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Bulgaria vs Madagascar

Crypto regulation comparison

← Back to map | Bulgaria | Madagascar
Bulgaria

Bulgaria

Madagascar

Madagascar

Legal
No Regulation

Cryptocurrency is legal in Bulgaria and subject to a flat 10% tax on capital gains, one of the lowest in the EU. Bulgaria adopted the EU's MiCA framework and requires crypto service providers to register. The country has a notable history with crypto due to a large government Bitcoin seizure in 2017.

Madagascar has no specific cryptocurrency regulation. The central bank has not issued formal guidance on crypto. Crypto operates in a legal gray area.

Tax Type Capital gains
Tax Type None
Tax Rate 10%
Tax Rate N/A
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator NRA (National Revenue Agency), FSC (Financial Supervision Commission)
Regulator Banque Centrale de Madagascar
Stablecoin Rules Regulated under EU MiCA framework
Stablecoin Rules No stablecoin regulation
Key Points
  • Flat 10% personal income tax rate applies to crypto capital gains
  • VASPs must register with the NRA for AML compliance
  • MiCA framework applicable from December 2024
  • Bulgaria reportedly seized approximately 200,000 BTC in a 2017 crime bust (status debated)
  • No specific crypto legislation beyond EU directives and general tax law
Key Points
  • No specific cryptocurrency legislation
  • Central bank has not issued formal crypto guidance
  • Crypto not recognized as legal tender
  • Limited crypto adoption and infrastructure
  • No licensing framework for crypto businesses
Sources
Sources