Promoting Crypto Currencies In Bulgaria: Are There Any Risks?

Earlier this year, the Bulgarian Supreme Administrative Court (the “SAC”) had the chance to evaluate the misleading potential of an advertisement of a Bulgarian cryptocurrencies exchange platform that was based on the denial of traditional financial institutions and displayed the Bulgarian National Bank (the Bulgarian banking regulatory authority, the “BNB”) as an opponent to the cryptocurrencies. The proceedings related to an appeal of a decision of the Bulgarian Commission on the Protection of the Competition (the “CPC”) and the SAC upheld most of the CPC's findings and confirmed that the respective advertisement was misleading and contradicted the bona fide commercial practices.