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Fintech & payments regulation in Bulgaria (2026)

Fintech and digital payments in Bulgaria: licensing regime.

Bulgaria operates a clear, dedicated licensing regime for digital payments and fintech: the BNB authorises and supervises payment institutions (PIs), electronic money institutions (EMIs) and payment system operators under the PSPSA, which transposes PSD2. Licences passport across the EEA, open-banking APIs are live, and a SEPA-compliant instant-payment rail (BLINK/BISERA6) operates 24/7. Bulgaria adopted the euro on 1 January 2026, integrating its payment infrastructure with the Eurosystem (TARGET/TIPS).

Last verified Official sources first · MethodologyCompare Bulgaria with other countries

Legal framework

Payment Services and Payment Systems Act (PSPSA, in force 2018, transposing EU PSD2), supplemented by BNB Ordinance No 16 on licensing of payment institutions and e-money institutions; supervised by the Bulgarian National Bank (BNB). EU regulations (MiCA, GDPR) and CCD2 apply as baseline.

How to get an EMI license in Bulgaria

To provide electronic-money or payment services in Bulgaria you need authorisation as an Electronic Money Institution (EMI), supervised by the Bulgarian National Bank (BNB), under the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2).

Authority
the Bulgarian National Bank (BNB)
License required
authorisation as an Electronic Money Institution (EMI)
Framework / law
the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2)
Minimum capital
€350,000 initial capital for a full (Authorised) EMI; a lighter Small EMI regime exists below an average €5m of outstanding e-money
Timeline
roughly 3–12 months; the regulator has up to 3 months to decide once the application is complete
Cost
application and supervisory fees that vary by country (often €5,000–€25,000), plus safeguarding and audit costs
Passporting
Yes: an EMI authorisation passports across the whole EEA (all 27 EU states plus Norway, Iceland and Liechtenstein).

What an EMI license in Bulgaria covers

  • Issuing electronic money and maintaining payment accounts
  • Executing payment transactions: credit transfers, direct debits and card payments
  • Issuing and/or acquiring payment instruments
  • Money remittance
  • Payment initiation services (PIS)
  • Account information services (AIS)

Step by step: getting an EMI license in Bulgaria

  1. Incorporate in the member state and establish real local substance (registered office and part of the business conducted there).

  2. Build the application file: programme of operations, three-year business plan, governance, AML/CFT, safeguarding and security policies.

  3. Deposit and evidence the €350,000 initial capital.

  4. Submit the application to the national competent authority.

  5. The authority has three months from a complete application to grant or refuse.

  6. On authorisation you are entered in the national and EBA registers, then passport into other EEA states before serving them.

Documents required in Bulgaria

  • Programme of operations listing each payment service you will provide
  • Business plan with a three-year budget forecast
  • Evidence of the €350,000 initial capital
  • Governance arrangements and internal-control mechanisms
  • AML/CFT policy and appointment of a compliance officer
  • Safeguarding arrangements for client funds (segregated account or insurance)
  • Security policy, incident management and ICT resilience procedures
  • Fit-and-proper documentation for directors and qualifying shareholders
  • Description of any outsourcing, agents or distributors
  • Professional indemnity insurance where you provide PIS or AIS

Ongoing obligations in Bulgaria

  • Maintain own funds under the applicable calculation method (A, B or C)
  • Safeguard client funds at all times, segregated or insured
  • Apply strong customer authentication (SCA) under PSD2
  • Run continuous AML/CFT monitoring and reporting
  • Report major operational and security incidents to the regulator
  • Submit annual audited accounts and periodic regulatory reporting

Key points: digital payments & fintech in Bulgaria

  1. Regulator & primary law

    The Bulgarian National Bank licenses and supervises payment institutions, e-money institutions and payment-system operators under the Payment Services and Payment Systems Act (PSPSA), which transposes PSD2; secondary rules are set in BNB Ordinance No 16.

    bnb.bg practiceguides.chambers.com

  2. Licensing tiers & capital

    Distinct authorisations exist for PIs and EMIs with graduated minimum capital (e.g. ~BGN 700,000 for EMIs; BGN 40,000/100,000/125,000 tiers for payment institutions depending on services), with the BNB deciding within three months of a complete application.

    bnb.bg bglegalfirm.com

  3. Public register & EU passporting

    Licensed PIs and EMIs are entered in the BNB's official public register and can passport their services across the entire EEA; live licensees include BORICA AD (PI) and Econt Financial Services (EMI).

    borica.bg boyanov.com

  4. Open banking (PSD2 APIs)

    PSD2 access-to-account/open-banking obligations are fully integrated into Bulgarian supervisory and business practice, with API testing infrastructure (e.g. a developer test portal) available to TPPs and fintechs.

    bbr.bg bis.org

  5. Instant-payment rails

    The domestic SEPA-compliant instant scheme BLINK (operated by BORICA via BISERA6) settles interbank transfers in seconds, 24/7; instant euro payments launched December 2024 and BISERA connects to the Eurosystem's TIPS for SEPA reachability.

    europeanpaymentscouncil.eu borica.bg

  6. Euro adoption & BNPL/credit

    Bulgaria adopted the euro on 1 January 2026 (rate 1.95583 BGN/EUR), aligning payment systems with the Eurosystem; BNPL and consumer-credit fintech are governed by the EU Consumer Credit Directive (CCD2), to be transposed nationally with application from 20 November 2026.

    ecb.europa.eu consilium.europa.eu

EMI license in Bulgaria: FAQ

Do you need a license to run an e-money business in Bulgaria?

Yes. To provide electronic-money or payment services in Bulgaria you need authorisation as an Electronic Money Institution (EMI), supervised by the Bulgarian National Bank (BNB), under the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2).

Which authority issues EMI licenses in Bulgaria?

The Bulgarian National Bank (BNB).

How much does an EMI license cost in Bulgaria?

Application and supervisory fees that vary by country (often €5,000–€25,000), plus safeguarding and audit costs.

How long does it take to get an EMI license in Bulgaria?

Typically roughly 3–12 months; the regulator has up to 3 months to decide once the application is complete.

What documents do you need for an EMI license in Bulgaria?

The application file centres on programme of operations listing each payment service you will provide; business plan with a three-year budget forecast; evidence of the €350,000 initial capital; governance arrangements and internal-control mechanisms; plus fit-and-proper evidence for directors and qualifying shareholders.

What is the application process for an EMI license in Bulgaria?

Incorporate in the member state and establish real local substance (registered office and part of the business conducted there). Build the application file: programme of operations, three-year business plan, governance, AML/CFT, safeguarding and security policies. The authority then assesses the file and, once authorised, you can begin operating.

Does an Bulgaria EMI license work in other EU/EEA countries?

Yes: an EMI authorisation passports across the whole EEA (all 27 EU states plus Norway, Iceland and Liechtenstein).

Timeline of decisions

  1. Law
    DORA Transposed into Bulgarian Law

    Bulgaria enacted domestic implementing legislation for EU Regulation 2022/2554 (Digital Operational Resilience Act) on 8 July 2025, amending the Law on Credit Institutions, the Payment Services and Payment Systems Act, and the Markets in Financial Instruments Act, extending binding ICT-risk and incident-reporting obligations across the payment and fintech sector.

    Chambers Banking Regulation 2026

  2. Decision · official
    DORA Becomes Directly Applicable; BNB Notifies Supervised Institutions

    EU Regulation 2022/2554 (DORA) became directly applicable in all EU member states, including Bulgaria, from 17 January 2025. The Bulgarian National Bank formally notified all supervised entities, including payment institutions and e-money institutions, of their compliance obligations regarding ICT risk management, resilience testing, and incident reporting.

    Bulgarian National Bank

  3. Law
    MiCA CASP Provisions Fully Applicable EU-Wide

    The remaining provisions of Regulation (EU) 2023/1114 (MiCA), covering the licensing and ongoing obligations of crypto-asset service providers, became applicable on 30 December 2024. Bulgaria's pre-existing VASPs registered under AML law were granted a transitional window to transition to full MiCAR authorisation ahead of the BG-specific Crypto-Asset Markets Act being enacted in 2025.

    Wolf Theiss

  4. Decision · official
    BISERA Launches Instant Euro Payments via Eurosystem TIPS

    From early December 2024, BORICA's BISERA system introduced instant euro payment services connected to the Eurosystem's TARGET Instant Payment Settlement (TIPS) infrastructure, giving Bulgarian PSPs full SEPA reachability for euro instant transfers, a key milestone ahead of Bulgaria's planned euro adoption.

    BORICA AD

  5. Law
    PSPSA Amended: Open Banking Payment-Account Access Rules Updated

    Amendments to the Payment Services and Payment Systems Act came into force on 1 September 2023, updating Articles 118-121 governing access to payment accounts for third-party providers (PISPs and AISPs). The changes refined the open-banking framework supervised by the BNB, clarifying liability and data-sharing rules for fintech firms.

    United Bulgarian Bank

  6. Decision · official
    All Bulgarian Credit Transfers Migrate to SEPA Schemes

    From July 2023, all credit transfers in Bulgaria, including public-sector payments, were required to comply with SEPA Credit Transfer (SCT) and SEPA Instant Credit Transfer (SCT Inst) schemes of the European Payments Council, replacing legacy domestic BGN formats and aligning Bulgaria's payment infrastructure with the Single Euro Payments Area ahead of eurozone entry.

    Bank for International Settlements (BNB Deputy Governor speech)

  7. Enforcement · official
    MONEYVAL Mutual Evaluation: Bulgaria Placed in Enhanced Follow-Up

    MONEYVAL's fifth-round Mutual Evaluation Report (adopted May 2022) rated Bulgaria 'Partially Compliant' on FATF Recommendation 15 (virtual assets), citing inadequate VASP risk assessment, insufficient coverage of VA activities, and weak application of AML/CFT preventive measures by VASPs, compelling heightened regulatory scrutiny and driving subsequent reforms toward MiCA alignment.

    FATF / MONEYVAL

  8. Decision · official
    BISERA6 / Blink Instant BGN Payments Go Live (24/7, 10-second settlement)

    BORICA launched Bulgaria's first real-time domestic payment service, Blink, through the BISERA6 system in spring 2021, enabling BGN account-to-account transfers settled within 10 seconds around the clock. By 2024 the system processed 22.6 million transactions worth BGN 36.9 billion, a 102% year-on-year volume increase, and formed the technical backbone for later euro instant payment integration.

    BORICA AD

  9. Law
    New Payment Services and Payment Systems Act Enacted (PSD2 Transposition)

    Bulgaria enacted a wholly new Payment Services and Payment Systems Act (State Gazette No. 20, 6 March 2018; in force 9 March 2018), transposing PSD2 and introducing open banking, strong customer authentication, and access rights for third-party payment initiation and account information service providers. The BNB was designated the sole supervisory authority and issued Ordinance No. 16 governing payment and e-money institution licensing.

    CMS Law

Sources

  1. bnb.bg/bnbweb/groups/public/documents/bnb_law/regulations_centralcreditre_en
  2. practiceguides.chambers.com/practice-guides/banking-regulation-2026/bulgaria/trends-and-developme
  3. europeanpaymentscouncil.eu/news-insights/insight/instant-payments-bulgaria
  4. borica.bg/en/latest/novini/bnb-izdade-litsenz-za-izvarshvane-na-deynost-kato-pl
  5. boyanov.com/econt-financial-services-successfully-obtains-e-money-institution-lic
  6. bbr.bg/en/european-payment-services-directive-psd2/
  7. bis.org/review/r231218k.htm
  8. ecb.europa.eu/press/pr/date/2025/html/ecb.pr250708~b9676a9fa8.en.html
  9. consilium.europa.eu/en/press/press-releases/2025/07/08/bulgaria-ready-to-use-the-euro-fro
  10. bglegalfirm.com/how-to-obtain-an-emi-license-in-bulgaria-regulations-process-and-fees
  11. borica.bg/en/latest/novini/borica-advances-bulgaria-s-cross-border-instant-paym

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Orientation, not legal advice: verify against the primary sources linked above. Last verified 25 May 2026. Methodology & how to cite · State of Technology Regulation 2026