site.btaParliament Approves Crypto-Asset User Data Reporting Rules

Parliament approved at second reading Wednesday amendments giving tax officials access to crypto-asset user data, with 149 votes in favour, none against and 10 abstentions.

The Council of Ministers’ bill amends the Tax and Social Insurance Procedure Code to transpose European Union (EU) directives on administrative cooperation and the exchange of information for tax purposes into national law. The changes will allow tax authorities in the EU and partner countries to exchange information on people trading in crypto-assets for tax purposes. To meet these requirements, crypto-asset companies must register and submit information in one EU Member State.

Crypto-asset service providers registered and licensed in Bulgaria will have to submit identification data for each crypto-asset user to the executive director of the National Revenue Agency (NRA), including the user’s name, address, date and place of birth, EU Member State or partner jurisdiction of tax residence, and tax identification number.

They will also have to provide information on each type of crypto-asset involved in transactions, transfers and exchanges they have carried out.