Bulgaria

Bulgaria, while not having formally regulated cryptocurrencies and their use for payments, maintains an encouraging and receptive stance towards them, with intentions to align with European policies and regulations.

In Bulgaria, cryptocurrencies do not hold the status of legal tender or financial instruments but are treated as digital or virtual commodities. They are taxed as non-physical assets, with their value determined in Bulgarian leva (BGN) at the time of the transaction. Transactions involving VAT-registered entities may also attract VAT.The use of crypto payments in Bulgaria comes with legal ambiguity and volatility risks, given that they lack formal recognition and protection. However, they also offer potential benefits including swift transactions, convenience, privacy, and innovative opportunities for both businesses and consumers.

The landscape of crypto payments and their regulations in Bulgaria is still in a phase of progression, shaped by both European and global trends and norms in this sphere.