Danish Tax Authority to Scrutinize Exchanges, Crack Down on Tax Cheats
14-01-2019, 12:50 12
Copyright on text and image: CryptoGlobe.com
The announcement did not specify which Danish exchanges will be required to comply, and the changes will not affect traders and investors until the summer according to SKAT.
Furthermore, traders and investors outside Denmark will also be affected, as information collected on non-Danes will be passed along to tax authorities of the relevant countries.
The announcement suggests that each individual trade will be examined to determine if it is taxable income.
Without going too far, I think you can say that this is a big market that we need to look into. When we recently received information from the Finnish bitcoin exchange, it gave us a small tab of a larger picture, which we now have the opportunity to uncover even more of.
Karin Bergen, SKAT
Crypto news site CCN reported last month that more than $10 million worth of crypto was traded on a Finnish exchange between 2015-2017, by almost 3,000 individual Danish accounts.
This cooperation was referenced by Karin Bergen, the SKAT director, in today’s announcement. Apparently, trade sizes had come in all proportions, from small individuals trading only thousands of dollars worth, all the way up to massive trades.
CryptoGlobe recently reported on a hike in the number of crypto-related investigations in the UK, and on new crypto regulations beginning to pass in Ireland and the Netherlands. The UK’s upcoming crypto regulations regulations could go “significantly beyond” Europe’s new crypto know-your-customer and anti-money-laundering regime, the so-called 5MLD.