In the framework of the fight against money laundering and fraud with virtual currencies, the financial supervision Commission of Bulgaria (FSC) will begin to monitor and analyse the cryptocurrency market and IPO coins (ICO) launched in the country.
According to the document «Strategy of monitoring financial technologies in non-banking financial sector (2018 — 2020)», published
on the website of the FSC, the office will pay particular attention to four main areas:
the establishment of requirements for possible licensing or registration of companies offering financial innovative products and / or services and technologies in the non-banking financial sector;
analysis of the need for a regulatory framework regarding outsourcing, including cloud services;
the creation of innovation hubs;
risk management in the field of cyber security.
«The task of the nonbank financial sector is to balance the benefits of introducing advanced technologies and to maintain financial stability and security for consumers and investors in this sector», — stated in the message of FSC.
According to the European Agency for securities and markets (ESMA), investment in FINTECH in the first nine months of 2016 worldwide reached 19 billion US dollars — that’s five times more than in 2013. With the rapid development of the Bulgarian Finance regulators are lagging behind in the establishment of rules and the prevention of crimes in the sphere of cryptocurrency.
The Bulgarian government is in second place in the world in the list of the largest owners of bitcoins (BTC). In may 2017 the Bulgarian law enforcement authorities seized
criminals 213 519 BTC, which criminals used to organize schemes of tax evasion. As of June 2018 the value of the seized bitcoins is more than 1.2 billion dollars, which is approximately a quarter of public debt.
More recently, the Bulgarian authorities held completely opposite positions in relation to cryptocurrencies. In December last year, major banks have blocked the accounts of companies, whose activity was related to the purchase and sale of cryptocurrencies.