Bulgaria Aligns with EU for Crypto Tax Transparency
- On September 9, Bulgaria’s National Assembly voted unanimously (149–0) to grant the National Revenue Agency access to crypto user data.
- The law transposes two EU directives by December 31, 2025, to enable cross-border data sharing and combat tax avoidance.
- Crypto firms must report detailed user information including names, addresses, and transaction-level data.
- Privacy advocates criticized the law for excessive data collection, while supporters noted its alignment with EU standards.
- Compliance costs may threaten small crypto firms’ competitiveness in the regional fintech sector.
Bulgaria’s new legislation mandates crypto companies to register and report extensive user data to its national tax agency, aligning with European Union efforts to enhance tax transparency and curb evasion across borders.
The unanimous vote reflects a significant step towards harmonizing Bulgaria’s financial regulations with EU standards, despite concerns over privacy and increased compliance costs for smaller firms. (Source)
