Finland is a republic located in northern Europe with a population of around five million people. Finland is highly ranked in various human development indexes, economic freedom ratings and has one of the highest gross domestic product per capita in the world. Finland’s economy is built upon the service sector, manufacturing and refining, with largest industries being electronics, machinery and chemical. Finland is also highly developed in information technology and communications. Blockchain is pretty popular in Finland, that’s why the Finnish Tax Authority issued a pack of instructions for virtual currencies’ taxation. The Finland Bitcoin taxation is complex. Bitcoin is treated as a capital gain when transferred to another currency and as a trade when it is used as a payment for goods and services. Bitcoin that has an increased value after it is obtained is also taxable.
Following reports of the silent removal of local cash trades on June 1, LocalBitcoins has confirmed the move.
LocalBitcoins Confirms Removal of Local Cash Trades
As executives keep quiet on the move, a competitor suspended fees for cash meetups, accusing LocalBitcoins of participating in the “war on cash.”
LocalEthereum Woos LocalBitcoins Traders After Platform Reportedly Bans Cash Trading
Major P2P crypto exchange LocalBitcoins.com has banned users based out of Iran.
LocalBitcoins Imposes Restrictions on Iranian Accounts
The Wall Street Market, the world’s second largest dark web market, was shut down with six figures in crypto seized by police.
German Police Seize Six Figures in Crypto From Suspects Involved in Dark Web Site
Finland’s Financial Supervisory Authority is to assume its role as registration and supervisory authority for the crypto sector.
Finland: Financial Watchdog Adopts Role as Supervisory Authority for Crypto Sector
Finnish Parliament approved new legislation that will provide a legal status for cryptocurrency assets on March 13, 2019.
LocalBitcoins Announces Supervision by Financial Supervisory Authority of Finland
Danish authorities are going after those who traded Bitcoin for profit but did not yet declare the extra income.
Denmark Targets 2,700 Bitcoin Traders for Tax Payments After Tip-Off From Finland