Regulatory AlertsBulgaria: fintech & payments regulation
RegulatedBulgaria: FSC regulates crypto/PSD3; BNB oversees payments; MiCA licensing via Regulation 77
- Lead regulator
- Financial Supervision Commission (FSC)
- Core law
- Law on Payment Services and Payment Systems (2018)
- Entry capital
- EUR 350,000 (Payment Institution)
- Approval timeline
- 3-6 months for payment licenses; 3-6 months for MiCA CASP
- Customer assets
- Segregated in dedicated accounts
- Data protection
- GDPR · CNPD
- Sandbox
- No
Bulgaria offers a dual-track fintech framework. The Bulgarian National Bank (BNB) supervises traditional payment institutions and e-money institutions under the Law on Payment Services and Payment Systems. The Financial Supervision Commission (FSC) regulates crypto-asset service providers (CASPs) under the Law on Crypto-Asset Markets and Regulation No. 77, implementing the EU MiCA regulation. The jurisdiction is fully aligned with EU directives, providing a stable but rigorous entry environment.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Institution[1] TPSP license for payment initiation only; PI for full processing. | EUR 20,000 (TPSP) or EUR 125,000 (PI) | 3-6 months | Bulgarian National Bank (BNB) |
| E-money & wallet issuance | LicenceE-Money Institution[1] Requires paid-in capital and BNB approval. | EUR 350,000 | 3-6 months | Bulgarian National Bank (BNB) |
| Domestic money transfer | LicencePayment Institution[1] Domestic transfers fall under standard payment services. | EUR 20,000 (TPSP) or EUR 125,000 (PI) | 3-6 months | Bulgarian National Bank (BNB) |
| Cross-border remittance | LicencePayment Institution[1] Cross-border payments require specific authorization. | EUR 20,000 (TPSP) or EUR 125,000 (PI) | 3-6 months | Bulgarian National Bank (BNB) |
| Agent network | LicencePayment Institution[1] Agents must be registered; principal remains liable. | EUR 20,000 (TPSP) or EUR 125,000 (PI) | 3-6 months | Bulgarian National Bank (BNB) |
| Open banking / account information | LicencePayment Institution[1] Account Information Services (AIS) require PI license. | EUR 20,000 (TPSP) or EUR 125,000 (PI) | 3-6 months | Bulgarian National Bank (BNB) |
| Foreign-exchange services | LicencePayment Institution[1] FX services are part of payment services. | EUR 20,000 (TPSP) or EUR 125,000 (PI) | 3-6 months | Bulgarian National Bank (BNB) |
New — what changed recently
- 2026-05-11Law on Crypto-Asset Markets — Establishes FSC as competent authority for MiCA implementation and CASP licensing.
- 2026-03-12Regulation No. 77 — Details conditions and procedures for licensing crypto-asset service providers.
- 2025-09-24Euro Adoption Protocols — BNB issued protocols for cash handling and exchange as Bulgaria adopts the Euro.
Market-entry checklist
- 1Secure BNB LicenseApply to BNB for Payment Institution or EMI license with EUR 350k capital.
- 2File MiCA ApplicationSubmit CASP application to FSC under Regulation No. 77 if handling crypto.
- 3Establish CapitalDeposit minimum capital (EUR 20k-350k) in a Bulgarian bank account.
- 4Appoint ManagementEnsure key personnel meet BNB/FSC fit and proper requirements.
- 5Register with CNPDComply with GDPR and register data processing activities with CNPD.