Denmark targets 2,700 traders for tax on over $11m in BTC

12 Dec, 2018
by David Robb
Regulation
Denmark targets 2,700 traders for tax on over $11m in BTC

Danish authorities are making moves to recoup funds from Bitcoin (BTC) traders. The country's tax agency Skattestyrelsen has identified 2,700 traders, who have traded a total of NOK 100 million ($11 million) in BTC over the last few years.

The authorities received information from the Finnish tax agency over summer, regarding crypto investors trading on an exchange based in Finland. No profits or losses on these trades were declared to authorities. 

According to tax director Karin Bergen, "Right now we are identifying the individual citizens and keeping the new information up to those we already have...If something does not match, we will contact them and ask for more information. However, how many people it is and what it may mean, it is still too early to say...This is probably just the tip of the iceberg. Although it is a relatively small bitcoin stock exchange, the information is a very valuable source, which clearly shows trends and patterns in the area."

Denmark isn't the first country to start to claim what it is owed in tax on crypto trades. Unfortunately for traders, the slow pace of national regulations means that various governments all over the globe are starting to clamp down on crypto profits now, just as the market is at its lowest point. 

Read more: Japanese oposition proposes reducing crypto taxesIsrael's tax authority targeting those avoiding crypto-related taxes

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Read more about: Denmark Bitcoin (BTC)

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