Why Bulgaria for Crypto Companies?
Bulgaria stands out as the most cost-efficient EU jurisdiction for crypto company formation in 2025. The combination of 10% flat corporate income tax (the EU's lowest), minimal capital requirements, fast registration, and available VASP registration with the National Revenue Agency creates an unmatched value proposition for early-stage and growing crypto businesses that need EU presence without the cost of operating in Western Europe.
As an EU member state, a Bulgarian company benefits from EU regulatory recognition, freedom of establishment across the single market, and the credibility of an EU-based entity with banking partners, payment processors, and institutional counterparties. While Bulgaria does not have a dedicated crypto regulator with its own licensing framework (like Estonia's FIU or Lithuania's Bank), its VASP registration regime under the Bulgarian AMLA is straightforward and fast.
Bulgaria is also increasingly attractive for businesses that want to later obtain an investment firm licence (FSC) or apply for a MiCA authorisation under the EU crypto regulation. The FSC (Financial Supervision Commission) regulates investment services and its fees and capital requirements are among the most accessible in the EU.
EOOD Setup — Step by Step
Formation of a Bulgarian EOOD is one of the fastest and most straightforward company incorporations in the EU. The entire process can be completed in 5–10 working days when all documentation is in order.
Bulgarian VASP Registration (NRA)
Under the Bulgarian Anti-Money Laundering Act (AMLA), all VASPs operating in or from Bulgaria must register with the National Revenue Agency (NRA — Национална агенция за приходите). This is a registration process, not a licensing process — the NRA does not evaluate the commercial viability of your business, only its AML/KYC compliance framework.
The VASP registration is mandatory for: exchange between virtual and fiat currencies, exchange between virtual currencies, transfer of virtual currencies, custody/administration of virtual currencies, and financial services related to token issuance and sale.
The NRA registration application must include: company incorporation documents, description of virtual asset activities, AML policy and internal procedures, KYC procedures, risk assessment, information on AML officer, and UBO declarations for all beneficial owners.
MiCA and Bulgarian VASPs: Under EU MiCA (Markets in Crypto-Assets Regulation), which applies from December 2024, VASPs in EU member states must transition to MiCA-compliant CASP (Crypto-Asset Service Provider) authorisation. Bulgarian VASPs currently registered under the NRA regime will need to apply for MiCA authorisation — either through the Bulgarian FSC or by passporting from another EU member state. We advise on MiCA readiness as part of our formation service.
- AML policy manual (Bulgarian law and EU AMLD compliant)
- KYC procedures for individual and corporate clients
- Internal AML controls description
- Risk assessment document
- Designated AML officer appointment
- UBO declarations for all persons with 25%+ ownership
- Director/manager fit-and-proper declaration
Registered Address & Banking Solutions
A virtual registered address in Sofia or another Bulgarian city satisfies the commercial register requirement and is accepted by the NRA for VASP registration purposes. Physical office space is not required for NRA VASP registration, though a professional address (not a private residence) is strongly recommended.
Bulgarian banking for crypto companies is challenging but not impossible. Fibank (First Investment Bank), TBI Bank, and some branches of international banks with Bulgarian presence have experience onboarding fintech/crypto clients. The key to successful Bulgarian bank account opening is: a registered NRA VASP, a clean AML programme, detailed source of funds documentation for UBOs, and a realistic business plan.
For companies that cannot access Bulgarian banking initially, Lithuanian EMI providers (Paysera, ConnectPay, Kevin.eu) are the most popular alternative — they provide IBANs, SEPA payments, and basic business account services for EU-registered companies including Bulgarian entities.
Bulgaria EOOD Cost Breakdown
| Item | Description | Cost (€) |
|---|---|---|
| Commercial register fee | Online filing — Agency by Entries | ~€55 |
| Notary fees | If required for non-resident founders | €100–€300 |
| Share capital | BGN 2 minimum (€1) | €1 |
| Registered address | Virtual office Sofia (first year) | €300–€800 |
| Accountancy retainer | Annual VAT/tax compliance | €600–€1,500/yr |
| NRA VASP registration | Application preparation | €500–€1,200 |
| Our service fee | End-to-end formation + NRA | €1,200–€2,500 |
| Total all-in (first year) | ~€3,000–€6,500 | |