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REGULATION OF CRYPTOCURRENCY TRADING
The origin, the forms of existence and the legal regulation of money intrigue representatives of all economic schools, as well as lawyers from different legal systems. They look for answers to the questions about the essence of money, about its future and about the degree of alternative payment means and systems. Their evolution follows the level of development of the society itself in order to meet its requirements and needs. The purpose of this research is to propose an approach to the institutionalization of virtual currencies in Bulgarian legislation and the regulation of cryptocurrency trading. The process of establishing the European Union as a common framework for integration between member states once again brings to the fore the question of the economic freedom of citizens. The development of a single common market is based on four "pillars" - the "four freedoms" - freedom of movement of goods, people, services and capital. This, in turn, is a prerequisite for the entry of modern societies into the new "axial time" - the time of globalization. And it, in turn, determines the new challenge for the financial, economic and legal thinkers of the XXI-st century - to institutionalize the practical characteristics of its manifestations. One of these manifestations is the existence of a digital society, in which the relevant financial relations have a digital form and a digital essence. The regulation of cryptocurrencies is a hot topic these days, as they have become increasingly popular among investors and users in recent years. The report analyzes the risks in financial services with cryptocurrencies. The essence and specifics of the relatively new sector of the global financial market, namely cryptocurrency trading, are the basis for understanding the peculiarities and difficulties in the introduction and implementation of regulatory measures for trading in so-called alternative financial instruments. The stable functioning of the financial markets as a whole and the stimulation of their healthy growth are closely linked to the level of consumer confidence, which in turn is determined by the level of consumer protection as citizens of the European Union. The European Union's regulatory framework for crypto-assets, known as MiCA (Markets in Crypto-Assets Regulation), is the subject of much discussion in the crypto industry. MiCA aims to create a harmonized regulatory framework for crypto-assets in the EU and provide investor protection measures. The main challenges of MiCA include assessing its applicability to all types of cryptoassets currently operating in the market, as well as possible new types of cryptoassets that may emerge in the future.
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