The Danish tax ministry is reportedly mulling over revising the country’s tax law to deal with the challenges posed by cryptocurrencies. Denmark’s tax authority is concerned about the rising risk of fraud and widespread filing errors involving cryptocurrencies.
Denmark to Revamp Tax Law to Deal With Cryptocurrency
Denmark is considering revamping its tax code in order to deal with cryptocurrency after discovering that two-thirds of bitcoin and other cryptocurrency transactions were not properly taxed, Bloomberg reported Tuesday.
The country’s existing tax code is not sufficient to deal with the challenges posed by crypto assets, the Danish tax ministry explained. The authority said in a statement Tuesday that the current tax code “dates back to 1922 and therefore doesn’t take financial cryptocurrencies into account.” The ministry cited a heightened risk of fraud as well as widespread tax filing errors involving crypto…