Bulgarian Tax Authorities to Check Local Exchanges

Check will concern both companies and their customers
16 January 2019   487

The Bulgarian National Revenue Agency is going to check the local cryptocurrency platforms as well as their users. It is reported by Bitcoin.com with reference to local media.

The checks will concern companies that have declared trading in digital assets as their core business. Also, the tax authority intends to examine in detail the features of the work of these platforms.

Agency representatives are somewhat concerned that some virtual currencies suggest a high degree of transaction privacy. This, tax officials believe, creates ample opportunities for concealing incomes and avoiding taxation.

The ministry will also analyze information about users of local crypto platforms. Officials are going to find out whether traders report on their income from operations with cryptocurrency.

The peculiarity of the Bulgarian legislation is that the profit from operations with cryptocurrencies is equal to the income from the sale of financial assets. Individuals are expected to report this income in annual tax returns.

It is also known that a surplus from operations with digital money will be subject to income tax at a fixed rate of 10%. The same rate will be applied to the profits of cryptocurrency companies.

Coinone to Join RippleNet

Coinone and Ripple cooperation started in May 2018, and now exchange believes it will help to create wide range of blockchain based financial services
18 June 2019   171

The Korean exchange Coinone, a member of the Big Four of Asian cryptocurrency exchange platforms, has joined the RippleNet network, AMBcrypto reports. Through participation in RippleNet, Coinone will be able to use Ripple's xCurrent solution to provide interbank services to its customers.

Coinone CEO Shin Won Hee, in a conversation with local media, said that his company would rely on cooperation with SBI Ripple Asia in creating a wide range of financial services based on blockchain technology.

According to the media, Coinone was the first exchange in South Korea, which joined RippleNet. As part of the cooperation with SBI Ripple Asia, Coinone intends to “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

Coinone and Ripple started working together in May 2018, when the company integrated xCurrent solution into its own payment service called Cross. According to updated data, customers of the exchange can send transfers to eight Asian countries through the system, taking advantage of reduced commissions.

Earlier this month, Siam Commercial Bank, the largest commercial bank in Thailand, said it would use XRP cryptocurrency in its operations, but later, for unknown reasons, refused this statement.