Denmark Tax Agency to collect crypto transaction data from local platforms

Posted 14 January, 2019

Three crypto trading platforms in Denmark will have to provide local tax authority with the trading data covering the period from 2016 till 2018.

According to the official statement on the website of the tax agency, the Tax Council of Denmark enabled the authority to request crypto trading information from local exchanges. 

Notably, this will be the first case when the tax agency may enjoy access to such data, which in its expands the supervision and regulation opportunities in this industry.

In such way, the authority is striving to prevent tax evasion practices that are expanding in the crypto market. Besides, the agency noted that the information covering foreign citizens may be passed to the authorities of their jurisdictions.

As the head of Tax Agency stated, the authority is now in talks with the representatives of the platforms the captured its interest. No exact names of the platforms have been mentioned.

Country's tax authority decided to check the crypto platforms after the colleges in Finland reported about transactions made by Danish citizens at one of the Finnish exchanges.

The agency will make first changes in the tax rules before summer as the press release reads. After the studying collected data, it will be determined whether trading should be subject to taxable income case-by-case.

Previous story

14 January, 2019 17:51

← Bittrex unveils OTC trading project

The US crypto exchange Bittrex has announced a launch of an over-the-counter trading platform on Monday. The new service is designed to provide opportunities for effective and fast crypto trading. The OTC platform is said to be available for approved customers. The company spokesperson commented that Bittrex OTC project will support some 200 digital coins with large transactions (over $250,000) to feature prices with warranty.

Bittrex unveils OTC trading project

Next story

14 January, 2019 16:03

Zurich-based Vontobel bank rolls out Digital Asset Vault →

Vontobel, Switzerland’s private investment bank with headquarters in Zurich, has come up with a new crypto custody solution aimed at banks and asset managers. In 2017 Vontobel became the third largest financial custody provider in Switzerland with CHF 110.3 billion ($112.2 billion) in assets under its Asset Management tool. Digital Asset Vault is the brand-new custodial service in the world. It was developed in total compliance with the standards of regulators and the requirements of financial intermediaries.

Zurich-based Vontobel bank rolls out Digital Asset Vault
Write a comment
 
Prove you’re not a bot + 16 = 26