Last Updated on March 30, 2023 by Bitfinsider
The Danish Supreme Court decided that profits from the selling of bitcoin are taxable, upholding an earlier decision by the Danish High Court.
The Supreme Court examined two cases of bitcoin profiteering. The first involved a third-party company acquiring bitcoin, and the second involved miners earning bitcoin as a prize for securing the network. The Court declared that if both companies sold their coins, they would be subject to taxation.
The court found in the first instance that the people’s bitcoin acquisition was speculative in character. As a result, any transactions made by them should not be tax-free under Denmark’s State Tax Act. Concerning miners, the Supreme Court declared that their bitcoin acquisitions through mining comprised revenue and should be taxed if sold.
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