Denmark will decide what to change in the legislation after the Danish Tax Agency found out that two-thirds of local transactions in cryptocurrencies are not taxed, Bloomberg reports. The Danish tax ministry claims that the country’s a century old tax code is not just designed to deal with cryptocurrencies.
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"[The current tax code] dates back to 1922 and therefore does not take financial cryptocurrencies into account," said Morten Bødskov, the Danish Minister of Taxation.
According to the watchdog, approximately 16,000 individuals and companies in Denmark traded cryptocurrencies between 2015 and 2019. However, Denmark is not the only country to tighten regulation for the cryptocurrency market.
As iHodl earlier reported, South Korea's National Tax Service (NTS) announced that that Korean residents who hodl cryptocurrencies in foreign trading platforms will be obliged to report their hodlings for taxation starting 202. However, residents of South Korea will have to pay taxes only when the aggregate amount of their cryptocurrency balances exceeds 500 million won (~$447,900) at the end of each month.
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