Bulgaria Mandates Crypto Transaction Reporting to Align With EU Laws

The Bulgarian National Assembly has officially passed new amendments to the Tax and Social Insurance Procedure Code, introducing rigorous reporting requirements for cryptocurrency service providers. The legislation, which received 149 votes in favor with zero opposition, compels digital asset platforms to share detailed customer and transaction data with the National Revenue Agency (NRA). This move marks a significant step in Bulgaria’s efforts to synchronize its financial oversight with European Union information-sharing standards and transparency mandates.

Comprehensive Data Disclosure Requirements

Under the newly ratified legal framework, all crypto-related businesses operating within the jurisdiction must register with the authorities and maintain a systemic record of their clientele. The scope of information required is extensive, aimed at eliminating anonymity within the digital finance sector. The primary objective is to prevent tax evasion and enhance the traceability of capital flows across blockchain networks.

Companies are now obligated to submit the following user details:

• Identification data including full name, residential address, and date of birth.
• Official documentation such as Tax Identification Numbers (TIN).
• The specific tax residency jurisdiction of each individual user.
• Detailed logs of each digital asset processed on behalf of the customer.

Scope of Transactional Oversight

The legislation does not differentiate between fiat-to-crypto gateways and native blockchain transfers. Service providers must disclose the total amount and number of units for every transaction, whether it involves buying and selling for traditional currency or crypto-to-crypto exchanges. This comprehensive approach ensures that assets like Bitcoin (BTC), Ethereum (ETH), and various stablecoins are subject to the same level of scrutiny as traditional financial instruments.

Industry analysts note that these regulations mirror the broader DAC8 directive implemented across the EU to foster administrative cooperation in the field of taxation. By integrating these requirements into national law, Bulgaria aims to mitigate risks associated with money laundering and ensure that the growing digital economy contributes to the national fiscal balance.

The implementation of these measures represents a shift toward a more regulated environment for the Bulgarian cryptocurrency market. While these changes impose new administrative burdens on providers, they also provide a clearer legal framework for institutional participants. As the National Revenue Agency begins to process this influx of data, the focus will likely turn to how these reporting standards impact user privacy and the overall adoption of blockchain technology within the region.