{ "jurisdiction_id": "BG", "jurisdiction": "Bulgaria", "url": "https://payments.gi/jurisdictions/bulgaria/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 75, "source_register": 146 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/bulgaria/#w1a-licensing-authorisation-market-access", "standing_position": "Bulgaria operates the standard EU/EEA non-bank PSP licensing model: the Law on Payment Services and Payment Systems (PSPSA, 2018) transposes PSD2 and governs both payment institution (PI) and electronic money institution (EMI) authorisation, with the Bulgarian National Bank (BNB) as sole licensing and prudential authority. Capital thresholds are tiered by service scope for PIs (BGN 40,000/100,000/250,000) and fixed at BGN 700,000 for EMIs. Licensing is bank-agnostic with EEA-wide passporting once authorised.", "findings": [ { "finding": null, "instrument_type": "Law on Payment Services and Payment Systems (PSPSA, 2018) + Ordinance No 16 + Ordinance No 40", "source": "https://bglegalfirm.com/how-to-emi-license-in-bulgaria-regulations/", "source_url": "https://bglegalfirm.com/how-to-emi-license-in-bulgaria-regulations/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PSPSA / Ordinance No 16", "source": "https://buladvice.com/en/electronic-money-institutions/", "source_url": "https://rm.coe.int/moneyval-2024-1-bg-5thround-1stenhfur/1680afca6a", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PSPSA", "source": "https://lawstrust.com/en/news/polucheniya-licenzii-na-denezhnye-perevody-v-bolgarii", "source_url": "https://rm.coe.int/moneyval-2024-1-bg-5thround-1stenhfur/1680afca6a", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "LPSPS (PSPSA) Art. 6, 36, 42, 156, 185(6); Penal Code Art. 252", "source": "https://rm.coe.int/moneyval-2024-1-bg-5thround-1stenhfur/1680afca6a", "source_url": "https://rm.coe.int/moneyval-2024-1-bg-5thround-1stenhfur/1680afca6a", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PSPSA (implementing PSD2/EMD2)", "source": "https://www.bulgarian.llc/emi-license-in-bulgaria-requirements-process-guide/", "source_url": "https://rm.coe.int/moneyval-2024-1-bg-5thround-1stenhfur/1680afca6a", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/bulgaria/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Safeguarding for Bulgarian PIs/EMIs follows the PSD2/EMD2-aligned segregation model under the PSPSA. PSD3/PSR reform will add a central-bank safeguarding option and merge the EMI category into 'payment institution authorised to issue e-money'; Bulgaria has not yet transposed this. DORA-driven amendments extend BNB's ICT oversight powers over PSPs' third-party providers.", "findings": [ { "finding": null, "instrument_type": "PSPSA / BNB supervisory practice", "source": "https://www.ybcase.com/en/fintech/polucenie-emi-licenzii-v-bolgarii", "source_url": "https://www.ybcase.com/en/fintech/polucenie-emi-licenzii-v-bolgarii", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PSD3/PSR (in transposition pipeline; not yet in force in Bulgaria)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52023PC0366", "source_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52023PC0366", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PSD3 (EMD2 repeal / grandfathering)", "source": "https://www.nortonrosefulbright.com/en/knowledge/publications/cedd39c6/psd3-and-psr-from-provisional-agreement-to-2026-readiness", "source_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52023PC0366", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Amendments to Credit Institutions Act, BNB Act, FSC Act, PSPSA", "source": "https://cms.law/en/bgr/legal-updates/eu-dora-regulation-amendments-submitted-to-bulgarian-parliament", "source_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52023PC0366", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Law on Credit Servicers and Credit Buyers (June 2025, transposing Directive (EU) 2021/2167)", "source": "https://mikov-attorneys.com/new-bulgarian-legal-framework/", "source_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52023PC0366", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/bulgaria/#w2-stablecoins-digital-money", "standing_position": "Bulgaria fully transposed MiCA via MICAL (State Gazette No.54/04.07.2025, in force 8 July 2025). FSC is the default competent authority for CASPs/ARTs; BNB is competent authority for EMTs/stablecoins as e-money under the PSPSA. Grandfathering runs to 1 July 2026 for previously NRA-registered VASPs.", "findings": [ { "finding": null, "instrument_type": "Bulgarian Markets in Crypto-Assets Act (MICAL)", "source": "https://www.wolftheiss.com/insights/markets-in-crypto-assets-mica-licensing-in-bulgaria/", "source_url": "https://cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/bulgaria", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "MICAL / FSC Ordinance No. 76", "source": "https://cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/bulgaria", "source_url": "https://www.wolftheiss.com/insights/markets-in-crypto-assets-mica-licensing-in-bulgaria/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "MICAL / PSPSA (EMT treatment)", "source": "https://www.innovires.com/en/blog/mica-crypto-regulation-bulgaria.html", "source_url": "https://www.innovires.com/en/blog/mica-crypto-regulation-bulgaria.html", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "MICAL sanctions regime", "source": "https://www.wolftheiss.com/insights/markets-in-crypto-assets-mica-licensing-in-bulgaria/", "source_url": "https://www.innovires.com/en/blog/mica-crypto-regulation-bulgaria.html", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "MICAL", "source": "https://www.blockchain-council.org/all/bulgaria-adopts-mica-style-crypto-licensing/", "source_url": "https://www.innovires.com/en/blog/mica-crypto-regulation-bulgaria.html", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/bulgaria/#w3-operational-resilience-critical-infrastructure", "standing_position": "DORA has applied directly in Bulgaria since 17 January 2025, with BNB and FSC as enforcing authorities. Bulgaria faced EU infringement action for incomplete transposition of enabling national legislation. BNB is actively auditing bank-sector DORA-preparedness ahead of the 2026 Register of Information cycle.", "findings": [ { "finding": null, "instrument_type": "DORA (Regulation (EU) 2022/2554)", "source": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2026/bulgaria/trends-and-developments", "source_url": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2026/bulgaria/trends-and-developments", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Credit Institutions Act / PSPSA amendments (DORA transposition)", "source": "https://cms.law/en/bgr/legal-updates/eu-dora-regulation-amendments-submitted-to-bulgarian-parliament", "source_url": "https://www.dlapiper.com/en-us/insights/publications/2025/02/application-of-the-digital-operational-resilience-act---dora", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "DORA infringement procedure", "source": "https://www.dlapiper.com/en-us/insights/publications/2025/02/application-of-the-digital-operational-resilience-act---dora", "source_url": "https://www.dlapiper.com/en-us/insights/publications/2025/02/application-of-the-digital-operational-resilience-act---dora", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "DORA applicability to CASPs", "source": "https://cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/bulgaria", "source_url": "https://www.dlapiper.com/en-us/insights/publications/2025/02/application-of-the-digital-operational-resilience-act---dora", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "DORA Register of Information (RoI) cycle", "source": "https://www.orbiqhq.com/eu-regulations/dora-compliance", "source_url": "https://www.dlapiper.com/en-us/insights/publications/2025/02/application-of-the-digital-operational-resilience-act---dora", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/bulgaria/#w4-scheme-network-compliance", "standing_position": "Bulgaria applies the EU default IFR caps without a stricter national cap. Domestic clearing infrastructure (BISERA6/RINGS) operated by BORICA AD is being decommissioned and replaced by SEPA/TARGET rails following euro adoption.", "findings": [ { "finding": null, "instrument_type": "Regulation (EU) 2015/751 (Interchange Fee Regulation)", "source": "https://cms.law/en/bgr/publication/eu-cap-on-interchange-fees-for-card-based-payments201", "source_url": "https://cms.law/en/bgr/publication/eu-cap-on-interchange-fees-for-card-based-payments201", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Mastercard scheme rules (EEA subregion)", "source": "https://www.mastercard.com/europe/en/regulatory/european-interchange.html", "source_url": "https://www.ingwb.com/en/service/payments-and-collections/bulgarias-upcoming-adoption-of-the-euro", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PCI DSS (Visa Core Rules)", "source": "https://www.visaeurope.lu/partner-with-us/pci-dss-compliance-information.html", "source_url": "https://www.ingwb.com/en/service/payments-and-collections/bulgarias-upcoming-adoption-of-the-euro", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "BISERA6 national clearing system (BORICA AD)", "source": "https://www.borica.bg/en/products-and-services/BISERA6", "source_url": "https://www.ingwb.com/en/service/payments-and-collections/bulgarias-upcoming-adoption-of-the-euro", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "RINGS/BISERA6 decommissioning (euro transition)", "source": "https://www.ingwb.com/en/service/payments-and-collections/bulgarias-upcoming-adoption-of-the-euro", "source_url": "https://www.ingwb.com/en/service/payments-and-collections/bulgarias-upcoming-adoption-of-the-euro", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/bulgaria/#w5-payment-corridor-dynamics", "standing_position": "Bulgaria joined the euro area on 1 January 2026, ending its ERM II peg and folding its payment rails into SEPA/TARGET. Blink (SCT Inst-compliant) reaches over 90% of bank accounts and joined TIPS in December 2024, giving full SEPA instant reachability in euro.", "findings": [ { "finding": null, "instrument_type": "Euro area accession / ERM II exit", "source": "https://www.ecb.europa.eu/euro/changeover/bulgaria/html/index.en.html", "source_url": "https://www.ecb.europa.eu/euro/changeover/bulgaria/html/index.en.html", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Blink (BORICA AD) / TIPS", "source": "https://www.lightspark.com/knowledge/bulgaria-instant-payments", "source_url": "https://www.lightspark.com/knowledge/bulgaria-instant-payments", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "BISERA/TIPS integration", "source": "https://www.borica.bg/en/latest/novini/instant-payments-in-bulgaria-3-years-after-the-first-transaction_en", "source_url": "https://www.lightspark.com/knowledge/bulgaria-instant-payments", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "SEPA Instant Credit Transfer (SCT Inst)", "source": "https://www.ubb.bg/en/news/view/klientite-na-obb-sas-sepa-nezabavni-prevodi-v-23-darjavi-v-evropa", "source_url": "https://www.lightspark.com/knowledge/bulgaria-instant-payments", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "EU Instant Payments Regulation (Regulation (EU) 2024/886)", "source": "https://www.borica.bg/en/latest/novini/skorost-i-sigurnost-kato-standart-za-razplashtaniyata-u-nas", "source_url": "https://www.lightspark.com/knowledge/bulgaria-instant-payments", "source_tier": "2", "retrieved_at": "2026-07-04" } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/bulgaria/#w6-industry-structure-commercial-dynamics", "standing_position": "Bulgaria's banking sector (23 licensed credit institutions) is concentrated and predominantly foreign-owned, with the top three banks controlling roughly two-thirds of sector assets. A fintech/non-bank layer has emerged featuring Payhawk, Paynetics, tbi bank and newer entrants such as Paypercut.", "findings": [ { "finding": null, "instrument_type": "Market structure", "source": "https://grokipedia.com/page/List_of_banks_in_Bulgaria", "source_url": "https://grokipedia.com/page/List_of_banks_in_Bulgaria", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Market share by asset", "source": "https://thebanks.eu/countries/Bulgaria/major_banks", "source_url": "https://thebanks.eu/articles/banks-in-Bulgaria", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Concentration/M&A history", "source": "https://thebanks.eu/articles/banks-in-Bulgaria", "source_url": "https://thebanks.eu/articles/banks-in-Bulgaria", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Fintech/non-bank market presence", "source": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2025/bulgaria", "source_url": "https://thebanks.eu/articles/banks-in-Bulgaria", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Fintech market development", "source": "https://www.therecursive.com/bulgarian-fintech-paypercut-raises-eur5m-to-expand-its-payments-platform-across-cee/", "source_url": "https://thebanks.eu/articles/banks-in-Bulgaria", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/bulgaria/#w7-legal-litigation", "standing_position": "The landmark Bulgarian payments/banking litigation remains the ECHR's KTB ruling. Current enforcement is otherwise structured around BNB's statutory administrative and criminal-penalty powers; no new large-scale PSP/EMI enforcement litigation identified for 2025-2026 beyond the DORA-transposition infringement action.", "findings": [ { "finding": null, "instrument_type": "ECHR judgment (Article 6 §1 / Article 1 Protocol 1)", "source": "https://www.echrcaselaw.com/en/echr-decisions/no-legal-standing-of-a-private-bank-in-legal-proceedings-and-its-inability-to-challenge-the-revocation-of-its-license-violation-of-fair-trial-and-right-to-property/", "source_url": "https://www.echrcaselaw.com/en/echr-decisions/no-legal-standing-of-a-private-bank-in-legal-proceedings-and-its-inability-to-challenge-the-revocation-of-its-license-violation-of-fair-trial-and-right-to-property/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "LPSPS Art. 156, 185(6); Penal Code Art. 252", "source": "https://rm.coe.int/moneyval-2024-1-bg-5thround-1stenhfur/1680afca6a", "source_url": "https://rm.coe.int/moneyval-2024-1-bg-5thround-1stenhfur/1680afca6a", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Administrative appeal procedure", "source": "https://ybcase.com/en/fintech/polucenie-emi-licenzii-v-bolgarii", "source_url": "https://rm.coe.int/moneyval-2024-1-bg-5thround-1stenhfur/1680afca6a", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "EU infringement procedure (DORA transposition)", "source": "https://www.dlapiper.com/en-us/insights/publications/2025/02/application-of-the-digital-operational-resilience-act---dora", "source_url": "https://rm.coe.int/moneyval-2024-1-bg-5thround-1stenhfur/1680afca6a", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Bank Insolvency Act", "source": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2025/bulgaria", "source_url": "https://rm.coe.int/moneyval-2024-1-bg-5thround-1stenhfur/1680afca6a", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/bulgaria/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring in Bulgaria is served by domestic banks, licensed non-bank acquirers and international PSPs via EEA passporting. Settlement remains largely batch-based (T+1 to T+3) despite advanced instant-transfer infrastructure; restricted/high-risk verticals require specialised underwriting.", "findings": [ { "finding": null, "instrument_type": "Acquiring/merchant onboarding practice", "source": "https://payatlas.com/countries/bulgaria-bg", "source_url": "https://payatlas.com/countries/bulgaria-bg", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "AML/KYC merchant risk framework", "source": "https://payatlas.com/countries/bulgaria-bg", "source_url": "https://ensun.io/search/fintech/bulgaria", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PCI DSS validation obligations", "source": "https://www.visaeurope.lu/partner-with-us/pci-dss-compliance-information.html", "source_url": "https://ensun.io/search/fintech/bulgaria", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Embedded acquiring / licensed non-bank acquirer", "source": "https://ensun.io/search/fintech/bulgaria", "source_url": "https://ensun.io/search/fintech/bulgaria", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Local alternative payment methods", "source": "https://payatlas.com/countries/bulgaria-bg", "source_url": "https://ensun.io/search/fintech/bulgaria", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/bulgaria/#w9-product-innovation-market-development", "standing_position": "Bulgaria's flagship payments innovation is Blink, expanding from BGN P2P into euro SEPA Instant reachability, mobile-number lookup, and planned Apple Pay/Google Pay integration. The FSC runs a fintech innovation hub referencing the European Blockchain Sandbox; open banking adoption is cautious.", "findings": [ { "finding": null, "instrument_type": "Blink product roadmap", "source": "https://www.borica.bg/en/latest/novini/skorost-i-sigurnost-kato-standart-za-razplashtaniyata-u-nas", "source_url": "https://www.borica.bg/en/latest/novini/skorost-i-sigurnost-kato-standart-za-razplashtaniyata-u-nas", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "FSC Innovation Hub / European Blockchain Sandbox", "source": "https://www.legal500.com/guides/chapter/bulgaria-fintech/", "source_url": "https://www.legal500.com/guides/chapter/bulgaria-fintech/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Open banking / open finance market development", "source": "https://digipay.bg/en/blog/the-future-of-payments-in-bulgaria-driven-by-sepa-instant-and-the-digital-euro", "source_url": "https://www.legal500.com/guides/chapter/bulgaria-fintech/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Stablecoin cross-border product development", "source": "https://www.therecursive.com/bulgarian-fintech-paypercut-raises-eur5m-to-expand-its-payments-platform-across-cee/", "source_url": "https://www.legal500.com/guides/chapter/bulgaria-fintech/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "MiCA-driven crypto product/market development", "source": "https://www.blockchain-council.org/all/bulgaria-adopts-mica-style-crypto-licensing/", "source_url": "https://www.legal500.com/guides/chapter/bulgaria-fintech/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/bulgaria/#w10-consumer-protection-app-fraud", "standing_position": "General consumer-protection enforcement runs through the CCP under the Consumer Protection Law. APP/IBAN-spoofing fraud is a recognised and growing risk (over EUR 16 million in losses in 2024), prompting a new EU-mandated Verification of Payee service rolled out via BORICA from October 2025.", "findings": [ { "finding": null, "instrument_type": "Consumer Protection Law / CCP mandate", "source": "https://kzp.bg/en", "source_url": "https://www.borica.bg/en/latest/novini/skorost-i-sigurnost-kato-standart-za-razplashtaniyata-u-nas", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "FSC complaints/ADR process", "source": "https://www.fsc.bg/en/for-the-consumers/complaints/", "source_url": "https://kzp.bg/en", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Regulation (EU) 2024/886 (Verification of Payee)", "source": "https://www.borica.bg/en/latest/novini/skorost-i-sigurnost-kato-standart-za-razplashtaniyata-u-nas", "source_url": "https://kzp.bg/en", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Consumer protection law (euro changeover safeguards)", "source": "https://ieu-monitoring.com/editorial/eu-commission-statement-on-bulgaria-joining-the-euro-area-on-1-january-2026/869427", "source_url": "https://kzp.bg/en", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Law on Credit Servicers and Credit Buyers (2025)", "source": "https://mikov-attorneys.com/new-bulgarian-legal-framework/", "source_url": "https://kzp.bg/en", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/bulgaria/#w11-aml-cft-financial-crime", "standing_position": "Bulgaria remains on the FATF grey list since October 2023. As of mid-2026 the Justice Ministry reports 24 of 25 identified gaps addressed, with the sole remaining strategic deficiency relating to ML investigation/prosecution effectiveness; the government targets delisting by mid-2026.", "findings": [ { "finding": null, "instrument_type": "sentinel.correspondent_banking_impact", "source": "https://www.newbalkanslawoffice.com/bulgarias-inclusion-in-the-fatf-grey-list-aml-cft-compliance-amld-and-amlr-implications/", "source_url": "https://www.bta.bg/en/news/bulgaria/1149425-final-evaluation-on-bulgaria-s-fatf-grey-list-removal-coming-up-country-has-met", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": "Bulgaria operates the Law on Measures Against Money Laundering (LMML) and Law on Measures Against Financing of Terrorism (LMFT), supervised principally by FID-SANS (State Agency for National Security) and the Bulgarian National Bank. It has one of the EU's few free public beneficial-ownership registers, but MONEYVAL's 2022 MER found systemic effectiveness gaps in ML prosecution, confiscation, PF sanctions and VASP supervision, driving FATF grey-listing since October 2023.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Bulgaria", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "End of mandatory lev/euro dual price display", "instrument_type": "regulatory_horizon", "source": "FIM (sentinel.gi) regulatory_horizon_register (issue FIM-BASE-HRZ-004)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: European Public Prosecutor's Office (EPPO) / Bulgarian General Directorate for Combating Organised Crime — Organised network of shell companies defrauding EU Human Resources Development Programme funds", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-003)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Enforcement: FATF / MONEYVAL — Bulgaria's national AML/CFT/CPF regime", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Sanctions: EU divergence", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-003)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Gap: political-constraint", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: OFAC licence-change", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Enforcement: OFAC (US Department of the Treasury) — Lukoil Neftohim Burgas JSC; Lukoil Bulgaria EOOD; Lukoil Aviation Bulgaria EOOD; Lukoil Bulgaria Bunker EOOD", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-002)", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/bulgaria/#w12-correspondent-banking-settlement-access", "standing_position": "Euro area accession on 1 January 2026 fundamentally re-anchored settlement access: BNB became a full ECB shareholder with direct TARGET/TIPS integration, while legacy domestic RINGS/BISERA6 BGN settlement systems were decommissioned in favour of SEPA/TARGET rails.", "findings": [ { "finding": null, "instrument_type": "ECB capital key / Eurosystem membership", "source": "https://www.ecb.europa.eu/press/blog/date/2026/html/ecb.blog20260206~9124ac61e7.en.html", "source_url": "https://www.ecb.europa.eu/press/blog/date/2026/html/ecb.blog20260206~9124ac61e7.en.html", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Eurosystem harmonised access policy for non-bank PSPs", "source": "https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2024_7165", "source_url": "https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2024_7165", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "RINGS/BISERA6 decommissioning", "source": "https://www.ingwb.com/en/service/payments-and-collections/bulgarias-upcoming-adoption-of-the-euro", "source_url": "https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2024_7165", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "FATF grey-list correspondent banking impact", "source": "https://www.newbalkanslawoffice.com/bulgarias-inclusion-in-the-fatf-grey-list-aml-cft-compliance-amld-and-amlr-implications/", "source_url": "https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2024_7165", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "MONEYVAL correspondent banking recommendation compliance", "source": "https://www.bta.bg/en/news/bulgaria/1149425-final-evaluation-on-bulgaria-s-fatf-grey-list-removal-coming-up-country-has-met", "source_url": "https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2024_7165", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/bulgaria/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial activity in Bulgarian payments/fintech is led by continued venture funding into Paypercut and fund-level capital formation targeting the CEE fintech ecosystem (Morphosis Capital), alongside incumbent players (tbi bank, Payhawk) reporting partnership/performance milestones.", "findings": [ { "finding": null, "instrument_type": "commercial_event: seed funding round", "source": "https://www.therecursive.com/bulgarian-fintech-paypercut-raises-eur5m-to-expand-its-payments-platform-across-cee/", "source_url": "https://www.therecursive.com/bulgarian-fintech-paypercut-raises-eur5m-to-expand-its-payments-platform-across-cee/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: pre-seed funding round", "source": "https://www.therecursive.com/bulgarian-fintech-paypercut-raises-eur5m-to-expand-its-payments-platform-across-cee/", "source_url": "https://tracxn.com/d/geographies/bulgaria/__y_ABi6FaHH7l8ygqHM_jTJgFrmqVS5988nrMt-xR0Vg", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: fund close", "source": "https://tracxn.com/d/geographies/bulgaria/__y_ABi6FaHH7l8ygqHM_jTJgFrmqVS5988nrMt-xR0Vg", "source_url": "https://tracxn.com/d/geographies/bulgaria/__y_ABi6FaHH7l8ygqHM_jTJgFrmqVS5988nrMt-xR0Vg", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: product/partnership", "source": "https://tracxn.com/d/geographies/bulgaria/__y_ABi6FaHH7l8ygqHM_jTJgFrmqVS5988nrMt-xR0Vg", "source_url": "https://tracxn.com/d/geographies/bulgaria/__y_ABi6FaHH7l8ygqHM_jTJgFrmqVS5988nrMt-xR0Vg", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "market_baseline: funded fintech population", "source": "https://tracxn.com/d/explore/fintech-startups-in-bulgaria/__aYjQRDgSwlRKa9U9l6HLa-ieK8tNvz88guwIrJ1ze2Q/companies", "source_url": "https://tracxn.com/d/geographies/bulgaria/__y_ABi6FaHH7l8ygqHM_jTJgFrmqVS5988nrMt-xR0Vg", "source_tier": "3", "retrieved_at": "2026-07-04" } ] } ] }