Tightened Tax Control for Cryptocurrency Owners in Bulgaria

In Bulgaria, the parliament has approved amendments to the Tax and Insurance Procedural Code, allowing tax authorities to request data on cryptocurrency users. A total of 149 deputies voted in favor of the changes, while 10 abstained. The amendments comply with EU directives on the exchange of tax information. Now, tax authorities in EU countries will be able to exchange information about individuals conducting transactions with crypto assets, provided that crypto companies are registered in one of the EU states. This means that cryptocurrency is moving out of a semi-anonymous circulation, and transactions with digital assets will be treated by tax authorities as seriously as bank transactions. Crypto providers in Bulgaria are required to provide the National Revenue Agency with identification information about clients, including names, addresses, dates and places of birth, tax numbers, and country of tax residency. These requirements apply not only to Bitcoin but also to other cryptocurrencies such as Ethereum and Tether. The parliament also supported changes to the Private Security Activities Act, allowing the engagement of employees for additional work and expanding the circle of individuals meeting the qualification requirements in the security sector.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.