First Crypto License in Bulgaria: Alaric Securities’ Perspective on MiCA and Regulated Crypto

The granting of the first crypto license in Bulgaria under the EU’s Markets in Crypto-Assets Regulation (MiCA) marks a turning point for the local digital asset market. For Alaric Securities—the first investment broker in the country to receive such authorization—this milestone is less about precedent and more about what regulated crypto now enables.

From Alaric’s perspective, MiCA signals the transition of crypto from an experimental environment to one governed by institutional standards.

What a crypto license changes for the market

MiCA introduces a single European framework for crypto-asset activities, setting clear expectations around governance, risk management, internal controls, AML/CTF measures, and ICT resilience. In practice, the regulation is already reshaping the market.

While interest in obtaining a crypto license remains high, only a limited number of firms are positioned to meet these requirements. As a result, MiCA acts as a natural filter—favoring institutions with experience in regulated financial markets and reducing fragmentation across the sector.

“MiCA defines the rules of the game and creates the conditions for institutional participation,” says Ivan Takev, Senior Manager at Alaric Securities. “These participants are essential if the market is to move to a qualitatively new level in terms of liquidity and security.”

Regulation as a catalyst, not a burden

A frequent concern is that regulation slows innovation. From Alaric Securities’ perspective, the opposite is true. Clear rules provide certainty and create the conditions for sustainable growth.

“Liquidity and security were weak points in the past,” Takev notes. “Regulation is what allows those gaps to be addressed. MiCA is a clear example of how a European regulatory act can create opportunity and confidence for business, rather than simply adding regulatory burden.”

Crypto as a natural extension of existing services

Alaric Securities’ entry into crypto follows the same institutional logic that underpins its existing capital markets activities.

“Crypto assets are a natural extension of the services we already offer,” says Takev. “We also expect to see large-scale tokenization of traditional financial assets in the near future.”

Initially, the firm plans to provide access to the largest cryptocurrencies, with the flexibility to expand its offering based on client demand. Alaric also sees strong synergies with its existing business, particularly in the area of e-money tokens, which support efficient global client reach.

Payments: where adoption is accelerating

While tokenization represents a longer-term structural change, Takev identifies payments as the area where crypto adoption is already becoming visible.

“In payments, the potential is enormous and only just beginning to unfold,” he says. “More users are already paying directly from crypto wallets at traditional points of sale, through partnerships with institutional players such as Visa. This trend is still very new.”

This shift highlights how regulated infrastructure can enable practical, everyday use cases.

Tokenization and the road ahead

MiCA also allows for assets to be issued directly in crypto form, aligning digital issuance with existing financial regulation under frameworks such as MiFID II. However, this evolution will take time.

“This will require changes to existing legislation, likely not only in Bulgaria,” Takev explains.

At this stage, Alaric Securities does not have immediate plans to issue tokens backed by other assets, but the company is closely monitoring opportunities for securitization and tokenization of traditional financial instruments and commodities for retail investors.

“MiCA makes these processes simpler and more accessible, both for issuers and investors,” Ivan Takev adds.

A crypto license as a foundation for long-term growth

For Alaric Securities, receiving the first crypto license in Bulgaria under MiCA is not an endpoint, but a foundation. Regulation provides the certainty needed to build sustainable services and trustworthy market infrastructure.

As the European crypto market moves from experimentation toward institutional scale, Alaric’s approach remains measured and long-term—focused on regulated growth, client protection, and real economic use cases rather than short-term momentum.