site.btaEuro Adoption Will Open More Doors for Business, Says Financial Supervision Commission Chief Golemanski

The introduction of the euro will open more doors — or at the very least, remove certain barriers — for businesses when they decide to expand abroad or attract investors to Bulgaria. With the adoption of the euro, this process will become much easier, said Vasil Golemanski, Chair of the Financial Supervision Commission (FSC), on Tuesday during the Investor Finance Forum in Sofia.

This is the 14th edition of the forum, which brings together representatives of Bulgaria’s financial and investment community. The event is organized by Investor.bg.

Golemanski outlined the current challenges facing the FSC, the first of which is related to Bulgaria’s adoption of the euro. He recalled that the Commission plays a coordinating role for the non-banking financial sector in this process. Companies in the capital market, as well as the Bulgarian Stock Exchange and the Central Depository, have declared their readiness for the transition to the euro, Golemanski noted. “In this project, we have achieved technical readiness; the remaining part is a challenge for society as a whole, to ensure that the transition happens smoothly and without disruptions,” he added.

Another major challenge for Bulgaria’s financial market, Golemanski said, involves two European regulations — MiCA, which concerns crypto-asset trading and services, and DORA, which concerns IT resilience. “The way we work and the level of cybersecurity in the IT sector on our market have been somewhat underestimated. But when unpleasant incidents occur, businesses start to pay special attention,” he remarked.

“The DORA regulation is precisely about this — it draws attention to the fact that all matters concerning our financial and capital markets are now fundamentally based on IT services. Therefore, all issues related to the resilience and reliability of providing these services are extremely important, so that we can continue operating, secure our business, and serve our clients 24/7,” Golemanski explained.