The Financial Supervision Commission (FSC) is issuing a warning to companies that work with crypto assets for identified attempts at fraud and unlawful entries in the Commercial Register and the Register of Non-Profit Legal Entities (TRRYULNTS).
For this reason, the FSC calls on companies to strengthen their protection measures.
The regulator has detected a practice in which changes are made in the management of crypto companies through false or forged documents - without the knowledge and consent of the real owners. Thus, new managers or legal representatives are entered into the registers, which creates a risk for both the companies themselves and their clients, wrote news.bg.
The FSC points out that such actions can lead to serious financial damage and undermine confidence in the crypto sector. The risk is particularly heightened in the current transitional period, in which a significant part of the companies entered into the register under § 5, para. 3 of the Transitional and Final Provisions of the Crypto Asset Markets Act (ZPKA) continue to provide services in the transitional period in accordance with the European MiCA regulation.
The FSC recommends that companies activate the free SMS notification service of the Registry Agency. It allows companies to be informed in real time when an application is submitted for their account in the Commercial Register and to react promptly to an attempt at abuse.
In addition, the regulator advises companies to regularly check their accounts in the Commercial Register, including for changes in management, to monitor for registration of companies with similar names that could mislead customers and to limit and control access to electronic signatures and documents used to declare circumstances.
In case of suspicion of unlawful changes in the Commercial Register, the FSC recommends that signals be immediately submitted to the Registry Agency, the prosecutor's office and the Financial Supervision Commission itself. The law allows such entries to be challenged in court.
In addition, the FSC also reminds that the European regulation MiCA introduces a common framework for regulating crypto-assets in the EU. A transitional period is in effect until July 1, 2026, after which crypto-asset services will only be offered by licensed companies.
Until then, the FSC will continue its enhanced monitoring of the sector and will maintain a dialogue with companies preparing for licensing, appealing for increased attention and timely action to protect businesses and customers.