CryptoBridge Decentralize Exchange to Close

Exchange closes due to “market conditions, increasing regulation, inability to fund further development and maintain operations”
02 December 2019   129

Decentralized cryptocurrency exchange CryptoBridge announced the termination of work. Users have two weeks to withdraw funds.

In a statement, the platform noted that the reasons for this decision were “market conditions, increasing regulation, inability to fund further development and maintain operations”.

CryptoBridge will stop accepting deposits from December 4, and assets must be withdrawn before midnight on December 15.

The platform recalled that withdrawal operations require user verification in accordance with EU rules. Verification may take several days.

In October, CryptoBridge introduced verification without warning, causing customer dissatisfaction.

The exchange will also close all accounts in social networks, including Discord, after which communication will be possible only through the wallet support system.

Danish Tax Agency to Require BTC Traders to Report

In addition to info on profit and loss from 2016 to 2018, users must provide a lot of different date including info on created wallets
11 December 2019   109

The Danish Tax Administration has begun sending out letters to local traders asking them to provide comprehensive information about cryptocurrency transactions over the past few years. It is reported by Cointelegraph, citing its own sources.

In addition to information on profit and loss from 2016 to 2018, users must provide data on asset prices at the time of the transaction, the purpose of acquiring digital currency, as well as information about the created wallets.

In addition, users need to take a screenshot to confirm trading activity, on which should be the name of the trader and information about creating an account. The agency also intends to obtain bank statements from traders for the above period.

Many of our Danish users have received these letters, Skat is asking for a full breakdown of all their transactions and asking them to fix all past reports as well. Filing tax on cryptocurrency trades is a difficult task as crypto traders usually hold several exchange accounts & wallets and freely transfer crypto between them, so there’s no easy way to figure out what the capital gains are for any particular trade.
 

Robin Singh

Founder, cryptocurrency tax startup Koinly

The journalists was contacted by the founder of crypto tax startup with appropriate comment, which you can check above.