Bitcoin in bulgaria

To reflect on the developments in the local crypto market, Sofia Crypto Meetup , the first blockchain event and discussion space in Bulgaria, together with the support of the Bulgarian Fintech Association , created the first mapping of all stakeholders involved in the local crypto ecosystem. With close to businesses, organizations, and academies, the mapping aims to categorize all the crypto products and services provided by Bulgarian entrepreneurs and companies.

Before we dive into the details, have a look at the mapping of Sofia Crypto Meetup. Overview of the Bulgarian crypto ecosystem According to the most recent EU blockchain observatory report , the number of Bulgarian who participate in digital currency communities is estimated at over K individuals. Out of these, around K are classified as observers, 2. In addition, the report highlights that there have been 30 ICOs initial coin offerings from companies based in Bulgaria. For one truck - between 20 and 25, euros in cryptocurrency, Geshev said at the time.

However, the bitcoin trade itself is not a crime, he continued. So I don't investigate people's hobbies. In November, the Bivol website requested official information under the Law on Access to Public Information from the Ministry of Interior about the possible confiscation - whether it is true, how the funds are managed and how they are stored.

BG showed the Kraken report. In the interest of truth, it should be noted that the footnotes of the stock exchange show their sources and are largely based on media publications and publicly available data, so it is not impossible if the information is still incorrect. Club Z, however, asked the Ministry of the Interior and the Ministry of Finance about the authenticity of the information. If and when the data is received, editors will publish it on the website.

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If the company does not intend to carry out such transactions with the underlying electronic money, it is not subject to any approval by the Commission. The court correctly concludes that the hypothetical exercise of activities by the company related to the offering of financial instruments whose underlying is a currency, such as for example, contracts for difference or contracts with derivative financial instruments that require authorization as an investment firm cannot be an argument for rejecting their application for registration.

In the light of the above, it can be assumed that the officials at the Bulgarian Commercial Register are not allowed to refuse registration of companies whose business involves Bitcoin or other crypto currency transactions. On some issues regarding the tax treatment of Bitcoin businesses in Bulgaria A. The preliminary ruling concerns the VAT liability of the exchange of conventional currencies into the virtual currency "Bitcoin" or vice versa, which a Swedish company wishes to carry out.

Article of the Directive provides that member states are exempted from the following transactions: e Turnover, including brokering, relating to foreign currency, banknotes and coins that are legal tender, except collectibles, i. After excluding the possibility of these transactions being treated as a delivery of goods and assuming that these services - the exchange of a conventional currency in Bitcoin for commission - constitute a service for consideration within the meaning of the Directive, they fall within the scope of the turnover tax system.

Of particular interest are the interpretations of the court regarding the exemption of these services from value added tax. The Bulgarian Value Added Tax Act deals with the following transactions as tax-free: transactions - including brokering - that relate to foreign currency, banknotes and coins that are legal tender, with the exception of banknotes and coins, which are not normally legal tender used or which are of numismatic interest Article 46 1 4 , thus reproducing the content of Article 1 e of the VAT Directive almost word for word.

Accordingly, the interpretations of the Court of EU regarding the exemption of those transactions should be considered applicable for the tax treatment of these transactions in Bulgaria, also in view of the high degree of integration of the VAT system within the EU - also in other countries such as Germany, etc.

The issue under discussion by the Court of EU is whether the transactions made in the exchange of conventional currencies in units of the virtual currency "Bitcoin" and vice versa are executed in return for payment of an amount equal to the spread resulting from the difference between the price, at which the trader concerned purchases the currencies and, at the price at which he sells them to his customers, constitutes paid services within the meaning of that provision.

Having regard to the relationship between the principles of uniform and strict interpretation of the terms of the exemption and the idea that that interpretation should not unnecessarily exclude, as an end in itself, those cases which would affect the exemptions, the Court recognizes that the transactions, relating to non-conventional currencies, that means, currencies other than those which are legal tender in one or more countries constitute financial transactions as long as these currencies have been accepted by the parties to the transaction as an alternative means of payment to the legal tender and for no other purpose than use as a means of payment serve.

Furthermore, it is assumed that the virtual currency "Bitcoin" serves no purpose other than use as a means of payment and that in this capacity it is accepted by certain economic operators. These arguments, together with the interpretation of the purpose of the exemptions provided for in Article 1 e of the VAT Directive to remove the difficulties in determining the tax base and the deductible VAT on the taxation of financial transactions lead to the conclusion that this means of payment in the exchange of conventional currencies in units of the virtual currency "Bitcoin" and vice versa and which are carried out in return for payment of an amount equal to the difference between the price at which the trader buys the currencies and the price which he sells to his customers, represents sales exempt from VAT.

Reporting of Turnover in Cryptocurrency Transactions The Bulgarian National Revenue Agency had several times the opportunity to take a position on the issues of tax treatment of Bitcoin. The general position of the Agency in its replies reflects the considerations regarding the ambiguity of the scheme and often refers to the case-law of the Court of EU. In its letter no. According to Art.

The taxable income in accordance with Art. Due to the wide range of legal uncertainties including in the field of tax treatment regarding cryptocurrency and its economic and legal existence, the purpose of this article is to provide those concerned with guidance on the trends in regulating these relationships.

We believe that the legislative and enforcement authorities should continue their efforts to regulate the legal relations which, in conjunction with the so-called virtual currencies which challenge the Bulgarian legal system to respond to novelties generated by the virtual society. The Bulgarian economy is based on free market principles, and the energy, mining, mettalurgy, agriculture and tourism sectors are the most profitable for the country.

Bulgarians are the 2nd largest Bitcoin owners per capita in the world. The government was thought to be holding an estimated , Bitcoins seized from an unknown criminal operation. The divesting of the holdings was completed in April A regulatory framework regarding the crypto sector is likely coming in the near future.

Sofia - the capital of Bulgaria One of the easiest ways to buy Bitcoin in Bulgaria is through the cryptocurrency exchanges outlined above.