Eternity Law International — News — Electronic Money Institution (EMI) in Bulgaria

Electronic Money Institution (EMI) in Bulgaria

Published:
June 21, 2023

EMIs have gained prominence as innovative monetary favor suppliers, especially in the realm of digital remittances. In Bulgaria, EMIs play a vital role in enabling electronic money transmissions, facilitating online transfers, and offering alternative banking solutions. This article explores the concept of EMIs in Bulgaria, their adjustment framework, and the benefits they offer to business-companies and consumers alike.

Understanding Electronic money institution in Bulgaria:

An E-Money Institution (EMI) is a monetary establishment permitted to issue e-money, supply remittance favors, and engage in related actions. EMIs enable individuals and business-companies to make e-remittances, store funds electronically, and conduct various monetary transfers using digital means. They serve as an alternative to traditional banking establishments, supplying innovative and convenient monetary favors.

Businesses for sale in Bulgaria

Company with crypto authorizations in Bulgaria for sale

Europe, Bulgaria Crypto licenses for sale
A new business opportunity – a ready-made company with crypto authorizations in Bulgaria for sale. Details of this transaction The is a ready-made company for sale with incorporation in Estonia. Operations with cryptoassets are obtained in Bulgaria. Company with crypto authorizations in Bulgaria for sale: eligible operations The entity is authorized for the provision of…

Company with crypto exchange license in Bulgaria for sale

Europe, Bulgaria
This offer is a profitable opportunity to buy a company with a crypto exchange license in Bulgaria. This is a rapidly growing market that offers its members stability and excellent prospects for commercial growth. Bulgaria is committed to the introduction of modern technological solutions and active support of the latest start-ups.  What does a company…

Ready-made licensed investment firm in Bulgaria for sale

Europe, Bulgaria
Below you can see the basic information regarding a ready-made licensed investment firm in Bulgaria for sale. Overview of the jurisdiction Bulgaria has the ideal jurisdiction for setting up and managing investment services firms. To conduct business within the EU, Forex brokers must obtain a license in Bulgaria. Furthermore, Bulgaria boasts one of the lowest…

Regulatory Framework in Bulgaria:

EMIs in Bulgaria are controlled by the Bulgarian National Bank (BNB) under the Law on remittance Services and remittance Systems (LPS). The BNB is liable for granting permissions, overseeing compliance, and ensuring the stability and security of the remittance system. EMIs must meet specific demands and adhere to regulatory obligations to EMI license obtaining in Bulgaria.

Key Features and Benefits of EMI in Bulgaria:

  • Electronic Money Issuance: EMIs have the authority to issue e-money, which can be stored and used for various remittance transfers. E-money is a digital representation of value, stored on a digital device or remotely on a server, and can be used for online purchases, fund transfers, and other remittance activities.
  • Remittance Favors: EMIs supply a range of remittance favors, inclusive money transfers, electronic fund transfers, remittance initiation, direct debit favors, and currency exchange. These favors enable business-companies and individuals to conduct transmissions quickly and securely, both domestically and internationally.
  • E-commerce and Online remittances: EMIs play a significant role in facilitating e-commerce by supplying secure and efficient online remittance solutions. They offer remittance gateways and integration options, enabling business-companies to accept electronic remittances on their websites or mobile applications, enhancing client convenience and expanding business opportunities.
  • Monetary Inclusion: EMIs contribute to monetary inclusion by supplying alternative banking solutions to individuals and business-companies who may have limited access to traditional banking favors. EMIs offer accounts, remittance cards, and digital wallets that can be accessed and used by a broader segment of the population, promoting monetary inclusion and digital empowerment.
  • Regulatory Oversight: EMIs operate under a robust regulatory framework, ensuring consumer protection, security, and compliance with anti-money laundering (AML) and know your customer (KYC) adjustments. The regulatory oversight enhances trust and safeguards the integrity of the electronic remittance system.

Conclusion:

E-Money Institutions (EMIs) in Bulgaria have revolutionized the monetary landscape by supplying digital remittance solutions and alternative banking favors. With their ability to issue e-money, offer remittance favors, and facilitate e-commerce transfers, EMIs contribute to the growth of the digital economy and monetary inclusion.

For business-companies and consumers, EMIs offer convenient and secure remittance options, seamless integration with e-commerce platforms, and access to digital monetary favors. The regulatory framework ensures the stability and integrity of the remittance system, protecting the interests of all stakeholders involved.

As technology continues to advance, EMIs are poised to play an increasingly important role in shaping the future of monetary favors in Bulgaria, promoting innovation, and enabling a cashless society.

You could be interested

Registration of a state of emergency in Ukraine

A private enterprise is a legal entity that can operate on the basis of property owned by one or more owners, or itself. PE is often equated with a private entrepreneur, that is, an individual, but this is not correct. According to legal terminology, a legal entity is an individual entrepreneur, and an individual is...

APIs in the UK

We can assist you in gaining the UK Authorized Payment Institution License if you desire to propose various options for clients such as funds transfers, processing of payments, or supplying opening accounts. UK government’s API and Ordinances The corporation is obligated to receive a permit from the FCA to process payments as an API in...

Private Foundation Setup

With more flexible mechanisms if compared to trusts, charitable or non-profit organizations are getting more and more approval because of their reduced costs, lenient regulative mechanisms, beneficial taxes, and strong security. Many individuals seeking for a structure to keep assets decide on trusts, and it’s particularly the case in Anglo-American legal systems. But private foundations setup,...

Legal opinion for ICO / TGE

Legal opinion for ICO / TGE is a detailed consultation, made in writing, regarding aspects of the client’s business or other issues. With the help of this document, you can evaluate the project, considering it from the point of view of the legal system. ICO: preparation of a legal opinion and its purpose What do...

Segregated Forex Brokerage Account

“Segregated account” concept means separation of client savings and operating funds of the Forex broker. This scheme helps to ensure complete security of trading operations carried out within the foreign exchange market. The segregated account is guarantee that any fees associated with trading transactions, in particular, commissions, will be charged fairly, and this is a...

Blind trust

WHAT IS A BLIND TRUST AND HOW DOES IT WORK? A “blind trust” is a fiduciary agreement in which the beneficiary of the trust is not allowed to control, manage, or even know about the assets within the trust. In such cases, the designated trustee has complete freedom to manage the blind trust. It is...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.
+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360