Many fintech startups and established companies are now looking for a new home across Europe due to Brexit. Bulgaria is shaping up to be the top destination for many of them, including crypto, blockchain and licensed electronic money institutions, as proven by leading firms such as SM Digital Holding and Wallex.Bulgaria is known for having a good track record with the fintech ecosystem, and for being very competitive destination for money licensed institutions due to its supportive regulations and its good standpoint within Europe. The country is now set to soon bypass Lithuania as the number one jurisdiction following just the UK. Lithuania is open to crypto companies but also going down in appeal because of the risk of European banks refusing transactions from the country.One of the main advantages of Bulgaria for the industry is that it serves as a \u2018pipeline\u2019 for money licensed institutions. Bulgaria has a licensing structure unlike the UK FCA licenses, rather it consists of around ten money licenses and all other licenses are passported. A passported license is when a company is granted a license by one European regulator and other countries on the continent recognize it and let the company operate within their local markets.An example of the appeal of the country is that Simone Mazzuca, Wallex Director, based his company in Bulgaria \u2014 SM Digital Holding. It is a company providing digital financial and legal advisory services to international companies. SM Digital Holding is also the company that supports Wallex Trust and Wallex Custody. Wallex is an international group which provides asset protection services, including a custody service, borderless banking solutions, OTC services, exchange platform, property management, crowd-funding operations and international licenses.Beyond its competitive licensing structure Bulgaria has much more to offer crypto and fintech companies. The country is strategically located close\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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