22 May 2025, 13:41

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. Finland’s Crypto Boom Outpaces Tax Compliance 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 Considers Taxing Unrealized Crypto Gains 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. The post Crypto Tax Filings Nearly Double in Finland, But Majority Remain Undeclared appeared first on Cryptonews .

22 May 2025, 13:39

Texas Moves Closer to Setting Up Strategic Bitcoin Reserve as Bill Passes House

Texas is drawing closer to establishing a strategic bitcoin (BTC) reserve after a senate bill to create one was approved by the lower house. The state's House of Representatives voted in favor of Senate Bill 121 which would establish a "Texas Strategic Bitcoin Reserve for the purpose of investing in cryptocurrency and the investment authority of the comptroller of public accounts over the reserve and certain other state funds." The bill, which passed in a 101-42 vote, now awaits a concurrence vote from the Senate following House amendments before passing to Governor Greg Abbott's desk for a final sign-off. Texas would become the second state to establish a strategic reserve for digital assets after New Hampshire . An equivalent vote in Arizona got all the way to the governor but was vetoed by Katie Hobbs , calling bitcoin an "untested investment." However she has enacted a similar bill which permits the state to hold abandoned digital assets as unclaimed property.

22 May 2025, 13:38

Why is the Dow Jones tumbling while Bitcoin and altcoins are rising?

Bitcoin and altcoins continued soaring on Thursday, even as the US stock market downturn continued. Bitcoin ( BTC ) jumped to a record high of $111,860, while the market cap of all cryptocurrencies jumped to $3.5 trillion. In contrast, the Dow opened lower by around 100 points, adding to Wednesday’s 816 point drop. Bitcoin and altcoins are climbing after the U.S. Senate passed the GENIUS Act , a first-of-its-kind cryptocurrency regulation focused on stablecoins. The legislation requires stablecoin issuers to maintain 100 percent reserve backing with high-quality assets such as U.S. Treasuries and the dollar. It also mandates monthly disclosures detailing reserve composition. Other provisions include federal and state oversight. Stablecoin issuers with assets above 10 billion dollars will be regulated at the federal level, while states will oversee smaller issuers with less than 10 billion dollars in assets. The passage of the GENIUS Act is significant, as it helps safeguard the crypto industry, especially following the collapse of Terra in 2022 and other major failures, like FTX. It also provides long-awaited legal clarity. Bitcoin as a safe haven after the US credit rating downgrade Bitcoin and altcoins are rising because investors see BTC as a safe haven asset after Moody’s downgraded the US credit rating . The safe-haven appeal has pushed investors into spot Bitcoin ETFs, which have added over $4.2 billion in inflows this month, bringing the cumulative total to $43 billion. In its statement, Moody’s pointed to the rising US debt and interest payments and the policies in Washington. For example, the House of Representatives passed the “big, beautiful bill” that will add around $3.8 trillion in additional debt , according to some estimates. You might also like: Why Trump’s ‘big, beautiful’ bill is bullish for Bitcoin and altcoins The bill extends the 2017 tax cuts and introduces new ones, including deductions on tips and overtime pay. It also expands the child tax credit and includes a new senior tax relief of 4,000 dollars. Fears over the rising U.S. debt and deficit have led investors to pull back from U.S. assets, especially equities. The U.S. Dollar Index has dropped to 99.6, while bond yields have surged. The 30-year yield rose to 5.1 percent, and the 10-year climbed to 4.6 percent. Bitcoin price has strong technicals BTC price chart | Source: crypto.news Bitcoin’s breakout is also supported by technical indicators. On the daily chart, it has formed a cup and handle pattern while narrowly avoiding a death cross. A death cross occurs when the 50-day and 200-day moving averages cross while trending downward. This same setup nearly played out in August last year but was avoided. The cup pattern has a depth of about 30 percent. Measuring that distance from the breakout level suggests potential gains toward 141,000 dollars. You might also like: Pepe price poised to surge as rare bullish pattern emerges

22 May 2025, 13:06

Strategy plans $2.1b preferred stock sale to fuel Bitcoin strategy

Strategy has unveiled plans to issue up to $2.1 billion in Series A Perpetual Preferred Stock, offering a 10% annual dividend. The sale will occur gradually through “at-the-market” offerings under SEC Rule 415(a)(4), giving the company flexibility to sell into favorable market conditions or via negotiated block trades. The proceeds, the company said , will go toward general corporate purposes, which may include additional Bitcoin ( BTC ) purchases. This move reinforces Strategy’s long-standing treasury policy of converting cash into BTC and positions it to increase its already record-setting holdings, now over 214,000 BTC. Unlike past funding rounds involving convertible notes, this time Strategy is tapping equity-like capital. Preferred stock doesn’t dilute common shareholder voting power but acts as a hybrid between debt and equity, offering fixed dividends — in this case, a notably high 10%. That yield reflects both the current interest rate environment and the risk investors perceive in backing a Bitcoin-heavy corporate strategy. You might also like: Volatility Shares launches first XRP futures ETF on Nasdaq Bitcoin as an investment vehicle This marks the latest in a series of financial maneuvers by Executive Chairman Michael Saylor, who has turned Strategy into a de facto Bitcoin investment vehicle. By issuing preferred equity rather than traditional debt, the company avoids adding fixed repayment obligations — while still accessing billions in potential capital for BTC accumulation. The offering is also perpetual, meaning it has no maturity date. Investors receive dividends indefinitely, making it a long-term bet not just on Strategy, but on Bitcoin’s future. This fundraising signals Saylor’s unwavering commitment : if market conditions are right, Strategy is prepared to buy even more Bitcoin. You might also like: Missed the $10k to $100k ride? Bitcoin’s next leg could be the biggest yet

22 May 2025, 13:00

Canary Capital pushes for SOL ETF staking – But the SEC ‘isn’t ready’ yet

SOL's was capped at the $180 obstacle, but bulls may attempt to clear it.

22 May 2025, 12:42

UK Court Partially Dismisses Bitcoin SV Investor Lawsuit Over Alleged Delisting Losses from Binance

The recent UK Court of Appeal ruling has significant implications for Bitcoin SV investors, establishing key legal precedents regarding cryptocurrency delisting claims. This landmark decision underscores the responsibilities investors have