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Denmark Proposes 42% Tax on Unrealized Crypto Gains and Losses for 300,000 Crypto Holders

Oct 24, 2024, 12:07 AM

Denmark's Minister of Taxation has proposed a new tax on unrealized capital gains and losses from cryptocurrencies, set to take effect on January 1, 2026, if passed. The proposed tax rate is 42% and would apply to future acquisitions as well as cryptocurrencies acquired as far back as Bitcoin's genesis block in 2009. The Tax Law Council has recommended this tax, which aims to align cryptocurrency taxation with other financial assets, allowing for offsetting crypto losses against gains and other financial contracts. Approximately 300,000 Danes who own cryptocurrencies would be impacted, being taxed annually on increases and decreases in the value of their holdings, regardless of whether they have sold them.