Tax treatment of transactions with cryptocurrencies


What is a cryptocurrency and blockchain-technology?

Cryptocurrencies are a digitally decentralized application for payments, based on a blockchain technology, supported by thousands of independent servers around the world. The main role of those servers is to check the outgoing transactions and add them to the public records, as well as to create new currency units.

Cryptocurrencies are virtual currencies which are not emitted or supported by a central bank or government.

The Blockchain-technology is a decentralized public record of all transactions which have ever been performed in a specific network. A specific number of transactions form a database unit is called block. Each block contains information about the previous block and each transaction – information about the previous transaction. Thus the chain (blockchain) allows for full transparency and opportunity for storage of data accessible to everyone. The technology has been developed using an open code, which practically does not belong to anyone.

Collectively verified transactions may not be changed or deleted so they become final and indisputable.


Brain Storm Consult offers accounting services in connection with the tax treatment of transactions with cryptocurrencies


Cryptocurrencies are legal in Bulgaria. It is not a crime to have them or pay with them for products or services, if they are legal.

The National Revenue Agency has requirements for declaration of the earnings from transactions with cryptocurrencies and carries out supervision and control on the natural persons and legal entities for the purpose of preventing tax avoidance. Currently the cryptocurrencies are regarded as part of the other financial instruments.


Taxation of a natural person

The income from sale of cryptocurrencies is treated as income from sale of financial assets; it is taxed on the total annual base and should be declared in the annual tax return by 30th April of the year following the year of acquisition of the income.

Taxation of legal entities

For the purposes of corporate income taxation, the transactions with bitcoins are also treated as transactions with financial assets.


Brain Storm Consult reminds of the position of 12th February 2018 of the European Banking Authority (EBA), the European Securities an Markets Authority (ESMA), the European Insurance and Occupational Pensions Authority (EIOPA), which warn about the risks for the users trading with cryptocurrencies. The statement indicates that they bear high risk and are assets not regulated in any manner and are not suitable for investments or savings. 


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