site.btaParliament Adopts Crypto-Asset Market Regulation Bill

A bill transposing the EU’s Markets in Crypto-Assets framework into national law, introducing oversight and regulation of crypto-asset markets and digital finance operational resilience, was adopted in Parliament on second reading Friday.

The legislation also establishes requirements for information accompanying transfers of funds and certain crypto-assets. It introduces measures to ensure the application of requirements set by European Union regulations on crypto-asset markets, as well as information accompanying transfers of funds and certain crypto-assets, and measures related to the operational resilience of digital technologies in the financial sector.

According to the adopted provisions, the law sets out the terms and procedures for the public offering of crypto-assets and their admission to trading on a crypto-asset trading platform, as well as the licensing and State supervision of crypto-asset issuers and crypto-asset service providers. It is specified that the law aims to protect the interests of crypto-asset holders and clients of crypto-asset service providers and to create conditions for the development of a transparent and efficient crypto-asset market.

The Financial Supervision Commission is to exercise oversight of compliance with the requirements of this law and its implementing acts, except in cases that fall under the explicit competence of the Bulgarian National Bank.

An amendment tabled by Bozhidar Bozhanov of Continue the Change-Democratic Bulgaria, concerning judicial oversight in the removal of websites and advertising from online platforms, was rejected in the chamber.