Our team has filed a complaint before the Bulgarian Supreme Administrative Court challenging two provisions of Ordinance No. 1 of 14 February 2007, insofar as they are applied as requiring that paid-in or increased share capital be evidenced exclusively through a bank-issued document. In practice, these provisions impose a “bank-only” evidentiary requirement for capital contributions,…
Read MoreOur team has successfully completed the registration of a capital increase for a Bulgarian company operating, where the capital contribution was made through a bank account held with a licensed credit institution in the European Union, opened outside the Republic of Bulgaria. Until now, in practice, the Bulgarian Commercial Register had been accepting capital contributions…
Read MoreIn recent years, the cryptocurrency market has experienced rapid growth, leading to increased regulatory scrutiny worldwide. Bulgaria is no exception, with recent amendments to the Anti-Money Laundering Act (AML) and related regulations impacting companies operating within the cryptocurrency sphere. One significant change is the requirement for companies already registered as virtual currencies exchange service providers…
Read MoreOn 2 August 2023, the Bulgarian legal landscape was dramatically invigorated with the most significant transformation in Commercial Law over the past three decades, as announced in the State Gazette. This transformative act heralds the inauguration of a variable capital company (VCC), a pioneering and avant-garde form of corporate entity. This groundbreaking initiative is tailored…
Read MoreThe founder of the theory of natural selection Charles Darwin said: “It is not the strongest or the smartest who survive, but those who adapt best to change.” Although the above thought applies to evolution, the same principle can be applied to almost all areas of development, with cryptocurrencies being no exception. The world of…
Read MoreWe are witnessing one of the largest economic transformations in human history from paper-based analog assets to digital ones. It is amazing that nowadays anyone across the globe can possess a digital value that may represent many types of real-life assets or may give access to rights in a global context. Thanks to tokens this is…
Read MoreWhat is an Initial Coin Offering (ICO) The ICO usually starts with the publishing of white paper. The latter elaborates on how a crypto token technology works and what the tokens would be used for. The white paper also specifies the services or the product which is to be funded. For the distribution of the…
Read MoreCrypto currencies are a modern phenomenon that enjoys increasing popularity. It is undoubtedly due to the most famous of them – the “Bitcoin”. This article will focus in brief on the clarification of the nature of the crypto currencies as well as it will make a comparison between them and the fiat currencies under Bulgarian…
Read MoreProgressive lawyers is very excited to be in this industry. If you need any assistance just give us a call or send us an e-mail. We would be happy to brain-storm together at any time.
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