Danish Tax Authority to Get Info on Traders

Exchanges will have to transmit information related to their customers
14 January 2019   455

The Danish Tax Authority received permission to collect information related to the cryptocurrency trade on three exchanges from 2016 to 2018, writes Bloomberg with reference to the official statement of the regulator.

In particular, exchanges will have to transmit information about the names, addresses, and taxpayer numbers of their customers. The dissemination of this information "will make sure that the citizens who traded cryptocurrencies paid the appropriate taxes," the agency said.

Information on transactions of foreign citizens and companies will be transferred to the authorities of the jurisdictions to which they belong.

Currently, the tax authorities are negotiating with interested their exchanges, whose names are not specified.

Without going too far, I think one can say that this is a big market that we need to look at more closely.

Karin Bergen
Director, Danish Tax Authority

The idea of ​​an inspection came to the Danish authorities after the Finnish tax authorities gave them information about their own citizens who were trading on the foreign site, the regulator said.

Coinone to Join RippleNet

Coinone and Ripple cooperation started in May 2018, and now exchange believes it will help to create wide range of blockchain based financial services
18 June 2019   170

The Korean exchange Coinone, a member of the Big Four of Asian cryptocurrency exchange platforms, has joined the RippleNet network, AMBcrypto reports. Through participation in RippleNet, Coinone will be able to use Ripple's xCurrent solution to provide interbank services to its customers.

Coinone CEO Shin Won Hee, in a conversation with local media, said that his company would rely on cooperation with SBI Ripple Asia in creating a wide range of financial services based on blockchain technology.

According to the media, Coinone was the first exchange in South Korea, which joined RippleNet. As part of the cooperation with SBI Ripple Asia, Coinone intends to “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

Coinone and Ripple started working together in May 2018, when the company integrated xCurrent solution into its own payment service called Cross. According to updated data, customers of the exchange can send transfers to eight Asian countries through the system, taking advantage of reduced commissions.

Earlier this month, Siam Commercial Bank, the largest commercial bank in Thailand, said it would use XRP cryptocurrency in its operations, but later, for unknown reasons, refused this statement.