Bulgaria’s National Assembly on Sept. 9 approved amendments to the Tax and Social Security Procedure Code that will allow the National Revenue Agency to obtain detailed information on crypto-asset users, according to Bitcoin.com News. The measure passed with 149 votes in favor, none against, and 10 abstentions in a 240-seat parliament.
Under the amendments, crypto-asset businesses will be required to register and report user information including names, addresses, dates and places of birth, tax residence, and tax identification numbers. They must also submit transaction data covering gross amounts received, transaction counts, fiat purchase and sale activity, and crypto-to-crypto exchange activity.
The report said the amendments implement two European Union directives. Those directives require EU member states to adopt the rules by Dec. 31, 2025. Privacy advocates have criticized the scope of the data collection, saying mandatory disclosure of personal information could create security risks. Crypto traders and small businesses have also argued that the registration and reporting requirements will raise compliance costs. Supporters of the bill say it aligns with EU standards and can help curb tax evasion.
Bulgaria’s National Assembly on Sept. 9 approved amendments to the Tax and Social Security Procedure Code that will allow the country’s National Revenue Agency to access detailed information on crypto-asset users, according to Bitcoin.com News. The measure passed with 149 votes in favor, none against, and 10 abstentions. The bill was voted on in the 240-seat parliament.
Crypto firms must report user identity and transaction records
Under the amendments, crypto-asset businesses must register and report user details to Bulgaria’s National Revenue Agency, including names, addresses, dates and places of birth, tax residence, and tax identification numbers.
They must also submit transaction data across different types of crypto assets, including gross amounts received, transaction volumes, the number of fiat buy and sell transactions, and crypto-asset exchange activity.
Measure implements two EU directives
The report said the amendments are designed to implement two European Union directives. Those directives require EU member states to adopt the rules by Dec. 31, 2025.
Privacy and compliance concerns surface
Privacy advocates criticized the breadth of the data collection, saying mandatory disclosure of personal information could create security risks. Crypto traders and small businesses said the registration and reporting requirements would increase compliance costs.
Supporters of the bill said the measure is in line with EU standards and would help curb tax evasion.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
