ДАНЪЧНИ ИЗМЕРЕНИЯ НА ТОКЕНИТЕ ЗА ЕЛЕКТРОННИ ПАРИ – МЕЖДУ КРИПТОАКТИВ И ЕЛЕКТРОННИ ПАРИ
TAX ASPECTS OF ELECTRONIC MONEY TOKENS – BETWEEN CRYPTOASSETS AND ELECTRONIC MONEY

Summary/Abstract: This paper examines the legal regime applicable to electronic money tokens (e-money tokens) as a specific type of crypto-asset, in light of their qualification under Bulgarian tax law. The regulatory framework for these tokens is laid down in Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA). The core question addressed is whether, and to what extent, e-money tokens—bearing the characteristics of both crypto-assets and electronic money—should be regarded as a distinct taxable object, separate from traditional forms of digital value, such as so-called virtual currencies. The analysis focuses in particular on the applicability of Article 33(3) of the Bulgarian Personal Income Tax Act and explores whether e-money tokens can be subject to the same tax treatment as virtual currencies, despite significant legal and functional differences. The paper argues that, in the absence of an explicit tax law provision concerning e-money tokens, the automatic or analogical application of existing tax rules may conflict with the constitutional principle of legality in taxation, as enshrined in Article 60 of the Constitution of the Republic of Bulgaria. It concludes that there is a pressing need for systematic legislative reform to align tax law with emerging technological and legal developments such as e-money tokens.

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