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.”
Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses
“We believe that in the long-term, more regulation will follow, as soon as the legislation catches up with the technological developments of the space. We believe that within this new regulatory environment, companies without the necessary licenses will have a limited ability to serve clients with the full spectrum of high quality, innovative crypto-financial products and solutions.”The announcement is hot in the altcoin news - where the company said that the preemptive licenses will expand the number of regulated services and products it can offer - as “more and more crypto assets and services fall under securities and banking law.” Currently, many best cryptocurrency news sites show that a securities dealer license would enable the company to trade crypto tokens that have been classified as securities by the financial regulator. As they said, this would include their own stablecoin, the Swiss Crypto Franc. In May this year, SIX (the Swiss national stock exchange group) announced that it was developing the CHF Stablecoin which will be pegged to the Swiss franc. The news now positively affects the Swiss crypto broker Bitcoin Suisse from many perspectives and creates a competition in the crypto environment in Switzerland. This is not to say that Swiss regulations are overly burdensome.
“The regulatory industry in Switzerland is very crypto-friendly. The Federal Council as well as the FINMA are pursuing a very constructive approach that fosters innovation in the long-term,” a company representative from the Swiss crypto broker concluded.
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India Will Ban Cryptocurrencies But Not The Digital Rupee
“No person shall mine, generate, hold, sell, deal in, issue, transfer dispose of or use cryptocurrency in the territory of India.’’Sethi described the new document as ‘’the proposed Banning of cryptocurrency and regulation of Official digital currency bill 2019.’’ He noted that the bill is not drafted yet completely and is tabled in the parliament to become an Act without modifications. The punishment for those who will go against the law includes prison sentences up to 10 years long. As noted, India will ban cryptocurrencies since now they are sitting in a grey area. Since last year, the banks prohibited serving the industry business with services involving cryptocurrencies and they also refused to provide services for exchanges which led to many companies leaving the country while others shut down. In the absence of the decent regulation, some remained hopeful and believed in a positive outcome in the long term as the opponents of the banking ban even sued the Reserve Bank of India over the decision. India still appears to go even further than China but it is still unclear how the authorities will enforce a ban on an entity which is not under their direct control. The issue comes in a very important time as the US government is starting to grip the realities of decentralized networks. During the press conference on Monday, the Treasury Secretary Steven Mnuchin noted his desires to combat the role of cryptocurrencies in illicit activities while noting the words of the US President Donald Trump who described bitcoin as being based on thin air as noted in the coming altcoin news.
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