Denmark's tax authority given power to collect data on crypto traders

15 Jan, 2019
by David Borman
Regulation
Denmark's tax authority given power to collect data on crypto traders

It has been reported by Bitcoin.com that the Danish Tax Agency, Skattestyrelsen, has been authorized by Skatterådet, Denmark's Tax Council, to begin collecting information on trades made over the last two years across three of the nation's exchanges. The information will be used to confirm citizens are paying the appropriate taxes, and information on foreign investors will be handed over the the relevant governments.

The exchanges will now be compelled to hand over such information as names, addresses, and personal ID numbers for anyone who traded on the exchanges between January 1st, 2016 and December 31st, 2018. Karin Bergen, the director responsible for income tax collection, is quoted in the article:

"With the permission of the Danish Tax Council, we will for the first time gain access to the trades made via Danish exchanges. This gives us new opportunities with respect to exerting control in the field."

The agency says each case will be reviewed individually to determine what taxes were owed and whether they have been payed properly. As mentioned, any data on foreign investors will be given to their governments, who will likely also want to confirm that appropriate taxes were payed.

Undoubtedly some privacy enthusiasts will find this to be an overreach of power but others would likely point out that crypto has provided a means for dodging taxes for years now and governments can't ignore it forever. Regardless of which side you are on, it looks like Denmark is moving ahead with this plan. Stick with Chepicap for any and all updates on this turn of events!

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Read more about: Bitcoin (BTC) Denmark

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