If it's the same region and doesn't require VPN to activate, I'm not sure what the problem is.
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Some game could be locked, but bulgaria is EU2 like Italy, so you shouldn't have problem so far.
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Bulgaria and Italy shares one and the same market and prices - EU2. Also EU2 is ROW region and gifts from it (including Bulgaria) can be activated anywhere, not only in EU2. Some games are banned in some countries (common case in Germany) and in this case you can activate it at all, even there is no region restriction.
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... I'm from Italy. I don't know much about region restrictions and EU1/EU2/RU countries. I googled and found a site that clearly said Italy and Bulgaria ar both in EU2 region.
So... There are no problems, right?
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