Правната уредба на криптоактивите през призмата на първия български проект на Закон за пазарите на криптоактиви
The Legal Framework of Cryptoassets through the Lens of the First Bulgarian Draft Cryptoasset Markets Act

Author(s): Suleyman Bashov
Subject(s): Politics / Political Sciences, Economy, National Economy, Business Economy / Management, Political Theory, Governance, Politics and law, Financial Markets
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Cryptoassets; MiCA; draft law; Bulgarian legislation
Summary/Abstract: The report analyzes the first Bulgarian draft of the Cryptoasset Markets Act (CAMA), submitted for discussion in the National Assembly at the end of 2024. The draft aims to adapt national legislation to the European legal framework established by the Markets in Crypto-Assets Regulation (MiCA). Its primary role is to specify the mechanisms for oversight and control by defining the powers of the national competent authorities. The main part of the report examines the regulatory models for cryptoassets under MiCA and the prepared draft of the CAMA. The analysis shows that although the CAMA fulfills its purpose, some of the proposed measures raise questions about legal certainty and the proportionality of the intervention in contrast to the requirements of MiCA. It is recommended that the provisions be further refined to ensure a balance between regulatory effectiveness and the protection of market participants.

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