Expertise
Cryptocurrency
For anyone who has bought, sold or swapped crypto and needs to include it in their Danish tax return, possibly for several years at once. We cover the calculation, the documentation and the situations where different rules apply.
Gains and losses on cryptoassets can be treated differently, and a complete transaction history is essential.
We review the transactions and documentation, including older unreported activity, and assist with enquiries from the Danish Tax Agency.
How we can help
- Calculation of transaction history
- Income categories and reporting fields
- Stablecoins and financial contracts
- Voluntary disclosure and earlier years
- Assistance with tax enquiries
How are crypto gains and losses calculated?
Every time you sell or swap crypto, you must calculate the gain or loss in Danish kroner. This also applies when you swap one crypto for another or use it to pay for something. You must use the FIFO principle, so the coins you bought first are treated as sold first.
All your holdings of the same crypto are treated as one, regardless of which exchanges and wallets they are on. Gains are reported in box 20 and losses in box 58 of the årsopgørelse (annual tax assessment).
Why can you owe tax even if you broke even?
Gains are taxed as personal income, while losses only give a deduction worth around 26%. Each trade is calculated separately, and a loss on one trade cannot be set directly against a gain on another.
If you have many trades with mixed results, the tax on the gains can therefore exceed the value of the deduction for the losses. Losses from fraud, hacking or an exchange's bankruptcy can in some cases be deducted if the loss is documented and final.
Do different rules apply to stablecoins and mining?
Stablecoins and crypto whose value tracks the price of other assets are taxed as financial contracts under kursgevinstloven (the Capital Gains Tax Act). They are taxed on an annual mark-to-market basis, so the year's change in value is included even if you have not sold. Losses on financial contracts can, as a rule, only be offset against gains on financial contracts.
Crypto you receive from mining or as a reward is taxed as income when you acquire it. Its value at that time becomes your acquisition cost on a later sale.
What does DAC8 mean, and what about earlier years?
From 1 January 2026, crypto service providers in the EU must collect information on their users and report transactions to the tax authorities under DAC8. The first reports cover 2026, and the information is exchanged between countries from 2027. This gives the Danish Tax Agency access to trades on both Danish and foreign platforms.
If you cannot document what a crypto cost you, the acquisition cost is set at DKK 0, so the full sale price is taxed. Missing earlier years can generally be reopened until 1 May in the fourth year after the income year, and it is usually better to correct matters yourself before the Danish Tax Agency does.
Skattelovrådet (the Danish Tax Law Council) has recommended that crypto should in future be taxed on an annual mark-to-market basis. Until any change in the law, the rules described here apply.
Frequently asked questions
Do I have to pay tax on bitcoin in Denmark?
Yes. Gains on selling or swapping bitcoin and other crypto are taxed as personal income, because crypto is generally regarded as bought for speculation. Losses are deductible, but at a lower tax value of around 26%.
Is swapping one crypto for another taxable?
Yes. A swap is treated as a sale of the crypto you give up. You must calculate the gain or loss in kroner at the time of the swap.
What is the FIFO principle for crypto?
FIFO means first in, first out: the coins you bought first are treated as the ones you sell first. The principle applies across all your exchanges and wallets. It can give a different result from what a single exchange shows in its overview.
What happens if I cannot document my purchase price?
The acquisition cost is then set at DKK 0, and the full sale price is taxed as a gain. Documentation can include order confirmations, statements, CSV files and screenshots. Download your history from the exchanges while it is still available.
Does the Danish Tax Agency receive information about my crypto trades?
Increasingly, yes. From 1 January 2026, crypto providers in the EU must report users' transactions under DAC8, and the information is exchanged between countries from 2027. Trades from before 2026 must still be calculated and reported by you.
What does this mean for you?
This page is general. Your own situation may be different, so talk to us before you act on it.