Finland Detected Thousands of Crypto Traders Who Owe Taxes

Thousands of citizens have not reported income to the country’s tax department from the sale of cryptocurrencies
24 April 2018   483

The government of Finland has announced the number of citizens who owe taxes from cryptocurrency-related income. The Tax Administration said it has different ways to combine information and identify people who owe taxes from crypto profits, which are now “well over ten times higher than last year.”

Most Finns have not reported income to the country’s tax department from the sale of cryptocurrencies in previous years. According to the source the profits made by Finns from cryptocurrencies this year were well over ten times higher than last year.

The majority of people have previously failed to report their bitcoin-related income, which we have found when we compare the information we collect to the tax information reported…The Tax Administration has extensive access to information, for example, to payment information, and we have different ways to combine information and identify people.

 

Timo Puiro

Senior Adviser from the Tax Administration’s Corporate Taxation Unit

Metropolitan.fi detailed that the tax office has been given generous access to bank transfers and other data, which enables identifying people. By matching the transfers it is evident that in the past most citizens have not reported profits made with virtual currencies.

This is not the first time Puiro spoke about identifying undeclared income by Finns. In December of last year, he said the government had been analyzing bitcoin wallets for this purpose.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   236

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.