Finland’s Crypto Tax Reports Surge—But Most Traders Still Flying Under the Radar
Finnish tax authorities are seeing nearly double the crypto declarations this year—proof the market’s maturing, or just better enforcement? Either way, the majority of traders still aren’t playing by the rules.
Subheader: The ’Voluntary Compliance’ Mirage
Even with regulators breathing down their necks, crypto holders cling to the fantasy of anonymity. Newsflash: blockchain leaves breadcrumbs, and tax offices love following trails.
Closing jab: Meanwhile, traditional finance bros still deducting yacht ’business expenses’ without a second glance—priorities, right?
Finland’s Crypto Boom Outpaces Tax Compliance
The data points to rising engagement in crypto markets, but also highlights the gap between actual ownership and compliance.
Since May 2019, Finland’s Financial Supervisory Authority (FIN-FSA) has been responsible for overseeing the country’s crypto sector, including exchanges and wallet providers.
Under Finnish law, all crypto service providers operating domestically must register and comply with financial regulations.
The latest numbers suggest enforcement and awareness are growing—but full transparency remains elusive.
In January, Finnish police seized around $2.68 million worth of luxury watches from Hex founder Richard Schueler, also known as Richard Heart, as part of an ongoing investigation into tax fraud and assault.
The 20 high-end watches, mostly Rolexes, were discovered in a residence in Espoo and are believed to belong to Schueler.
Authorities used intelligence efforts to trace the abandoned collection, with purchases made in both Finland and the U.S. Eight of the watches were officially confiscated, according to Inspector Harri Saaristola, who is leading the investigation.
In March, the US Justice Department, in coordination with Germany and Finland, dismantled the online infrastructure of Garantex, a cryptocurrency exchange accused of facilitating money laundering for criminal and terrorist organizations.
The exchange, which has processed at least $96 billion in cryptocurrency transactions since 2019, has been taken offline following law enforcement action.
Denmark Considers Taxing Unrealized Crypto Gains
Denmark’s Tax Law Council has proposed a bill that WOULD tax unrealized gains and losses on crypto holdings, potentially starting in 2026.
The recommendation is detailed in a 93-page report and suggests a unified tax model for all digital assets.
The council evaluated three frameworks for crypto taxation: capital gains, warehouse taxation, and inventory accounting.
This initiative mirrors a growing international shift toward stricter tax enforcement on crypto and other financial assets.
Italy is also tightening its stance. Vice Economy Minister Maurizio LEO recently announced plans to raise the capital gains tax on cryptocurrencies from 26% to 42%, specifically citing Bitcoin.
