A Large-scale Check of All Cryptocurrency Platforms has Started in Bulgaria

Analysis

In Bulgaria, a large-scale check of all cryptocurrency platforms has begun. Local magazines note that the activities of such platforms will be monitored by the National Revenue Agency of the country. Also, state organizations intend to verify the identification of users on the exchanges.

Bulgaria votes for cryptocurrency control

The main reason for the introduction of control over exchanges is the payment of taxes from users who make the transactions on them. The Agency noted that the growing number of miners and traders caused the appearance of shadow transactions passing by the accounting department. Because of this, the owners of cryptocurrencies and users engaged in their sales are trying to evade taxes. It is not uncommon for bitcoin and altcoins to be used for criminal activities. In particular, we are talking about money laundering and the terrorists financing.

“For Bulgaria, this issue remains particularly relevant, since last year it was possible to reveal a criminal organization that used cryptocurrencies to transfer personal funds. As a result, the losses from its activities amounted to about $ 3 million. Now such illegal operations are liquidated in all possible ways,” the National Revenue Agency of the country said.

Officials in the country have also started to use digital assets for corruption schemes and transfers of funds within them. Thus, representatives of some departments issued false passports, and then received payment for them in bitcoins.

The tax service of the country is going to find out which traders exactly in Bulgaria report their income. Also, a bill is being developed designed to control the industry.

Earlier it was reported that the team of bitcoin wallet Electrum warned about the spread of phishing projects.

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