CRYPTOCURRENCY SETTLEMENTS IN BULGARIA

Cryptocurrency is a unique means of payment, they do not have a defined form of banknotes or coins, but are expressed only in digital form. The main difference from the usual currency for us is that the exchange rate of cryptocurrency itself is not subject to either the central bank or state authorities. That is, it exists by itself, it can be affected by any phenomena, this is its advantage, and at the same time a disadvantage.

Currently, payment for services, account transfers, various calculations can be made in cryptocurrency. The ease of such transactions is that you do not need to meet in person to transfer money, but you can do it online, using a suitable cryptocurrency for this.

The Bulgarian National Revenue Agency issued a statement in 2014 in which it clarified to some extent the fiscal treatment of cryptocurrencies for individuals and legal entities. The statements closely reflect the policy of the European Union.

Other national institutions, such as banks, took their stance on cryptocurrency in December 2017. At that time, only a few banks were associated with cryptocurrencies and allowed people, and even companies (exchanges) that held or worked with it, to open bank accounts. However, in early December 2017, even they closed several accounts. Local exchanges, such as Cryptobank.bg, were particularly troubled, as they were notified only a day before. According to news sites, the closure was mainly due to the fact that international banks, such as Morgan Chase and Commerzbank, also moved away from virtual currencies. Thus, it is believed that the decision comes from the banks themselves, and not from government regulation.

How are cryptocurrency transactions taxed in Bulgaria?

From the point of view of taxation, cryptocurrencies in Bulgaria are treated in the same way as profit from the sale of financial assets. The applicable tax rate is 10% of the annual calculation base. The Bulgarian National Revenue Agency does not differentiate between crypto-to-fiat transactions or crypto-to-crypto transactions.

Therefore, both cases are considered taxable events and must be included in the annual tax return. The declaration must be submitted by April 30 of the year following the year of receipt of income.

To determine taxable income, the amount of profit received during the year (from each transaction) can be reduced by the amount of losses realized during the year. Gains and losses are calculated as the difference between the sale price and the cost of the financial asset.

Cryptocurrency lawyer in Bulgaria

Assistance of a lawyer on crypt issues in Bulgaria:

• Legal use of cryptocurrency
• Legalization of income received from operations with crypto and investments in cryptocurrencies
• Mining Bitcoin and Ethereum
• Consulting on IEO
• Taxation of withdrawal of assets in fiat money
• Legal support of ICO and IEO projects
• Structuring of blockchain companies
• Assistance to crypto investors
• Assistance of a lawyer on cryptocurrency investments
• Registration of ICO/IEO/DeFi and Mining

We provide full legal support for transactions with cryptocurrencies, conducting ICO / IEO, registration of DeFi and organization of cryptocurrency mining, that is why you got to this page when you entered “cryptocurrency legal help”, “cryptocurrency lawyer”, “bitcoin legal advice” into the search engine. “help with cryptocurrencies”, “bitcoin consultations”, “lawyer’s advice on cryptocurrencies”, “blockchain contract”, “ether um contract”, “legal advice on cryptocurrencies and taxes”

Legal assistance in Bulgaria – Bitcoin and cryptocurrency.

Therefore, the assistance of lawyers on issues of cryptocurrencies, their mining, the registration of IEO, DeFi and other crypto projects is a set of measures aimed at the registration of such relationships in full compliance with the current legislation of Bulgaria and the EU.

The most common questions to our lawyers are:

• Payment for services, works, real estate and other assets in Poland with Bitcoin (BTC) and Ethereum (ETH). Truth or myth?
• In which cities in Bulgaria can you exchange Bitcoin, Ethereum, Ripple and other cryptocurrencies?
• How to buy goods for bitcoin in Bulgaria?

You can get answers to these and other questions by calling our lawyers or by leaving your phone number.

Importantly! We recommend a mechanism for purchasing certain property for “crypto” by concluding a mining contract. The conclusion of a contract for the sale of goods or services where payment is made in crypto-currency can be legally declared null and void as crypt as a currency is not recognized at the legislative level in Bulgaria. For example, crypto currency in Ukraine is not recognized as a means of payment, and due to some regulations and positions of central authorities, it is equated to surrogate money.

Our lawyers are well versed in all the trends in the regulation of cryptocurrency in the world, including in Bulgaria, guaranteeing the most protected ways of its use.

Crypto exchange in Bulgaria (Burgas, Sofia, Varna)

Buying and selling cryptocurrency in Bulgaria through YK Prykhodko and partners is profitable and safe. Try us in work!