Bitcoin Rallies; Bulgarian Tax Agency to investigate cryptic companies from Investing.com

Investing.com – Cryptocurrency prices increased and exceeded the $ 3,500 mark on Tuesday, highlighting the news that the Bulgarian tax agency is planning to investigate digital money companies.

Bulgaria is the latest in a group of countries that ensure that investors in virtual currencies, whether individuals or companies, pay taxes correctly.

Bitcoin earned 3.58% to $ 3,641.00 in the Investing.com Index, at 8:47 AM ET (1:47 pm GMT).

Overall, the cryptocurrencies were higher, with a total market capitalization of coins at $ 123 billion at the time of writing, compared to $ 118 billion on Monday.

rose 9.5% to $ 128.56 and stood at $ 32.12, up 6%, while it rose 4% to $ 0.33051.

The Bulgarian National Revenue Agency is planning to investigate the companies in the country that trade cryptocurrencies, the agency announced on Monday. The agency will examine the fees of companies and users of the platform. Any profit from the sale of digital currencies is considered income under the Bulgarian law.

Other tax agencies have also considered the taxation of digital currencies. The leaders of the G20, whose countries account for more than 90% of world GDP, declared in their December summit that they would regulate them to stop money laundering and "consider other responses if necessary".

On Monday, Denmark's tax agency announced that it would collect information on digital currency transactions from stock exchanges, including names, addresses and personal tax numbers. Japan has also taken measures to monitor cryptocurrency gains.

In other news, Cryptopia with New Zealand-based exchange is in maintenance mode after it has suffered a security breach "that caused significant losses," wrote the exchange on Twitter. The company contacted the local police to investigate the matter. No other information about the attack was available.

Security breaches are one of the biggest challenges for exchanging digital currencies.