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Bitcoin [BTC] traders under Denmark Tax Agency scrutiny: gains authorization to collect user data from 3 exchanges

Priya

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Bitcoin [BTC] traders under Denmark Tax Agency scrutiny: gains authorization to collect user data from 3 exchanges
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The whole cryptocurrency market has always been under the scrutiny of financial regulators and governments, with their main target being Bitcoin [BTC], the largest cryptocurrency by market cap. Several people around the world believe that the coin is mainly used by criminals, terrorists, tax evaders and money launderers.

This notion of Bitcoin has existed mainly since the news regarding Silk Road broke out around the world. During its glorious days, Bitcoin was the only currency accepted on the darknet marketplace. Customers of the platform could buy drugs, weapons, and even assassination contracts with the cryptocurrency.

The darknet marketplace was soon shut down by the FBI, resulting in the arrest of Ross Ulbricht [aka Dread Pirate Roberts], moderator of Silk Road, and the seize of 170000 Bitcoin, from both Silk Road accounts and Ulbricht’s accounts. Even today, some of the members in the community believe that Silk Road was one of the key catalysts for the rise of Bitcoin’s adoption around the globe, whereas others think otherwise.

Craig Wright aka Faketoshi, a Bitcoin Cash SV proponent, said in an interview with Tone Vays:

“Adoption didn’t happen because of Silk Road […] Silk Road actually killed adoption in Bitcoin. Right now, we would be in a world with probably 500 million people using Bitcoin at least on a daily basis if it wasn’t for Silk Road.”

Despite this notion, the coin is still hailed as the gateway that is going take away the power from the financial institutions and governments and return it to its rightful place, the ordinary people.

Now, the coin is back in the limelight as it has successfully managed to gain the attention of Demark’s regulatory body. Earlier today, the tax agency released an official statement on their website stating that they have been authorized by the Tax council to collect information pertaining to Bitcoin and other cryptocurrency traders from three Danish cryptocurrency exchanges, with the timeframe outlined to be from 2016 to 2018.

The three exchanges are required to provide information related to its customers’ cryptocurrency purchases and sales. Along with this, the exchanges are also required to hand out information such as their customers’ names, addresses, CPR numbers and, if required, even the CVR information.

The official announcement reads [Translated from Danish]:



“The decision comes in the wake of the information that the Danish Tax Authority received this summer from the Finnish tax authorities regarding Danish citiizens’ trades on a Finnish bitcoin exchange.”

Karin Bergen, a Personal Tax Director said:

With the permission of the Danish Tax Council, we will for the first time gain access to the trades made via the Danish stock exchange. This gives us completely new opportunities in relation to control in the area.”

In December 2018, news broke out that the Finland Tax Authorities provided information of almost 2,700 Danish traders trading in Bitcoin on a Finnish stock exchange platform. This Denmark tax agency stated that they would be using this information to verify whether these traders have paid their tax accordingly.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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    Ron

    January 15, 2019 at 2:10 AM

    have fun giving tax refunds to people that lost during this bear market… why don’t they wait until after the next cycle?

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Bitcoin

Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser

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'Bitcoin is still going to $100,000', says Max Keiser
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CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,



“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.





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