Danish Tax Agency to Collect User Data from Crypto Exchanges
The Danish Tax Agency collects merchant information from the local cryptocurrency exchange to confirm payment of fees.
Danish Skattestyrelsen representatives announced on Monday that this is the first time that the tax authorities have provided information on trade trader data (transaction, name and address, central registration number (CPR) number). Three unnamed password exchanges now need to transfer data over a period of 2016-2018.
Skattestyrelsen said in an application to the Tax Council that he "wanted to get information about the taxpayer and the company's virtual currency transactions."
The agency is based on information that the Finnish tax authorities have published on the activities of Danish merchants on the anonymous Finnish exchange.
"I think we can say it's a big market for us to explore without going too far," said Karin Bergen, head of personal tax affairs at Skatestyrelsen.
In a statement issued last month, the agency said that about 2,700 Danish citizens traded a 100 million dollar (15.35 million dollars) cipher in Denmark in 2015-2017 for Finnish bitcoin exchange.
"It is very likely to be the tip of the iceberg," Bergen said. "The exchange of bit coins is relatively small, but the information is a very valuable source of information that clearly shows trends and patterns in the field."
Last month, according to a survey by the National Tax Board, government agencies said they have up to 450,000 residents who are considering cryptocurrency transactions, but only half of them know tax rules. This emphasizes that a password trader must pay taxes on all profits, and losses can claim tax credits.
Image of the Danish government building through Shutterstock
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