The number of people in Finland reporting cryptocurrency trading in their tax returns has nearly doubled, according to the Uutissuomalainen news group.
In last year’s tax filings, around 16,000 taxpayers in Finland declared having traded cryptocurrencies. The year before, 8,200 people reported such activity to the tax authority.
The number of those declaring crypto trades remains relatively small, considering that an estimated 300,000 Finns own cryptocurrencies.
The publication reported that taxpayers declared about 230 million euros in gains and 30 million euros in losses from cryptocurrency trading to the Tax Administration last year. Two years ago, the total reported income was less than 50 million euros.
Finland's Financial Supervisory Authority (FIN-FSA) officially began regulating the cryptocurrency sector in May 2019. According to law, the authority oversees all crypto-exchanges, crypto deposit providers and cryptocurrency issuers that operate in the country.
