New law regulates the crypto-asset market in Bulgaria

The parliament has adopted the Crypto-Asset Markets Act on second reading. It regulates trading in this type of instrument according to European regulations, reporter Maria Fileva informed. The law gives the Financial Supervision Commission and the Bulgarian National Bank the right to supervise the licensing and activities of participants in this market.

The opposition objected to the envisaged possibility for the Financial Supervision Commission not only to impose property sanctions, but also to block websites if it sees violations. The reason for the objections was the text that was dropped before the second reading, which required a court order after a request from the commission.

"Why are you removing judicial control and giving the FSC the right to go to any company without judicial control and impose restrictions that could escalate into censorship and could have very adverse consequences and damages," MP Martin Dimitrov from PP-DB said.