Crypto Tax Filings Nearly Double in Finland, But Majority Remain Undeclared

Key Takeaways:

• Crypto tax filings in Finland nearly doubled in a year, but only a fraction of holders report trades.
• Authorities are ramping up enforcement, including asset seizures and cross-border crackdowns.
• Garantex exchange was dismantled after processing $96B linked to illicit activity since 2019.

The number of Finnish taxpayers reporting cryptocurrency trades has nearly doubled, rising from 8,200 to 16,000 in just one year, according to local media outlet Uutissuomalainen.

Despite the surge, the figure still pales in comparison to the estimated 300,000 Finns believed to hold digital assets.

In last year’s filings, declared crypto-related gains reached €230 million, with losses totaling €30 million—both significantly higher than the combined €50 million declared two years ago.

The data points to rising engagement in crypto markets, but also highlights the gap between actual ownership and compliance.

Since May 2019, Finland’s Financial Supervisory Authority (FIN-FSA) has been responsible for overseeing the country’s crypto sector, including exchanges and wallet providers.

Under Finnish law, all crypto service providers operating domestically must register and comply with financial regulations.

The latest numbers suggest enforcement and awareness are growing—but full transparency remains elusive.

In January, Finnish police seized around $2.68 million worth of luxury watches from Hex founder Richard Schueler, also known as Richard Heart, as part of an ongoing investigation into tax fraud and assault.

The 20 high-end watches, mostly Rolexes, were discovered in a residence in Espoo and are believed to belong to Schueler.

Authorities used intelligence efforts to trace the abandoned collection, with purchases made in both Finland and the U.S. Eight of the watches were officially confiscated, according to Inspector Harri Saaristola, who is leading the investigation.

In March, the US Justice Department, in coordination with Germany and Finland, dismantled the online infrastructure of Garantex, a cryptocurrency exchange accused of facilitating money laundering for criminal and terrorist organizations.

The exchange, which has processed at least $96 billion in cryptocurrency transactions since 2019, has been taken offline following law enforcement action.

Denmark’s Tax Law Council has proposed a bill that would tax unrealized gains and losses on crypto holdings, potentially starting in 2026.

The recommendation is detailed in a 93-page report and suggests a unified tax model for all digital assets.

The council evaluated three frameworks for crypto taxation: capital gains, warehouse taxation, and inventory accounting.

This initiative mirrors a growing international shift toward stricter tax enforcement on crypto and other financial assets.

Italy is also tightening its stance. Vice Economy Minister Maurizio Leo recently announced plans to raise the capital gains tax on cryptocurrencies from 26% to 42%, specifically citing Bitcoin.

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