.Festival Europe and variety of activities at Sofia Tech Park offer fantastic networking opportunities and an exciting environment for a crypto firm. 🎉
Breaking Down the VASP Authorisation Process in Bulgaria:
Step 1: Establish a business entity from scratch or use a ready-made company specifically set up for immediate transfer to new ownership. 🏢
Step 2: VASP Authorisation: The process is overseen by the National Revenue Agency (NRA). Expect a fast and smooth process of submitting your application, receiving your authorisation certificate, and having your entity added to the public VASP register. 📄✅
Step 3: Provide a local contact person for Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) matters. 🕵️♂️
Step 4: Develop AML/CFT Policies: These must be tailored to the specifics of your crypto operations and comply with Bulgarian and EU regulations. The Bulgarian State Agency for National Security (SANS) oversees VASPs in relation to the implementation and enforcement of the AML/CFT Act. 📜🛡️
Step 5: Commence Crypto Operations: Once you receive your VASP authorisation, you can officially begin your operations. This milestone marks the start of your journey as a recognised entity in the EU’s crypto market. 🚀
The entire process typically takes between 4 to 6 weeks. With Bulgaria’s supportive environment and efficient regulatory framework, your journey to becoming a recognised player in the crypto market has never been smoother. 🌐✨
Bulgaria offers an unbeatable combination of low taxes, a thriving fintech community, and a streamlined process for VASP authorisation. Whether this is the perfect storm that will lead to a stable increase in authorizations remains to be seen. Additionally, it raises the question of whether we will see crypto firms from other jurisdictions migrating to Bulgaria. 🤷♂️🌟
🔗 Let’s connect and discuss more on how Bulgaria can be your next strategic move in the crypto world! 🌍💬
