{"id":243997,"date":"2019-12-11T16:35:41","date_gmt":"2019-12-11T21:35:41","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=243997"},"modified":"2019-12-11T16:35:41","modified_gmt":"2019-12-11T21:35:41","slug":"danish-tax-authority-seeks-crypto-traders-information-to-build-tax-policy","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/danish-tax-authority-seeks-crypto-traders-information-to-build-tax-policy","title":{"rendered":"Danish Tax Authority Seeks Crypto Traders\u2019 Information to Build Tax Policy\u00a0"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Denmark is looking to reconcile its cryptocurrency and financial industries, as the government is hoping to attack industry performers who are defrauding it.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to sources familiar with the matter, Skattestyrelsen (Skat), the tax agency for the Scandinavian country, has begun to send letters to crypto traders, asking them to provide full details of their cryptocurrency transactions.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/koinly.io\/blog\/denmark-crypto-tax-letters\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on the matter, European crypto tracking and tax compliance startup Koinly claimed that Skat had specifically asked crypto traders on its platform to provide details on their profits and losses from 2016 to 2018, using the FIFO (First in First Out) principles.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Full Information on Trading and Exchange Activities\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The FIFO principles are a method of inventory calculation in accounting, which assumes that goods are either consumed or sold in the same chronological order that they were purchased. In addition, Skat also reportedly asked traders to disclose the exchange rates that they used while conducting each transaction, and documentation on the creation of their crypto wallets and information on why they acquired digital assets.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As for crypto exchange services, Skat also requested that customers should reveal a concrete evidence of their trading activities in the form of a screenshot showing their details and evidence of account creation. The tax agency also wants to examine account statements from crypto traders\u2019 bank accounts throughout the period in consideration<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Speaking with industry news medium Cointelegraph, Koinly founder Ruben Singh explained that the tax authority is looking to get a complete breakdown of traders\u2019 activities, and is inviting as many people as it can to ensure complete compliance.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cFiling tax on cryptocurrency trades is a difficult task as crypto traders usually hold several exchange accounts &amp; wallets and freely transfer crypto between them, so there\u2019s no easy way to figure out what the capital gains are for any particular trade,\u201d he added.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Another Box Checked for the Industry\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Denmark is the latest country to step up plans to tax cryptocurrency activities, signifying yet another step in progress being made by countries with their recognition of the fledgling asset class.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On December 9, The Korea Times\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"http:\/\/www.koreatimes.co.kr\/www\/nation\/2019\/12\/367_279973.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">reported<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that South Korea\u2019s Ministry of Economy &amp; Finance is currently in the process of drafting a bill that will essentially allow the government to tax capital gains on crypto transactions. The report adds that the Korean National Assembly is also working on advancing a separate bill, which will help improve the level of transparency viz a viz crypto trading activities in the country.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Industry insiders have voiced their concerns about this; however, as they believe that the measures proposed by the authorities could affect their ability to trade anonymously. Regardless, there are several concessions that will need to be made to bring cryptocurrencies into the financial landscape, and since the bills haven\u2019t been adopted yet, it is still possible to lobby lawmakers to make amendments to it.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Regardless, it\u2019s a step forward in the right direction.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Denmark is looking to reconcile its cryptocurrency and financial industries, as the government is hoping to attack industry performers who are defrauding it.\u00a0 According to <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/danish-tax-authority-seeks-crypto-traders-information-to-build-tax-policy\" title=\"Danish Tax Authority Seeks Crypto Traders\u2019 Information to Build Tax Policy\u00a0\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":243999,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[734,7598,9968,4135],"class_list":["post-243997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-crypto","tag-denmark","tag-south-korea"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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