Finland Tip-Off Sends Denmark Tax Agency After 2,700 Individuals For Bitcoin (BTC) Tax Debts

A Tip-Off From Finland Sends Denmark Tax Agency After 2,700 Individuals For Tax Debts Against Bitcoin

Regulatory concerns have been part of the crypto industry more commonly for the last few years, and multiple countries are looking to figure out how to integrate these assets into their economy. One of the biggest issues for Denmark has been taxation, and a recent tip-off from Finland let them know that there were many residents avoiding the policy. According to the local tax agency from Denmark, the entity has been “identifying” the tax evaders for their Bitcoin profits.

The agency claims that an unnamed crypto exchange in Finland was the host of multiple sales and purchases of bitcoin from 2015 to 2017. However, the users on this exchange reported no loss or profit on their tax documents at this time. The agency’s goal is to evaluate the actions of the users on this exchange to determine what they are obligated to pay now.

As they study the transactions, there are multiple factors going into the evaluation. Karin Bergen, the tax director for Denmark’s tax agency Skattestyrelsen, said,

“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.”

Explaining more thoroughly, chairman Ole B. Sørensen of the same company explained that they are learning about the investments made at this time.

Sørensen said,

“There are two types of trades. One is what I want to call a curious trade, which is about a few thousand dollars. And then there are those who have been trading for some enormous amounts.”

Though the exchange involved remained unmentioned, the agency confirmed that the data came from authorities in Finland, which is the home of the major P2P platform LocalBitcoins. This year, that platform decided to integrate both anti-money laundering (AML) and know your customer (KYC) protocols to protect accounts with a high amount of trading volume.

The 2,700 traders identified in this circumstance are responsible for a collective 49.7 million kronor purchased, with 53 million kronor sold. Bergen added,

“This is probably just the tip of the iceberg. The knowledge we gain about data mining, segments and methods in general will make us wiser in the area and benefit from our guidance and control work.”

Denmark, so far, has been varied in where they stand in cryptocurrency. So far, there are already 1,500 restaurants that allow payment with Bitcoin. However, in a much different approach. The local Nordea Bank issued a ban against any owners of Bitcoin in their company.

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