Bulgaria Adapts Law to DAC8 Directive, Cryptocurrencies Will Not Be Anonymous

The Bulgarian parliament has adopted a bill aligning its regulations with the EU DAC8 directive, meaning that officials will gain access to the identification data of individuals involved in cryptocurrency transactions. The DAC8 directive, which came into effect at the beginning of the year, imposes a reporting obligation on cryptocurrency service providers to disclose detailed information about their clients and their transactions, including data regarding tax residency. Bulgaria, which had not yet implemented these regulations, has finally voted on a bill amending the tax procedure code, which also includes the DAC9 directive. The new regulations require the registration of all entities providing cryptocurrency services and the transmission of information to the Bulgarian tax authority, including personal data, tax identification numbers, and tax residency countries. Companies will be obliged to report aggregate data on transactions, such as gross amounts and the number of cryptocurrencies. The bill was supported by 149 out of 240 deputies, and its enactment still requires approval from the President of Bulgaria, Iliana Yotova.

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