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Danish Tax Agency Authorized To Collect User Data From Crypto Exchanges

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Denmark's tax authority has been has been authorized to gather trader information from the country's cryptocurrency exchanges to verify if they are paying their dues.

Skattestyrelsen, the Danish Tax Agency, announced it has been authorized by the country's Tax Council, Skatterådet, to collect data including identification information such as names, addresses and CPR numbers.

Three Danish crypto exchanges must now provide information to the Tax Agency on all purchases and sales of crypto currencies made by their customers from January 1, 2016, to December 31, 2018.

The decision to permit the Danish Tax Agency to collect the data was taken at the last meeting of the Tax Council in December. It followed news that the agency has been informed by Finland's tax authorities about Danish citizens trading cryptocurrencies on a Finnish bitcoin exchange. The Danish tax body also plans to share information about crypto transactions made by foreign citizens and companies in Denmark with tax authorities in the respective countries.

Skattestyrelsen is now contacting the Danish crypto exchanges in order to establish a procedure for the disclosure of the information. Once the data is received, the Tax Agency will ensure that citizens who have traded cryptocurrency have paid their taxes.

Karin Bergen, the agency's director responsible for personal income tax collection, said, "This (cryptocurrency) is a big market that we need to look into."

According to information passed by Finnish tax authorities, nearly 2,700 Danish citizens traded more than 100 million Danish krone ($15.35 million) worth of crypto currencies during 2015-2017 on the Finnish bitcoin exchange.

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