According to recent statistics, Bulgaria is the second country with the highest number of bitcoins in the entire world. This fact only speaks about the interests in bitcoins in Bulgaria. There was a recent rise in bitcoins ownership in Bulgaria. The Bulgarian government owns more than 213.000 bitcoins. Bitcoins in this country are worth more than $804 million. The bitcoin wallet is a great idea to cover the amount of Bulgarian GDP. As a matter of fact, the owner with the highest number of bitcoins in the world is indeed the creator of bitcoins, Mr. Satoshi Nakamoto.
There are many companies operating with cryptocurrencies. Most of the international crypto conferences are indeed taking place in Bulgaria. There are numerous cryptocurrency ATM machines in Sofia. Using the ATM, people can sell and purchase virtual currencies, such as litecoin and bitcoin. The only way to convert bitcoins is to deposit cash in either leva or euros. Bulgaria has been an attractive destination for many online business companies, thanks to the educated workforce and lowest income tax in Europe (10%).
Bitcoin in Bulgaria
While cryptocurrencies are on the rise in Bulgaria, it still remains unclear whether the regulatory framework for cryptocurrencies in the country will remain the same or it will undergo certain changes. As of now, cryptocurrencies aren’t subject to licensing requirements. However, the country lacks concrete information about the registration of companies operating with cryptocurrencies in Bulgaria.
The Bulgarian Financial Supervision Commission has recently published a document proposing strategies for increasing the business with cryptocurrencies in the country. The bitcoin revolution app in Bulgaria uses the latest software with the most exceptional calculating method. Indeed, it’s considered a revolution in the financial payment world. The interest in using cryptocurrencies instead of regular payment methods is definitely growing.
Regulation Framework
The strategy involves 4 points: 1) new licensing procedures that will make it easier to establish and regulate new companies offering cryptocurrency products and services, 2) find innovative ways to increase cybersecurity and managing risks with the aim to make the cyberspace for cryptocurrency conversion safe, 3) provide a clear framework, as well as secure supervisory mechanisms, 4) establish new testing environments and innovation hubs. The strategy should improve the cryptocurrency environment in the country and offer better-quality products and services using bitcoin mechanisms.
The Future
The good news is that the business environment for cryptocurrency companies is prone to changes and improvements. In fact, trade using cryptocurrencies are treated the same way as using any other financial method. At least, this is true especially when it comes to taxation in the country.
Every profit from any transaction, no matter whether it uses regular payment methods or cryptocurrency is subject to 10% taxation. However, this is the lowest taxation rate in the entire European Union and it’s definitely an advantage over other countries, which makes it the ideal place to develop crypto conversion practices.
