FSC: No violations in Nexo
The Financial Services Commission (FSC) has not uncovered any illegal activity in the Nexo subsidiary NDS registered in Bulgaria.
"Neither NEXO nor any of the companies associated with it had a license to trade in financial instruments, nor were they entered in the registers. Crypto assets are not recognized as a financial instrument both in Bulgaria and in the European Union. The FCS has no obligation to supervise companies that do not fall in the category of providing banking products", said the Financial Supervision Commission. After the raid of Nexo offices by the prosecutor's office on January 12th, the FSC started an investigation, but it did not uncover any illegal activity.
So far, the NRA has carried out four audits of the subsidiary NDS, with a fifth one launched this Monday.
Sofia Angels Ventures invests in Czech GoodVision
Bulgarian investment firm Sofia Angels Ventures (SAV), co-funded by the EIF, has invested 300,000 euros in Czech-founded SaaS company GoodVision. The London-based startup uses AI to analyze real-time traffic in cities and reduce congestion, travel times and increase traffic safety. GoodVision raised a total of 2.7 million euros in this investment round, which brings the total money poured into the company up to 3.7 million euros.
Currently, nearly 60% of the SAV's invested money has been allocated to foreign companies, and the remaining 40% has gone into Bulgarian businesses. In the past year, the firm financed 3 startups with an average ticket of 250 thousand euros.
Tourism still below pre-pandemic levels
The tourism sector in Bulgaria has not yet managed to recover to its pre-pandemic levels according to Eurostat's preliminary data on overnight stays. The number of hotel and accommodation visits last year was 11% lower than in 2019.
Overnight stays by foreign visitors remain nearly 27% below the levels of 2019, which proves Bulgaria is still finding it difficult to attract foreign tourists.The industry will likely have to count on a stronger performance in the summer months since the mild and relatively snowless winter has eaten away profits from the ski season.