December 12, 2019 by Xavier
The agency the Danish tax Skattestyrelsen or Skat has recently notified the crypto-traders (and traders) of Denmark to present the entirety of their transactions and their revenues within the framework of an operation of regulation of the sector. The letters sent to the stakeholders to encourage a change of tax returns before the 15th of December, under penalty of sanctions.
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The Skat attack the crypto-traders
After you have obtained the authorization to collect data on the actors of crypto-currencies, the Skat now attacking the crypto-traders by encouraging them to declare their income and volumes of transactions for tax purposes.
Nearly 2,000 players are affected by this procedure and are called to amend their tax returns before the 15th of December, under penalty of sanctions (fines). The objective of the institution is recentrerait in particular on the transparency of the market for crypto-currencies, given that Denmark is considered a safe haven for digital currencies.
A determination that risk to motivate neighbouring countries
At the time of the scams and other money laundering-money-from digital currencies were rampant in Europe, Denmark seems to attempt a relevant strategy that could inspire its neighbours.
However, the implementation of this process could take a lot of time knowing that the crypto-holders often have a multitude of accounts, as explained in Robin Singh, the founder of Koinly, a startup fee Swedish :
“Skat request a full breakdown of all their transactions and their request to correct also all the earlier reports. The filing of the tax on transactions of crypto-currency is a difficult task because the crypto-traders typically hold multiple accounts and portfolios of exchange and transfer freely the crypto between them, therefore, there is no easy way to determine what are the capital gains for a particular trade “.
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