At the opening of the new parliamentary year on October 7, it became clear that an anticipated proposal for a new crypto tax is not on the list of legislative changes to be considered this fall. Jakob Mikkel Hansen from the Nordic Blockchain Association is very disappointed.
Having had a long and thorough dialogue with Danish authorities, politicians and relevant parties over a long period of time, the Nordic Blockchain Association had hoped that new crypto tax would be prioritized in this session.
- We have been working on a new bill on taxation of cryptocurrency for individuals, where all work has been carried out by a working group in cooperation with the Ministry of Taxation and the relevant parties. A proposal was ready and could be put to a vote in the Danish Parliament. But today it became clear that the crypto tax law will not be part of the government's legislative program this fall. We are sorely disappointed with that. If Denmark wants to be a digital pioneer, it is crucial that the framework for both business and citizens keeps up with technological developments, Hansen says.
It has been almost a year since the Tax Council drafted what Hansen calls a famous bill on storage taxation of crypto assets. The bill was so heavily criticised by the industry that, on Little Christmas Eve 2024, the bill was postponed for reassessment by the government sometime during 2025.
According to Hansen, over the past year the industry has held meetings with the then tax minister Rasmus Stoklund (S) as well as a number of other politicians from several different parties. Two blockchain events have been held at Christiansborg in May and September by the Nordic Blockchain Association's Danish Blockchain Forum and the Nordic crypto exchange FIRI's Bits & Barrels mini-conference — both events in collaboration with the Moderates.
According to Hansen, the Danish banking sector is also planning their intake and use of crypto assets in the form of stablecoins. Danske Bank has recently announced the launch of an EU-regulated stablecoin pegged against the euro in cooperation with eight other major European banks in the second half of 2026.
We echo below why Nordic Blockchain Association and CEO Jakob Mikkel Hansen believes it's high time for a new crypto tax:
“The problem with the current rules dates all the way back to 1922: the skewed treatment of gains and losses. Gains on crypto assets can be taxed at up to 53 percent, while losses only provide deductions of roughly half. This creates an imbalance in which citizens may end up paying taxes on gains they have not actually had, while at the same time losses are not compensated accordingly. The lack of a tax law reform has led to hundreds of Danes getting into debt due to trading crypto assets. One of the well-known cases here is back from 2022 with elementary school teacher Rune Christiansen, who for a number of years had traded in crypto assets to end up with 2.8 million in tax debts - even though he had suffered losses on his investments.
It has been four years since the Social Democratic Party recognised the need to create better and more transparent tax conditions in this area. At the time of writing, there are 450,000 Danes who own crypto assets in Denmark, an increase of 50% since 2024. Thus, the Danish population has gained appetite to add crypto investments to their portfolio.
However, much development and many breakthroughs have since occurred in the industry and with the planning and use of the technologies within crypto assets and blockchain. Despite these breakthroughs, we still face a key problem: there remains no clarity on private taxation of crypto assets, and Danes are left in uncertainty.”
