The Danish tax agency, Skattestyrelsen (SKAT) is in our crypto news today for announcing a massive crackdown on more than 2,500 nationals who traded bitcoin in secret on Finnish crypto exchanges.
According to their information, more than 2,500 people bought about $5.80 million worth of bitcoin from the Finish exchange and managed to sell them back for more than $6 million in their local Danish currency. The price sums up to $12 million bitcoins that were traded unreported over two years time.
The Directorate of SKAT Karin Bergen confirmed the announcement that they are now reviewing each case individually and will go after each person that didn’t report their offshore bitcoin trades:
“If you have traded with bitcoins on the specific Finnish bitcoin exchange and have not specified any winnings, then you can hear from us so we can get your taxes in place’’.
The tax inspectors in Denmark are carefully going over each case so they can sum up the gains and losses made by these offshore trades. The chairman of the personal data department of SKAT explained that there are two types of trades, one called a curious trade where you invest a few thousand dollars and then there’s trading that involves huge amounts.
Lawyers from Denmark confirm that bitcoin is taxable in the country and the country will impose charges when an asset such as BTC isn’t purchased properly or even sold properly for profits.
“It’s probably just the tip of the iceberg. Although the Finnish company is a relatively small bitcoin exchange, the information they have revealed is a precious source, which clearly shows trends and patterns in the area.”
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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