The Bulgarian Parliament yesterday approved new legislation on money transfers, electronic payment instruments and payment systems which aims to ensure the development of a robust payments system in the local market.
“The law replaces the existing regulation and creates the basis for the financial integration of Bulgaria into the Eurozone,” says Miroslav Velikov, head of custody at HVB Bank Biochim in Sofia. “This change will harmonise Bulgarian laws with EU legislation and provide a framework for possible integration into other European systems.”