The Supreme Court of Denmark has recently declared that any activity associated with the investment and trading of bitcoin is regarded as speculative and is subject to the country’s tax regulations.
The court emphasized that the usage of BTC by citizens received as a result of mining, through gifting or as part of a non-profit organization will result in tax liabilities.
Consequently, the highest court affirmed the rulings of the lower courts in the country. A spokesperson from the department highlighted that individuals who intend to invest in digital currencies must be aware of the potential risks and make informed choices.
In another development, the US Treasury Department has disclosed its plans for boosting the budget for the year 2024 by introducing a 30% excise tax on the electricity consumption involved in cryptocurrency mining operations.