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Bulgaria Passes Law Granting Tax Officials Full Crypto Data Access
Bulgaria's National Assembly voted on September 9 to amend its Tax and Social Security Procedure Code, adopting European Union directives. The new law gives tax officials full access to cryptocurrency data to curb tax evasion and improve cross-border tax transparency.
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What happened
Bulgaria’s National Assembly voted on September 9 to amend its Tax and Social Security Procedure Code, adopting European Union directives. The new law gives tax officials full access to cryptocurrency data to curb tax evasion and improve cross-border tax transparency.
Confirmed
Global impact / market context
This law means Bulgarian tax authorities can see people's crypto holdings, making it harder to hide assets. Crypto investors may need to report more information, and exchanges operating there could face new obligations to share customer data with the government.
Analyst inference
This is part of a wider European push for tax transparency. Other EU countries are also adopting similar rules, so crypto businesses across Europe may face more consistent oversight. This could increase compliance costs and reduce privacy for investors in the region.
Analyst inference
What to watch
- Watch whether Bulgaria's tax agency issues specific rules about how it will request crypto data from exchanges and wallets, which would show practical enforcement steps. Confirmed
- Investors should consider whether their crypto activity in Bulgaria now requires them to keep more detailed records, since tax officials have legal access to transaction data. Proposed
- Other EU nations may follow Bulgaria's example, so crypto firms and investors should watch for similar laws that could standardise tax reporting across the bloc. Analyst inference