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Highlights

• No specific legislative provisions governing custodianship of virtual currencies or cryptocurrencies exist under Danish law. In a 2013 statement, the Financial Supervisory Authority emphasized that it had evaluated the use of the cryptocurrency system and found that cryptocurrencies such as bitcoin do not fall under any of the financial services categories, including the issuing of electronic money, payment for services, currency exchanges, or the issuing of mortgages; thus, the Authority concluded, such virtual currency activity was not covered under current financial regulations.
• In 2018, the Danish Tax Council declared that losses (and, implicitly, gains) on the sale of certain cryptocurrencies (in this case bitcoins) that were purchased as an investment generate a tax benefit and subject to income taxation.
• In 2014, the Danish Tax Authority published a of law (in reply to a public question from taxpayer) declaring that invoices cannot be denominated in virtual currency but must instead be issued in the official Danish currency (Kroner) or another recognized currency.

Virtual Currency-Specific Regulations

• Danish Financial Supervisory Authority, (Oct. 3, 2018)
• SKAT (Danish Tax Authority), (Apr. 2014)
• European Securities and Market Authority (ESMA), (Jan. 2019)

Nonprofit Regulations

• European Foundation Centre, (2014)
• European Commission, European Foundations for Research and Innovation,

Tax Regulations

• SKAT (Danish Tax Authority),
• European Association of Tax Law Professors,
• Organisation for Economic Co-operation and Development (OECD),
• European Court of Justice (ECJ), (2015) [holding that buying or selling bitcoin is exempt from VAT in all EU states]

Anti-Money Laundering Regulations

• EU, (2018)
• EU, (2015)
• EU, (2009)
• EU, (2015)
• EU, (2014)

Other Relevant Regulations, Sources, Notes

• Law Library of Congress, (April 2019); Id.,
• Deloitte,
• OECD,