Bulgaria Grants Tax Officials Full Crypto Data Access Amid Privacy Concerns

Bulgaria's National Assembly has approved a law granting tax officials access to detailed information on crypto-asset users. The law, which was passed with 149 votes in favor and no opposition, requires companies dealing in cryptocurrencies to register and report user data to the National Revenue Agency.

The law is intended to improve tax transparency and curb tax evasion, as required by two European Union directives that are set to be adopted by all member states by December 31, 2025. The amendments will also allow for the exchange of information on individuals and companies trading in crypto-assets between EU member states.

The new law has sparked controversy among privacy advocates, who argue that it goes too far in collecting personal data from users. They warn that mandatory disclosure of personal details could expose users to security risks.