Share this article
Denmark's Century-Old Tax Code to Get Crypto Facelift: Report
The ministry cites a risk of fraud and an increased number of tax filing errors as the catalyst for cracking down on crypto tax evasion.
Updated Sep 14, 2021, 1:09 p.m. Published Jun 10, 2021, 6:31 a.m.
Make us preferred on Google
The Danish tax ministry will examine its nearly century-old tax code in an effort to address challenges raised by cryptocurrency investments.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to a report by Bloomberg on Tuesday, Denmark's Ministry of Taxation has discovered two-thirds of local crypto transactions aren't properly taxed. It is moving to close the gap.
The ministry cites a heightened risk of fraud and an increased number of errors in tax filings as the main catalyst for cracking down on crypto tax evasion.
Denmark will identify specific challenges to tax authorities the nascent asset class brings and then decide on what to change in the tax legislation, per the report.
See also: IRS Wants $32M in Funding to Enforce Crypto Taxation, Hire Contractors
The country’s tax minister, Morten Bodskov, said his department's goal was to remain “vigilant and ensure that our rules are up to date and limit errors and fraud.”
In 2019, Denmark’s tax authority, the Skattestyrelsen, sent out letters to suspected tax dodgers asking them to amend previous returns based on their crypto activities and warned them of penalties for non-compliance.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin pulls back to as low as $81,000 as horrendous day continues
The world's largest cryptocurrency has shed nearly $10,000 over the past 24 hours, now threatening to take out its recent November low just under $81,000.
What to know:
- Bitcoin (BTC) continued to quickly decline in the U.S. evening hours on Thursday, the price falling all the way to $81,000.
- More than $777 million in leveraged crypto long positions were liquidated in the space of one hour.
- Comments from President Trump caused a surge in Polymarket betting odds on Kevin Warsh becoming the next Fed chair, perhaps disappointing some traders who hoped the more dovish Rick Rieder would be selected.
Top Stories
