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.