The tax authority of Denmark has reportedly sent out warning letters to 20,000 crypto owners asking them to amend their tax returns, pay taxes on crypto gains, or face penalties. The tax agency is demanding a full breakdown of their crypto transactions; it recently obtained information on these traders from three local crypto exchanges.

Also read: IRS Now Requires Tax Filers to Disclose Crypto Activities

Warning Letters to Crypto Investors

Danish Skattestyrelsen, the tax authority of Denmark, has reportedly sent out warning letters to 20,000 cryptocurrency owners. Swedish crypto tax startup Koinly posted a copy of the letter on its website on Monday. The company detailed:

In the last 2 weeks, the agency began sending out warning letters to these investors urging them to amend their tax reports by the 15th of December or face penalties.

Denmark's Tax Authority Sends Warning Letters to 20,000 Crypto Owners

“Many of our Danish users have received these letters, Skat is asking for a full breakdown of all their transactions and asking them to fix all past reports as well,” said CEO Robin Singh who…

Click to continue reading on its source location…

Source: https://news.bitcoin.com/denmarks-tax-authority-sends-warning-letters-to-20000-crypto-owners/